NEW YORK (TheStreet) -- Shares of Plug Power (PLUG) were gaining 4.9% to $2.81 on heavy trading volume Tuesday after the company announced a new hydrogen and fuel cell expansion contract with Walmart Canada (WMT).
Plug Power announced that it will provide 124 GenDrive fuel cells for Walmart Canada's new High Velocity Distribution Center building in Balzac, Alberta, Canada. The expansion contract will bring the site's fleet up to 230 units.
"Plug Power values Walmart Canada as a client and strives to help them further their productivity improvements through the use of our hydrogen and fuel cell products," Plug Power CEO Andy Marsh said. "This expansion project illuminates the success seen to date -- success Plug Power intends to continue through our work with this important customer."
About 5.5 million shares of Plug Power were traded by 2:48 p.m. Tuesday, above the company's average trading volume of about 3.1 million shares a day.
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:
"We rate PLUG POWER INC (PLUG) a SELL. This is driven by a number of negative factors, 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 weak operating cash flow and generally disappointing historical performance in the stock itself."