CEO Andy Marsh's appearance on CNBC last Friday set off a mad scramble for the hydrogen fuel cell maker after he announced deals and projects with big-name players such as Wal-Mart (WMT), FedEx (FDX) BMW and Coke (KO). Since the company announced a deal on March 4 to power Wal-Mart's fleet of forklifts with 1,700 fuel cells, the company's stock has shot up 416% percent.
This week hasn't been all roses for the company, however, after Andrew Left of Citron Research came out Tuesday and said the company's stock would be fairly valued at 50 cents. Left accused the company of "actively deceiving the market place," calling it a "casino stock" and "the lowest form of speculative moonshot." Left pointed to a lack of profits, unique technology, scalability and market demand in a blistering report published this week.
While the report on Tuesday caused a slight hiccup in the growth of the stock, it has not scared investors away. Plug was up in the two days since the report and has seen its shares rise by over 6000% over the last year.