Plug Power Inc. disclosed stock trades made by Chief Executive Andrew Marsh earlier this week, in which he netted more than $36 million.
Marsh purchased a total of 573,268 shares of Plug stock on Jan. 19 at a weighted average price of $2.8764, according to a MarketWatch analysis of data provided in a Form 4 filing with the Securities and Exchange Commission late Thursday.
The maker of hydrogen and fuel cell systems
said the purchase was part of the “exercise or conversion of derivative security exempted pursuant to Rule 16b-3,” which relates to trades by company insiders taking part in an employee benefit plan.
On the same day, Marsh sold 573,268 shares of Plug stock in the open market, at a weighted average price of $65.8171. The company said the shares were sold as part of a “pre-established” trading plan. (See below for the trade details.)
The cost of the stock purchases was about $1.65 million and the proceeds from the stock sales totaled about $37.73 million, netting Marsh about $36.08 million.
After the trades, Marsh owned 748,680 shares of Plug Power, representing about 0.2% of the shares outstanding.
Plug Power’s stock dropped 3.2% in premarket trading Friday. It has rocketed more than fourfold (up 325.7%) over the past three months through Thursday, while the S&P 500 index
has advanced 11.6%.
Plug Power said Friday that it will provide a business update on Jan. 26 in a call scheduled for 8:30 a.m. Eastern. Marsh will discuss preliminary results for 2020 and outline the company’s plans for 2021.
Details of Marsh’s trades on Jan. 19:
- Buys 106,600 shares at $6.1000
- Buys 466,668 shares at $2.1400
- Sells 13,482 shares at $62.6504
- Sells 49,918 shares at $63.9660
- Sells 156,051 shares at $64.8196
- Sells 114,120 shares at $65.6612
- Sells 132,753 shares at $66.5801
- Sells 101,766 shares at $67.7270
- Sells 5,178 shares at $68.3109
For reference, Plug Power shares closed at $66.47 on Jan. 19.