Why On Track Innovations (OTIV) Stock Soared to a One-Year High Today

NEW YORK (TheStreet) -- Shares of On Track Innovations  (OTIV) soared to a 52-week high of $5 in morning trading Wednesday after the cashless payment solutions company announced it would bring add-on devices for Apple's  (AAPL)  iPhone 4, 4s, 5, 5s and iPad devices.

On Track Innovations said it was working with banks and mobile network operators to bring its new WAVE and NFC Insert mobile devices to the Apple products. The company said the WAVE, which plugs into the audio jack on the devices, has already received certification from major payment companies that include Visa  (V) and MasterCard  (MA) .

"Apple's launch of the NFC-enabled iPhone 6, iPhone 6 Plus and Apple Watch yesterday provided a tremendous boost to the increasing wide-scale adoption of NFC technology," the company said in a statement.

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The stock was up 39.76% to $4.64 at 10:07 a.m. More than 13 million shares had changed hands, which eclipsed the average volume of 314,873.

OTIV Chart OTIV data by YCharts

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