A Bullish 2023 Outlook For Plug Power Inc. (NASDAQ: PLUG) Shares

Plug Power Inc. (NASDAQ:PLUG) shares, rose in value on Thursday, 02/09/23, with the stock price down by -3.40% to the previous day’s close as strong demand from buyers drove the stock to $15.36.

Actively observing the price movement in the last trading, the stock closed the session at $15.90, falling within a range of $15.26 and $16.52. The value of beta (5-year monthly) was 1.74. Referring to stock’s 52-week performance, its high was $32.05, and the low was $11.49. On the whole, PLUG has fluctuated by 2.74% over the past month.

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With the market capitalization of Plug Power Inc. currently standing at about $9.22 billion, investors are eagerly awaiting this quarter’s results, scheduled for Feb 27, 2023 – Mar 03, 2023. As a result, investors might want to see an improvement in the stock’s price before the company announces its earnings report. Analysts are projecting the company’s earnings per share (EPS) to be -$0.23, which is expected to increase to -$0.13 for fiscal year -$0.96 and then to about -$0.53 by fiscal year 2023. Data indicates that the EPS growth is expected to be -17.10% in 2023, while the next year’s EPS growth is forecast to be 44.80%.

Analysts have estimated the company’s revenue for the quarter at $249.78 million, with a low estimate of $200 million and a high estimate of $289.2 million. Wall Street analysts also predicted that in 2023, the company’s y-o-y revenues would reach $857.61 million, representing an increase of 70.70% from the revenues reported in the last year’s results.

Revisions could be a useful indicator to get insight on short-term price movement; so for the company, there were no upward and no downward review(s) in last seven days. We see that PLUG’s technical picture suggests that short-term indicators denote the stock is a 50% Sell on average. However, medium term indicators have put the stock in the category of 50% Sell while long term indicators on average have been pointing out that it is a 100% Sell.

31 analyst(s) have assigned their ratings of the stock’s forecast evaluation on a scale of 1.00-5.00 to indicate a strong buy to a strong sell recommendation. The stock is rated as a Hold by 10 analyst(s), 19 recommend it as a Buy and 2 called the PLUG stock Overweight. In the meantime, 0 analyst(s) believe the stock as Underweight and 0 think it is a Sell. Thus, investors eager to increase their holdings of the company’s stock will have an opportunity to do so as the average rating for the stock is Overweight.

The stock’s technical analysis shows that the PEG ratio is about 0, with the price of PLUG currently trading nearly -6.96% and 3.66% away from the simple moving averages for 20 and 50 days respectively. The Relative Strength Index (RSI, 14) currently indicates a reading of 46.71, while the 7-day volatility ratio is showing 6.40% which for the 30-day chart, stands at 7.16%. Furthermore, Plug Power Inc. (PLUG)’s beta value is 1.77, and its average true range (ATR) is 1.12.

A comparison of Plug Power Inc. (PLUG) with its peers suggests the former has fared considerably weaker in the market. PLUG showed an intraday change of -3.40% in last session, and over the past year, it shrunk by -30.05%%. In comparison, Air Products and Chemicals Inc. (APD) has moved lower at -0.12% on the day and was up 13.48% over the past 12 months. On the other hand, the price of The Procter & Gamble Company (PG) has fallen -1.10% on the day. The stock, however, is off -14.32% from where it was a year ago. Additionally, there is a loss of -3.61% for Ballard Power Systems Inc. (BLDP) in last trading while the stock has seen an overall depriciation of -34.43%% over the past year. Other than that, the overall performance of the S&P 500 during the last trading session shows that it lost -0.88%. Meanwhile, the Dow Jones Industrial Slipped by -0.73%.

Data on historical trading for Plug Power Inc. (NASDAQ:PLUG) indicates that the trading volumes over the past 10 days have averaged 20.21 million and over the past 3 months, they’ve averaged 17.51 million. According to company’s latest data on outstanding shares, there are 578.04 million shares outstanding.

Nearly 0.80% of Plug Power Inc.’s shares belong to company insiders and institutional investors own 59.70% of the company’s shares. The data on short interest also indicates that stock shorts accounted for 62.4 million shares as on Oct 13, 2022, resulting in a short ratio of 3.82. According to the data, the short interest in Plug Power Inc. (PLUG) stood at 10.77% of shares outstanding as of Oct 13, 2022; the number of short shares registered in Sep 14, 2022 reached 60.34 million. The stock has risen by 24.17% since the beginning of the year, thereby showing the potential of a further growth. This could raise investors’ confidence to be optimistic about the PLUG stock heading into the next quarter.