Plug Power loses steam as COO sells $2.6M worth of stocks – Idaho Reporter


Plug Power loses steam as COO sells $2.6M worth of stocks

The price rally at Plug Power (NASDAQ:PLUG) continued on Wednesday but entered teritory on Thursday.

Towards close of trading on Wednesday, it was announced that Chief Operating Officer Keith Schmid had sold Plug Power shares valued at $ 2.6 million. Director Maureen O Helmer sold 35,000 shares of PLUG stock on 10/05/2020 at the average price of $15. Should investors now follow Schmid’s decision?

Schmid’s motives are unclear. In the past, however, there have been frequent insider sales, which, however, had not influenced the share’s upward trend. So this time too: The stock climbed to a new 52-week high at $ 18.26 on Wednesday, generating another buy signal.

At the beginning of the year PLUG stock was going nowhere. The share lost more than 50 percent in during the corona crash. Some experts had already written off the stock. But the Power Plug share taught them better. After the annual low at $2.76, the share has since gained an incredible 488 percent, which corresponds to a six-fold increase.

The share received a ‘Buy’ rating from 9 analysts. In contrast, there is only 1 ‘Hold’ rating! But the average target price is $13.70. Even if there is great long-term potential according to the analyst ratings, the share has missed its price target. After a brilliant upward movement towards the end of the month, the share could give way due to possible profit-taking.

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