Shares of fuel cell maker Plug Power have risen an astronomical 6000 percent over the past year, but the stock is nothing more than a "casino name" and its current price has "no basis whatsoever," said an analyst who covers the company.
Plug Power has no profits, no unique technology, no scalability, no demand, no brand equity, no media hype and no analyst support, said Andrew Left of Citron Research in a paper he wrote disparaging the current valuation. By his analysis, the stock is worth 50 cents a share, not the $12 high it recently hit.
Investors cannot trust the company's management, which has been providing forward guidance that does not reflect reality at all, Left said.
"When you are missing expectations by 40 to 50 percent, that's not missing guidance, you are actively deceiving the marketplace," Left said on Tuesday's edition of "Street Signs."
Shipments for Plug Power's cells have actually declined and large customers Wal-Mart and FedEx are likely buying Plug Power fuel cells to reap government incentives for clean energy. Those incentives are set to expire in 2016.
The company's shares were trading around $7 late Tuesday. (Click here to get the latest quote.)
—By Robert Ferris, Special to CNBC.com.