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.
Confusion pushed the shares up
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 shares take a walk on the wild side
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%.