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Plug Power CEO makes more than $36 million from stock trades

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
PLUG,
+4.99%

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.)


Plug Power Inc.

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 charged 4.4% higher in afternoon trading Friday, reversing an earlier loss of as much as 1.6%. It has rocketed more than fourfold (up 344.4%) over the past three months, while the S&P 500 index
SPX,
-0.30%

has advanced 11.5%.

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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.

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