What: SodaStream (NASDAQ:SODA), a producer of sparkling water and cola making machines, saw its stock rise 14% during the month of March, according to S&P Capital IQ data.

SODA Chart

SODA data by YCharts.

So what: The bounce didn't come from any particular piece of news. Instead, investors seem to have grown (slightly) less pessimistic about SodaStream's prospects. The stock's March boost still puts shares roughly 50% lower than they were a year ago. 

SodaStream's latest business update in late February showed massive struggles, especially in the U.S. market. Sales plunged by 50% there as the company sold dramatically fewer sparkling water machines and flavored syrups. Carbon dioxide canister sales did rise, though, which suggests that existing customers are putting their machines to use at home -- even if their ranks aren't growing right now.

Now what: Management has a plan to recover momentum that includes rebranding into a water emphasis as opposed to a soda one. The company just marked some important progress there: SodaStream recently became the world's largest sparkling water brand with more than 700 million liters of annual consumption.

Still, Wall Street expects things to get worse for the company before they get better. Analysts see SodaStream's sales dropping 14% in the first quarter of 2015, and 9% for the full year.