NEW YORK (TheStreet) -- Seems like the honeymoon for Plug Power (PLUG) might be over. After a couple days of rallies that saw Plug Power's stock rocket, Andrew Left of Citron Research has said that the fuel cell manufacturer's stock would be fairly valued at $0.50.
In the wake of such a weak valuation, Plug's stock -- which opened at $11.50 and continued gaining in early trading -- has come crashing back to earth down 34.65% and was trading at $6.69 at 3:12 p.m. EST.
Plug Power received a bump from CEO Andy Marsh's appearance on CNBC Friday touting his company's deal with Wal-Mart (WMT) to supply fuel cells for the retailer's fleet of forklifts. Marsh declared that Plug would turn a profit in 2014 after years of losing money.
"It's a casino stock," said Left, in the note published Tuesday, "the lowest form of speculative moonshot."
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TheStreet Ratings team rates PLUG POWER INC as a Sell with a ratings score of D-. TheStreet Ratings Team has this to say about their recommendation:
"We rate PLUG POWER INC (PLUG) a SELL. This is driven by a number of negative factors, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its deteriorating net income and disappointing return on equity."