Nuveen LLC Invests $493,000 in Plug Power, Inc. $PLUG

Key Points

• Nuveen LLC has acquired a new position in Plug Power, purchasing 365,537 shares valued at approximately $493,000 during the first quarter.
• Insider Paul B. Middleton increased his stake by 650,000 shares, now owning a total of 2,558,064 shares, which represents a 34.07% increase in position.
• Plug Power reported a loss of $0.16 EPS for the last quarter, missing expectations, while also achieving revenue of $173.97 million compared to the consensus estimate of $157.97 million.

Nuveen LLC bought a new position in shares of Plug Power, Inc. (NASDAQ:PLUG - Free Report) during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor bought 365,537 shares of the electronics maker's stock, valued at approximately $493,000.

Several other large investors have also recently added to or reduced their stakes in PLUG. Vanguard Group Inc. grew its holdings in Plug Power by 4.5% during the 1st quarter. Vanguard Group Inc. now owns 91,368,845 shares of the electronics maker's stock worth $123,348,000 after acquiring an additional 3,930,342 shares in the last quarter. Northern Trust Corp grew its holdings in Plug Power by 11.1% during the 4th quarter. Northern Trust Corp now owns 7,907,687 shares of the electronics maker's stock worth $16,843,000 after acquiring an additional 790,650 shares in the last quarter. Charles Schwab Investment Management Inc. grew its holdings in Plug Power by 6.4% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 6,972,199 shares of the electronics maker's stock worth $9,412,000 after acquiring an additional 418,493 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in Plug Power by 0.8% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 5,691,201 shares of the electronics maker's stock worth $12,266,000 after acquiring an additional 42,900 shares in the last quarter. Finally, Invesco Ltd. grew its holdings in Plug Power by 32.2% during the 1st quarter. Invesco Ltd. now owns 5,236,446 shares of the electronics maker's stock worth $7,069,000 after acquiring an additional 1,275,083 shares in the last quarter. 43.48% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts have commented on PLUG shares. Canaccord Genuity Group lowered their price target on shares of Plug Power from $1.25 to $1.00 and set a "hold" rating for the company in a report on Tuesday, May 13th. Wall Street Zen raised Plug Power to a "sell" rating in a research report on Tuesday, May 13th. Roth Capital reissued a "buy" rating on shares of Plug Power in a research report on Tuesday, May 13th. Wells Fargo & Company upped their target price on shares of Plug Power from $1.00 to $1.50 and gave the company an "equal weight" rating in a report on Thursday, August 14th. Finally, Jefferies Financial Group upped their target price on shares of Plug Power from $0.90 to $1.60 and gave the company a "hold" rating in a report on Wednesday, July 23rd. Four equities research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and five have assigned a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of "Reduce" and a consensus target price of $1.88.

Plug Power Stock Performance

NASDAQ:PLUG traded down $0.01 during trading hours on Tuesday, reaching $1.44. 22,758,157 shares of the company's stock were exchanged, compared to its average volume of 82,920,492. The firm has a market capitalization of $1.66 billion, a price-to-earnings ratio of -0.62 and a beta of 2.09. The company has a 50-day moving average of $1.58 and a 200 day moving average of $1.31. The company has a quick ratio of 0.82, a current ratio of 1.59 and a debt-to-equity ratio of 0.22. Plug Power, Inc. has a 1-year low of $0.69 and a 1-year high of $3.32.

Plug Power (NASDAQ:PLUG - Get Free Report) last announced its earnings results on Monday, August 11th. The electronics maker reported ($0.16) earnings per share for the quarter, missing the consensus estimate of ($0.15) by ($0.01). Plug Power had a negative net margin of 292.84% and a negative return on equity of 90.22%. The company had revenue of $173.97 million during the quarter, compared to analysts' expectations of $157.97 million. Research analysts anticipate that Plug Power, Inc. will post -1.21 EPS for the current year.

Plug Power Profile

Plug Power Inc develops hydrogen and fuel cell product solutions in North America, Europe, Asia, and internationally. The company offers GenDrive, a hydrogen-fueled proton exchange membrane (PEM) fuel cell system that provides power to material handling electric vehicles; GenSure, a stationary fuel cell solution that offers modular PEM fuel cell power to support the backup and grid-support power requirements of the telecommunications, transportation, and utility sectors; ProGen, a fuel cell stack and engine technology used in mobility and stationary fuel cell systems, and as engines in electric delivery vans; GenFuel, a liquid hydrogen fueling delivery, generation, storage, and dispensing system; GenCare, an ongoing Internet of Things-based maintenance and on-site service program for GenDrive fuel cell systems, GenSure fuel cell systems, GenFuel hydrogen storage and dispensing products, and ProGen fuel cell engines; and GenKey, an integrated turn-key solution for transitioning to fuel cell power.