Only A Few Penny Stocks Can Stake Claim To Best Penny Stocks Of 2019; Is This One?
If you pick the right penny stocks to buy, you can make money. That part we know to be true. But it’s also important to note that an investor needs to conduct strong research in order to stand a chance.
In order to do so, you should keep a close eye on the market. Watch for the penny stocks which are making strong moves over a sustained period. This is something we went over yesterday when discussing some of the “Best Penny Stocks To Watch As Markets Hit Record Highs.” Therefore, it’s worthwhile to take a look at one of the top penny stocks that has been on fire for much of 2019.
Top Penny Stocks Of 2019: Plug Power (PLUG)
Plug Power Inc (PLUG Stock Report) is involved in the production of fuel cells and had a strong year so far. This came on the back of key deals, as well as aggressive projections. In 2019 alone, PLUG stock has gained 139%. The stock recorded more gains on Thursday as it rose to a new 52-week high.
On Thursday, the stock hit $2.94 and much of those gains are due to the impressive projections by the company. Around 2014, Plug Power had been in dire straits and had needed to borrow money in a desperate bid to keep the lights on.
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However, those days are now over as the company announced on Wednesday that it expects generating annual revenues of $1 billion by 2024.
It goes without saying that it’s a bold claim from Plug Power. This is considering the fact that only five years ago, it had revenues of just $64.2 million. However, that is not all. Company CEO Andy Marsh also stated that by 2024, Plug Power expects to have an operating income of $170 million. He also expects an EBIDTA of $200 million.
Such projections have provided a lot of optimism to investors. That resulted in a further rally this week and saw PLUG stock reach new heights. It’s also important to note that the company has also signed its fair share of deals. These have likely made it possible for the management to make such projections. Will it remain one of the top penny stocks of 2019 or is this the peak?