Plug Power (PLUG) Stock Falls Amid Market Uptick: What Investors Need to Know
In the latest market close, Plug Power (PLUG) reached $4.66, with a -0.85% movement compared to the previous day. The stock trailed the S&P 500, which registered a daily gain of 1.07%. On the other hand, the Dow registered a gain of 0.35%, and the technology-centric Nasdaq increased by 1.74%.
The the stock of alternative energy company has risen by 9.56% in the past month, leading the Industrial Products sector's gain of 0.38% and the S&P 500's gain of 2.93%.
The investment community will be closely monitoring the performance of Plug Power in its forthcoming earnings report. The company's upcoming EPS is projected at -$0.49, signifying a 28.95% drop compared to the same quarter of the previous year. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $214.23 million, down 2.95% from the year-ago period.
Investors should also take note of any recent adjustments to analyst estimates for Plug Power. These latest adjustments often mirror the shifting dynamics of short-term business patterns. Consequently, upward revisions in estimates express analysts' positivity towards the company's business operations and its ability to generate profits.
Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. 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, running from #1 (Strong Buy) to #5 (Strong Sell), holds an admirable track record of superior performance, independently audited, with #1 stocks contributing an average annual return of +25% since 1988. The Zacks Consensus EPS estimate has moved 1.82% higher within the past month. Plug Power currently has a Zacks Rank of #3 (Hold).
The Manufacturing - Electronics industry is part of the Industrial Products sector. At present, this industry carries a Zacks Industry Rank of 20, placing it within the top 8% of over 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.
Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.
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Plug Power, Inc. (PLUG) : Free Stock Analysis Report
