What’s Next for Plug Power?
March 11, 2021
Knox Ridley
Portfolio Manager
With the Nasdaq still in correction territory, renewable energy star, Plug Power (PLUG), is more than 35% off the all-time high. This is after a large bounce off the recent $34 low.
When the stock made a new all-time high of $75 in late January, we started to get signals of a top forming. We warned our premium readers, and even provided downward price targets we would be looking to start a position. Our readers were skeptical when we suggested a short-term price target of $34 was on the table in a webinar. At the time, this level of correction seemed extreme, so we provided an upper target at $43 region. This price, based on our forward growth analysis, was a solid value.
As we hit the $34 region, we saw heavy buying. Based on the significance of this level from our analysis, we expect this level to hold on any retest in the near future. The excitement in renewable energy, plus the technical significance of the recent bottom, should put a floor at this level.
We see the move in Plug as a healthy pullback in a strong long-term uptrend. Plug is a key player in the global green energy trend. This coupled with how it has followed our outlined count, made us comfortable laying into the position on this pullback. The fact that we bottomed at the $34 region, so far, further confirms our long-term view.
We added to Plug at $43, and will look to add on any notable breakout.
Gains of up to 2,390% from our Free Newsletter.
Here are sample stock gains from the I/O Fund’s newsletter --- produced weekly and all for free!
+2,390% on Nvidia
+450% on Bitcoin
*as of Jun 25, 2024
Our newsletter provides an edge in the world’s most valuable industry – technology. Due to the enormous gains from this particular industry, we think it’s essential that every stock investor have a credible source who specializes in tech. Subscribe for Free Weekly Analysis on the Best Tech Stocks.
If you are a more serious investor, we have a premium service that offers lower entries and real-time trade alerts. Sample returns on the premium site include 3,900% on Nvidia, 850% on Chainlink, and 695% on Bitcoin. The I/O Fund is audited annually to prove it’s one of the best-performing Funds on the market, with returns that beat Wall Street funds.
More To Explore
Newsletter
Mag 7 Stocks Should See One More High
Optimism around the Fed could spark a continuation of the relief rally in the Russell 2000 and further rotation out of the Mag 7. Below, we look at the pros and cons of a Mag 7 rotation and how we pla
Palantir’s Stock Is Priced For Perfection
Heading into 2024, Palantir was exhibiting “multiple signs of acceleration” stemming from strong growth in its US commercial segment, driven by AIP, Palantir’s Artificial Intelligence Platform that le
Tesla’s Q2 Deliveries Strong, But What’s To Come?
After months of being the lowest performing Mag 7 stocks, Tesla saw rapid gains — up 42% in a one month rally, with 37% of those gains in eight sessions — after it reported Q2 deliveries ahead of expe
How to Participate in Tech: The Million Dollar Question (Video Highlights)
With audited returns of 131% since inception, compared to the NASDAQ-100’s 82%, portfolio manager, Knox Ridley, lays out how we have successfully maintained an overexposure to the right tech stocks, w
This AI Stock Could Outpace Nvidia’s Returns by 2030
Lead Tech Analyst and CEO Beth Kindig recently joined Real Vision’s Nico Brugge to discuss her AI outlook on leading AI stock Nvidia, while sharing which AI stock she believes may outpace Nvidia’s ret
AI PC Stocks: Emerging 2024 And 2025 Story
Currently, there is a major bottleneck right now for AI applications to where client devices are not powerful enough or energy efficient enough to leverage AI capabilities at the edge.
AI Power Consumption: Rapidly Becoming Mission-Critical
Big Tech is spending tens of billions quarterly on AI accelerators, which has led to an exponential increase in power consumption. Over the past few months, multiple forecasts and data points reveal s
With Bitcoin at All-Time Highs, Here’s What’s Next for COIN, HOOD
Bitcoin and the spot BTC ETFs have clearly seen strong investor appetite since the approval in the beginning of the year. Alongside strong initial adoption of the new ETF class, we’re also seeing majo
Here's Why Nvidia Stock Will Reach $10 Trillion Market Cap By 2030
I believe Nvidia can achieve an astonishing $10 trillion market cap by 2030. As you’ll see from the key points to my thesis, there is a bull case where a $10T market cap estimate in a little over six
Taiwan Semiconductor Stock: April Sales Soar From Advanced Nodes
Despite warning of a slowdown in the broader semiconductor industry this year, TSMC’s April sales surged 60% YoY and 21% MoM. This marks a positive start to the 20-percentage point acceleration to 33%