Here's Why Plug Power (PLUG) Gained But Lagged the Market Today

Core Insights - Plug Power's stock closed at $2.52, reflecting a +0.4% change from the previous day, underperforming compared to the S&P 500's gain of 1.23% [1] - Over the last month, Plug Power's shares increased by 11.56%, outperforming the Industrial Products sector's loss of 0.89% and the S&P 500's loss of 0.54% [1] Earnings Forecast - Plug Power is expected to report earnings of -$0.25 per share on November 12, 2024, indicating a year-over-year growth of 46.81% [2] - Revenue is projected to be $210.8 million, representing a 6.08% increase compared to the same quarter last year [2] Annual Estimates - For the entire year, the Zacks Consensus Estimates predict earnings of -$1.15 per share and revenue of $815.51 million, reflecting changes of +50% and -8.51% respectively compared to the previous year [3] - Recent adjustments to analyst estimates for Plug Power may indicate shifting business dynamics, with positive revisions seen as a favorable sign for the company's outlook [3] Share Price Momentum - Research indicates that estimate revisions correlate with near-term share price momentum, suggesting that investors can benefit from using the Zacks Rank system [4] - The Zacks Rank system, which ranges from 1 (Strong Buy) to 5 (Strong Sell), has historically outperformed, with 1 stocks averaging a +25% annual gain since 1988 [5] Industry Context - Plug Power operates within the Manufacturing - Electronics industry, which is part of the Industrial Products sector, currently holding a Zacks Industry Rank of 169, placing it in the bottom 33% of over 250 industries [6] - The Zacks Industry Rank assesses the strength of industry groups based on the average Zacks Rank of individual stocks, with top-rated industries outperforming the bottom half by a factor of 2 to 1 [6]