NEW YORK (TheStreet) -- Shares of Clean Diesel Technology (CDTI) were gaining 14.1% to $2.27 on heavy trading volume Monday after the advanced emission control solutions company announced its first major fleet customer for DuraFit, its new line of OEM replacement diesel particulate filters.
CDTi announced that it will supply DuraFit to the New York City Department of Sanitation (DSNY) fleet of vehicles. The DSNY operates the largest municipal-owned sanitation fleet in the world with about 3,000 vehicles, including mechanical street sweepers and refuse collection trucks.
Mondial Automotive, one of CDTi's regional distributors will supply the DuraFit products for the DSNY fleet.
"This important fleet win with the DSNY demonstrates the growing distribution reach of DuraFit, which addresses the $300 million plus replacement filter market," CDTi President and CEO Chris Harris said in a statement.
About 2.1 million shares of CDTi were traded by 10:40 a.m. Monday, above the company's average trading volume of about 242,000 shares a day.
TheStreet Ratings team rates CLEAN DIESEL TECHNOLOGIES as a Sell with a ratings score of D-. TheStreet Ratings Team has this to say about their recommendation:
"We rate CLEAN DIESEL TECHNOLOGIES (CDTI) a SELL. This is driven by several weaknesses, 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 generally high debt management risk, disappointing return on equity, poor profit margins, weak operating cash flow and generally disappointing historical performance in the stock itself."