Why Plug Power (PLUG) Dipped More Than Broader Market Today

Plug Power (PLUG) closed at $1.75 in the latest trading session, marking a -1.13% move from the prior day. The stock's change was less than the S&P 500's daily loss of 0.43%. Meanwhile, the Dow lost 1.01%, and the Nasdaq, a tech-heavy index, lost 0.47%.Heading into today, shares of the alternative energy company had lost 12.81% over the past month, lagging the Industrial Products sector's loss of 1.98% and the S&P 500's gain of 2.6% in that time.Analysts and investors alike will be keeping a close eye on the performance of Plug Power in its upcoming earnings disclosure. The company's earnings per share (EPS) are projected to be -$0.23, reflecting a 78.5% increase from the same quarter last year. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $260.18 million, up 17.11% from the year-ago period.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. Consequently, upward revisions in estimates express analysts' positivity towards the company's business operations and its ability to generate profits.Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.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, there's been a 0.31% rise in the Zacks Consensus EPS estimate. Right now, Plug Power possesses a Zacks Rank of #3 (Hold).The Manufacturing - Electronics industry is part of the Industrial Products sector. This industry, currently bearing a Zacks Industry Rank of 80, finds itself in the top 32% echelons of all 250+ industries.The Zacks Industry Rank is ordered from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.Remember to apply Zacks.com to follow these and more stock-moving metrics during the upcoming trading sessions.5 Stocks Set to DoubleEach was handpicked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2024. While not all picks can be winners, previous recommendations have soared +143.0%, +175.9%, +498.3% and +673.0%.Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.Today, See These 5 Potential Home Runs >>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 ReportTo read this article on Zacks.com click here.Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks