Plug Power Inc (NASDAQ:PLUG) shares are down around 1% to $6.82 at 1.30 p.m. EDT following an eventful last few days. On Thursday, stock was up 7.29% to $6.92 recovering from a sharp fall on Wednesday owing to confusion over CEO Andy Marsh’s statement on the details of the next major deal.
The announcement resulted in confusion that Plug Power Inc (NASDAQ:PLUG) would soon enter into a deal with a major auto maker, however, CEO Marsh corrected the statement that he was not talking about a new deal, but an earlier deal announced on March 13.
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On Tuesday, shares were up 49% after Marsh hinted to Marketwatch that the company had signed a deal, which is still to be announced, with a major automaker.
“We signed an additional order in North America with a global automaker,” he said.
Then the next day, the CEO clarified that he was talking of a previous order, saying, “I didn’t tell them anything new. This is the same order I referred to on March 13.” In early market trading on Wednesday, Plug Power shares were down 16.16% to $7.11.
Plug Power Inc (NASDAQ:PLUG) shares have gained more than 3260% over the past 12 months, making it one of the best-performing stocks. News of a deal with Wal-Mart Stores, Inc. (NYSE:WMT) for the supply of 1,738 hydrogen fuel systems, have acted as a strong catalyst for the stock. Another catalyst to the stock was the impressive turnover projection of $65 million this year, which is well ahead of the $26.3 million revenue posted for 2013.
However, the dream run was ended by a report from Citron Research, which claimed the stock to be a ‘casino’ stock that deserves to trade for pennies. On the day the report was released, the stock was down 42%. Then again, the shares were up 25% after the company posted better than expected earnings.
In December 2013, Plug Power Inc (NASDAQ:PLUG) shares were trading below $1, but were up at $11 level on March 10. In March 2000, the shares were trading as high as $1,510, but have been on a constant decline since then.
One interesting fact to note about Plug Power Inc (NASDAQ:PLUG) is that none of the insiders have sold any of their shares since the start of the year. It’s a bit strange that there has been no insider selling despite the shares gaining around 500%.