Plug Power Inc PLUG shares gained a whopping 973% in 2020, and have risen an incremental 88% so far in January amid an investor frenzy over alternative energy stocks.
What Happened: Plug Power CEO Andrew Marsh on Tuesday sold a cumulative 573,268 shares of its common stock at prices ranging from $62.6504 to $68.3109 in a series of seven transactions, according to a Form 4 filing made with the SEC late Thursday.
The company said in the filing the sales were pursuant to a pre-established 10b5-1 trading plan.
The sales fetched Plug Power's CEO about $37.7 million.
Related Link: FuelCell Pulls Back On Q4 Results, Plug Power Moves In Sympathy
Earlier on the same day, Marsh purchased a cumulative 573,268 shares at a weighted average price of $2.88 per share through the exercising of stock options vested as part of an employment benefit plan. The amount spent was about $2.3 million.
Marsh's net gain from the sale is around $35.4 million.
Why It's Important: The insider selling was within the regulatory framework, and even after the sale, Marsh is left with 748,680 shares in the company.
That said, the sales could stir some anxiety among Wall Street observers who are already worried about stretched valuation.
The company is scheduled to report its fourth-quarter results Tuesday, and the quarterly update could give further insights into the company's fundamental strength.
PLUG Price Action: At last check, Plug Power shares were trading down slightly at $63.65.
Related Link: Plug Power Rallies On JV Partnership With Renault For Hydrogen-Powered Vehicles In Europe
Photo courtesy of Plug Power.
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