NEW YORK (TheStreet) -- Shares of On Track Innovations (OTIV) rose 9.21% to $4.15 in morning trading Monday after Apple (AAPL) announced a record four million pre-orders for the upcoming iPhone 6 and iPhone 6 Plus in the first 24 hours.
The iPhone 6 and iPhone 6 Plus will feature Apple Pay, the company's own version of a mobile wallet. Cashless payment and near field communication (NFC) companies, including On Track Innovations, received a stock boost in the wake of the announcement.
Last week, On Track Innovations announced it would bring add-on devices for Apple's 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.
More than 9.6 million shares had changed hands, compared to the average volume of 1,036,310.
Separately, TheStreet Ratings team rates ON TRACK INNOVATIONS as a "sell" with a ratings score of D. TheStreet Ratings Team has this to say about their recommendation: