A week before that, the stock jumped as much as 25% after its quarterly results. And that rally came after a 42% plunge, which followed a scathing report from research firm Citron Research, which dismissed the company’s fundamentals and said Plug has become a “casino stock” on Wall Street.
The stock, which traded at less than $1 as recently as December, peaked earlier this month above $11. But that’s nothing compared to the $1,510 it hit in March 2000 before suffering a precipitous drop.
On Tuesday, more than 120 million shares changed hands–with the vast majority of the turnover coming in the last two hours of the trading day. That figure is made all the more remarkable by the fact that the company only has about 105 million share outstanding.
And all for a company that’s never turned in a profitable year since its founding