The Chief Financial Officer (CFO) of clean energy company Plug Power (PLUG) has bought a large chunk of company stock as the share price has crashed.
Plug Power’s stock fell 63% in 2023 and 53% in 2024. So far this year, the share price is down 45% and trading at $1.29 U.S. per share, making it a penny stock.
However, the decline hasn’t stopped CFO Paul Middleton from buying a large block of shares of the hydrogen-technology firm.
Filings with the U.S. Securities and Exchange Commission (SEC) show that on June 9, Middleton paid $672,000 for 650,000 Plug Power shares at an average price of $1.03 U.S.
The company’s CFO now owns 2.6 million shares of Plug Power in a personal account, and 56,047 more shares in a 401(k) account.
His purchases this year are the first time that an insider at Plug Power has bought company stock since 2019.
The last insider to buy Plug Power stock was Chairman George C. McNamee, who paid $233,840 in March 2019 for 100,000 shares at an average price of $2.34 U.S. each.
Federal legislation in the U.S. was meant to help clean-energy companies such as Plug Power, but a slow rollout of subsidies and weak demand have hurt the company and its stock.
The Trump administration’s Energy Department recently canceled nearly $4 billion U.S. of grants for clean-energy and climate projects, further hurting shares of Plug Power.
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