Plug Power Inc (NASDAQ:PLUG) shares are soaring today for no apparent reason. Shares of the Latham, New York-based company rose as much as 6.51% to $6.87 at 11:59 AM EDT on Thursday. The stock has become a favorite of day traders. Shares of the fuel cell maker plunged 23.94% yesterday after its CEO Andy Marsh clarified his statement about a major deal.

Plug Power

Plug Power insiders stick to their holdings

Notably, Plug Power Inc (NASDAQ:PLUG) shares surged a whopping 49% on Tuesday after March told media that the company has struck a major deal with an automaker, which will be made public within 2-3 weeks. But Marsh clarified yesterday that he didn’t talk about anything new on Tuesday. The deal has already been disclosed on March 13 during the company’s earnings session.

Plug Power Inc (NASDAQ:PLUG) shares have gained more than 300% this year so far. The stock has witnessed massive upward and downward swing over the past few months. Shares went down 42% on March 12 when Citron Research called it a “casino stock.” Citron pointed out the company’s worrisome fundamentals, and said it’s a penny stock. But the stock soared 25% the next day on better than expected earnings. Short interest in Plug Power has risen to a historic high of $39.8%. Notably, no Plug Power insiders have offloaded their holdings since the beginning of this year.

Plug Power has weak fundamentals

TheStreet Ratings team has a Sell rating on Plug Power Inc (NASDAQ:PLUG). They point to the company’s weak operating cash flow and deteriorating net income. The company’s Q4 net income fell 240.8% from -$8.47 million to -$28.88. Net operating cash flow plunged 93.52% YoY to -$8.94 million.

Plug Power Inc (NASDAQ:PLUG) shares traded below $1 in December 2013, but soared above $11 earlier this month. However, the stock is still far below its record high of $1,510 in March 2000. Plug Power shares have been through massive ups and downs lately because one group of investors believe its fuel cell technology could revolutionize the way we produce electricity. But others argue that it’s just a hyped stock that will eventually collapse.