Plug Power (PLUG) Stock Moves -0.72%: What You Should Know

Oct 16, 2024

Plug Power (PLUG) closed the latest trading day at $2.07, indicating a -0.72% change from the previous session's end. The stock exceeded the S&P 500, which registered a loss of 0.76% for the day. Elsewhere, the Dow lost 0.75%, while the tech-heavy Nasdaq lost 1.01%.

Prior to today's trading, shares of the alternative energy company had gained 5.58% over the past month. This has lagged the Industrial Products sector's gain of 6.33% and outpaced the S&P 500's gain of 4.31% in that time.

The upcoming earnings release of Plug Power will be of great interest to investors. The company's upcoming EPS is projected at -$0.24, signifying a 48.94% increase compared to the same quarter of the previous year. At the same time, our most recent consensus estimate is projecting a revenue of $212.16 million, reflecting a 6.77% rise from the equivalent quarter last year.

Regarding the entire year, the Zacks Consensus Estimates forecast earnings of -$1.15 per share and revenue of $827.96 million, indicating changes of +50% and -7.11%, respectively, compared to the previous year.

Investors should also pay attention to any latest changes in analyst estimates for Plug Power. These recent revisions tend to reflect the evolving nature of short-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.

Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.

The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 1.08% lower. Plug Power presently features a Zacks Rank of #4 (Sell).

The Manufacturing - Electronics industry is part of the Industrial Products sector. This group has a Zacks Industry Rank of 149, putting it in the bottom 41% of all 250+ industries.

The Zacks Industry Rank assesses the strength of our separate industry groups by calculating the average Zacks Rank of the individual stocks contained within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Don't forget to use Zacks.com to keep track of all these stock-moving metrics, and others, in the upcoming trading sessions.

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report

Plug Power, Inc. (PLUG) : Free Stock Analysis Report

To read this article on Zacks.com click here.

Zacks Investment Research