Plug Power to Report Q4 Earnings Amid Significant Decline

Plug Power Inc PLUG is set to release its fourth-quarter earnings this Tuesday. Analysts anticipate a loss of 23 cents per share along with revenues of $263.17 million, with the report coming before market hours.

The Stock has experienced a troubling 59.72% drop over the past year, with a further decline of 33.26% year-to-date.

To properly assess Plug Power’s outlook, we will review the stock’s current chart indicators and how these align with Wall Street’s expectations.

Read also: Plug Power’s High-Stakes Move: Executives Can Take Up To 75% Of Pay In Company Stock

Current Trends Indicate Bearish Momentum

Chart created using Benzinga Pro

Plug Power Stock, currently priced at $1.55, finds itself entrenched in a bearish trend. The stock trades below all major moving averages, including the eight-day, 20-day, 50-day, and 200-day simple moving averages. The 200-day average, marked at $2.30, signals a long-term downtrend.

The Moving Average Convergence Divergence (MACD) is at a negative 0.14, emphasizing the stock’s weak momentum. Meanwhile, the Relative Strength Index (RSI) at 35.36 indicates that Plug Power is nearing oversold levels but has not yet entered a technical bounce zone.

For investors, the technical landscape remains decidedly bearish, with little indication of a potential reversal. Although some slight buying pressure is observable, it fails to counteract the prevailing downtrend.

A consistent move above short-term resistance could shift market sentiment; however, for now, the Stock stays within the danger zone.

Analysts Anticipate Substantial Upside Potential

Ratings & Consensus Estimates: Analysts currently rate Plug Power Stock as a Buy, with a target price of $4.99. A recent consensus from firms, including Seaport Global, Susquehanna, and HC Wainwright & Co., suggests an upside of 81.61% for the stock, with an average price target set at $2.83.

PLUG Price Action: At the time of publication, Plug Power Stock was trading down over 6.8% at $1.50.

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