New Trade for May 31st, 2023

The “green wave” refers to the global movement and increasing momentum toward clean and renewable energy sources. It signifies the widespread recognition of the urgent need to transition from carbon-intensive practices and embrace sustainable alternatives. What’s so special about this “green wave,” though? For starters, it’s given way to multiple opportunities for investors seeking stocks with exponential growth potential.   

We’ve honed in on an industry expected to expand in value by an astounding 1000% over the next five years. After a deep dive into this burgeoning industry, we’ve come up with one name that we believe could be the next massive breakout from the green energy group. Check out our findings, and you may soon be surfing the green wave too…

Plug Power, Inc. (PLUG) 

Plug Power is a leading provider of alternative energy technology, specializing in hydrogen and fuel cell systems. PLUG’s solutions are primarily used in the material handling and stationary power markets. PLUG offers fuel cell systems that replace lead-acid batteries in electric vehicles, benefiting distribution and manufacturing companies.

PLUG’s stock is down YTD by 28.82%, but it’s showing great promise, and I like it for its upside potential. PLUG has a $4.5 billion market cap and TTM revenue of $770 million at $1.32 per share. Recently exceeding analysts’ MRQ revenue forecast by a modest 1.53%, a win is a win. With a P/B ratio of 1.15x, PLUG has YOY revenue growth (+49.65), EPS (+31.56%) growth—30.89% quarterly growth—and profit margin growth (+11.62%). With a 10-day average trading volume of 24.02 million shares, it’s clear that PLUG’s recent business deals to optimize its impact and effectiveness have popularized the stock. Here’s another great thing: PLUG has a median price target of $15, with a $78 high and a low of $7.50, representing the potential for a 785% price increase from where it sits now. Analysts are on to PLUG, too; Buy, is what they say.

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