This is Why Plug Power Shares Got A Boost

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Shares of Plug Power saw big gains on Wednesday, jumping as much as 12%.

The big move came after it was revealed that the company’s chairman George McNamee has purchased $426,000 worth of the stock.

McNamee purchased 200,000 shares of the company’s stock for about $426,000 to increase his stake in the company to 661,131 shares.

Many traders were encouraged by the move because usually when insiders purchase stock, it’s a bullish sign for the company. Given the fact that McNamee is the company’s chairman, it makes it even more important that he purchased the shares.

While nobody knows now the reason for the purchase, there could be some interesting things in the future to watch out.

Disclaimer: We have no position in Plug Power Inc. (NASDAQ: PLUG) and have not been compensated for this article.