Plug Power Inc (NASDAQ:PLUG) shares have soared more than 3263% over the past 12 months. It is definitely one of the best performing stocks of the year. But options traders have increased bearish bets on the stock. Shares of the fuel cell maker have been soaring amid expectations that its technology could be a breakthrough source of electricity. But many believe that it’s just another hyped stock that is going to collapse.

Plug Power

Plug Power is a pure speculation: Oak Associates

In the options market, reports Bloomberg, there are 63 put contracts on Plug Power Inc (NASDAQ:PLUG) for every 100 call options. Surprisingly, the ratio was just 3-to-100 at the beginning of 2014. Oak Associates Ltd. fund manager Robert Stimpson says that a more than 3000% gain for a company that has only $25 million in annual revenue is purely speculation.

Shares of Plug Power Inc (NASDAQ:PLUG) plunged 42% on March 11 after Citron Research said that it’s a “casino stock.” Citron analyst Andrew Left said Plug Power should be a penny stock. Meanwhile, Plug Power CEO Andrew Marsh believes that the company will turn profitable this year on orders from BMW Manufacturing Co. and Wal-Mart Stores, Inc. (NYSE:WMT). The Latham, New York-based company forecasts revenues of $65 million this year, up from $26.3 million in 2013. Fuel cells use natural gas or hydrogen to produce electricity using chemical reactions.

As the hype around fuel cell technology fades, short interest in the stock has swelled to 11% of total outstanding shares. According to research firm Markit, short interest stood at just 2.4% in September last year. The short interest proportion in Plug Power is about four times higher than the average of the Nasdaq Composite Index.

Plug Power CEO expects orders to grow four times this year

Plug Power Inc (NASDAQ:PLUG) estimates to receive orders worth $150 million for its fuel cell forklifts this year. Wal-Mart Stores, Inc. (NYSE:WMT) plans to install 1,700 hydrogen fuel cell systems at its North American distribution centers. And BMW Manufacturing Co. has increased its fleet of trucks powered by Plug Power’s forklifts from 100 to 250.

Plug Power Inc (NASDAQ:PLUG) shares were down 1.34% to $5.89 at 9:37 AM EDT on Friday.