Recent big institutional purchase shows Plug not just a day trader's darling

|About: Plug Power, Inc. (PLUG)|By:, SA News Editor

Plug Power (PLUG +17.6%) is on the move again after reporting double-digit revenue growth in Q4 and serving up an optimistic outlook; more than 100M shares traded as of 2 pm, a remarkable figure for a company with only ~106M shares outstanding.

While it’s tempting to think of PLUG as simply the latest day-trader’s plaything, WSJ's MoneyBeat notes the company sold $22.4M worth of stock to a single institutional investor earlier this month, suggesting there’s at least one large, well-capitalized investor who’s willing to look past the $540M in net losses PLUG has racked up over the past decade.

Recently, PLUG's largest shareholder was Heights Capital Management, and quant hedge funds such as Renaissance Technologies and Two Sigma Investments also were among its major holders.

Shares are -22% since Citron's negative report Tuesday but +416% YTD.