Plug Power Stock, one of my favorite long-term growth stocks, has jumped onto my "buy-the-dip" radar.
The hydrogen fuel cell maker has been among my favorite growth stocks to buy and hold to generate exponential long-term wealth, and I've had my eye on it since PLUG stock traded hands at just $4 back in May 2020.
Since then, it has soared as high as $75 -- representing a jaw-dropping gain for of 1,700% in less than a year. Members of The Daily 10X were clued in to this opportunity early on, and had the chance to gain 1,700% over that time.
But shares of Plug Power stock have come under significant pressure over the past month. Rising rates have freaked out investors and put downward pressure on equity valuations, which has sent PLUG stock down more than 30% from recent highs.
Is that a bearish sign? Quite the contrary -- this dip is a golden buying opportunity.
Here are my three big reasons:
1.) The rising rates fear that is spooking the stock market — and specifically growth stocks like Plug Power — is completely overblown. It will pass, soon, and without inflicting much more damage.
2.) PLUG stock is fundamentally undervalued at $50 relative to the company’s long-term earnings growth potential in the various verticals of the multi-trillion-dollar Hydrogen Economy.
3.) The technicals underlying PLUG stock imply that shares have bottomed, and are in the processing of reversing course back into a long-term healthy uptrend.
Long story short, near-term dips in long-term winners are almost always buying opportunities. This is no different. You have a near-term dip, in a long-term winner, with signs that the worst of the near-term dip is over.
That means it's time to buy PLUG stock.
Plug Power stock is a great investment that could score readers big returns, but it’s not the best growth stock to buy today.
Instead, the best growth stock to buy today is a company that reminds me of a young Amazon.
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On the date of publication, Luke Lango did not have (either directly or indirectly) any positions in the securities mentioned in this video.
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