Plug Power (PLUG), long a headline name in the hydrogen and green energy space, just delivered one of its biggest insider buys in nearly two decades — and it's sending shockwaves through the market.

On June 9, CFO Paul Middleton dropped $672,000 of his own money into PLUG shares, marking his second major stock purchase in the past few weeks, and the largest insider purchase since the company’s early days. 

And to make sure we didn’t miss this $672K vote of confidence, Middleton and PLUG issued a press release about it.

What's Behind Insider Buying on PLUG?

Insider buying like this often signals internal confidence — and this PLUG pickup couldn't come at a more interesting time.

Plug Power’s Georgia plant just set a U.S. production record, pumping out 300 metric tons of liquid hydrogen in April — the company’s highest monthly output ever. Whether you're bullish on clean energy or skeptical of its volatility, that’s a headline that moves markets.

But here’s the twist:

Just days before, the U.S. Department of Energy slashed $3.7 billion in clean energy funding, sparking panic across the industry. While Plug wasn’t directly impacted, the move sparked fresh doubts about long-term federal support — and PLUG shares dropped in response.

With traders watching closely for a catalyst, Middleton’s latest — and loudest — insider buy sent PLUG soaring.

Analysts Are Still Torn — But the Market Might Be Turning

Roth Capital recently cut its price target from $5 to $3.50, but kept a “Buy” rating, suggesting faith in Plug’s long-term prospects — despite short-term pressures.

Meanwhile, options data on Barchart shows a bullish setup is quietly forming:

• The put/call open interest ratio has declined steadily from its February highs
• Both volume and open interest remain subdued — a sign that bulls could be waiting for a breakout trigger

And one more thing: 

Barchart’s Gamma Exposure Tool is showing large options positioning at the $1.00 and $1.50 strike prices. That could create a “magnetic” effect as we approach expiration.

What PLUG Stock Traders Need to Watch Next

Will insider buying spark renewed momentum? Can Plug Power turn production strength into stock strength? And will options markets confirm the shift — or signal another fade?

This is exactly the kind of moment when data matters most. 

That’s why we break it all down in our new Plug Power reel:

Explore Barchart’s Tools:

Gamma Exposure | Insider Trades | Options Flow

Whether you're holding, trading, or just curious, this might be Plug Power’s most tradeable moment of the year.

Unlock options flow data and trade alerts for Plug Power (and all of your other favorite stocks) with a free 30-day trial of Barchart Premier >>