Marsh nabbed a cool 573,268 shares of Plug stock on January 19 at a weighted average price of $2.8764, according to data provided in a Form 4 filing with the SEC on Thursday. The hydrogen and fuel cell systems producer [$PLUG] 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.
Later on the same day, Marsh dumped 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 strategy. The trade cost 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 retained 748,680 shares of Plug Power, delineating about 0.2% of the shares outstanding. Plug Power’s stock fell 3.2% in premarket trading Friday before bouncing back more than fourfold (up 325.7%) over the past three months through Thursday, while the S&P 500 has crept up a measly 11.6%.
On Friday, Plug Power said it will provide a business update on January 26 in a call scheduled for 8:30 a.m. Eastern. Marsh will dissect preliminary results for 2020 and outline the company’s vision for 2021.
Details of Marsh’s trades on January 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