By midafternoon Tuesday, shares had surged 33.2% to $7.58.
Trading volume of 61.7 million shares had exceeded its three-month daily average of 60.9 million.
In an interview with MarketWatch, CEO Andy Marsh said the alternative energy company is planning to announce its next major deal, this time with a global automaker, in the next few weeks.
Plug Power shares have been yo-yoing since February when the company announced a multi-site GenKey purchase order from Walmart (WMT). Plug Power's deal will see it rolling out hydrogen fuel cell solutions to power electric lift truck fleets at six of Wal-Mart's North American distribution centers. The first site will be deployed by the second quarter ending June of 2014.
Then, a bearish report from Citron Research in mid-March sent shares into a tailspin. In the research report, Citron analysts noted Plug Power would be fairly valued at 50 cents, a blended average of recent capital raises, and warned that management's guidance is a "history of broken promises and failure to deliver."
Despite the steep drop that followed that report, shares have managed to climb 387.1% since the beginning of the year.
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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: