Clean Energy Fuels (NASDAQ:CLNE) Shares Up 8.3%

Posted by Defense World Staff on Mar 5th, 2023

Clean Energy Fuels Corp. (NASDAQ:CLNE – Get Rating) shares shot up 8.3% during trading on Friday . The company traded as high as $4.96 and last traded at $4.96. 1,482,089 shares traded hands during trading, a decline of 33% from the average session volume of 2,199,257 shares. The stock had previously closed at $4.58.

Wall Street Analyst Weigh In

A number of brokerages recently commented on CLNE. StockNews.com downgraded shares of Clean Energy Fuels from a “hold” rating to a “sell” rating in a research report on Wednesday. UBS Group began coverage on shares of Clean Energy Fuels in a research report on Tuesday, December 13th. They set a “buy” rating and a $12.00 price objective on the stock. Lake Street Capital lowered their price objective on shares of Clean Energy Fuels from $27.00 to $22.00 in a research report on Wednesday. Finally, Piper Sandler began coverage on shares of Clean Energy Fuels in a research report on Monday, February 27th. They set an “overweight” rating and a $8.00 price objective on the stock. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $11.79.

Clean Energy Fuels Price Performance

The company’s 50-day simple moving average is $5.54 and its 200 day simple moving average is $6.03. The company has a quick ratio of 2.38, a current ratio of 3.18 and a debt-to-equity ratio of 0.20. The company has a market capitalization of $1.11 billion, a P/E ratio of -18.48 and a beta of 2.19.

Insider Transactions at Clean Energy Fuels

In other news, SVP Barclay Corbus sold 5,643 shares of the business’s stock in a transaction on Monday, February 27th. The shares were sold at an average price of $5.69, for a total value of $32,108.67. Following the completion of the sale, the senior vice president now directly owns 624,458 shares in the company, valued at $3,553,166.02. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In related news, COO Mitchell W. Pratt sold 8,140 shares of the company’s stock in a transaction on Monday, January 23rd. The shares were sold at an average price of $5.57, for a total transaction of $45,339.80. Following the completion of the transaction, the chief operating officer now directly owns 854,313 shares in the company, valued at approximately $4,758,523.41. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, SVP Barclay Corbus sold 5,643 shares of the stock in a transaction on Monday, February 27th. The shares were sold at an average price of $5.69, for a total transaction of $32,108.67. Following the completion of the transaction, the senior vice president now owns 624,458 shares of the company’s stock, valued at approximately $3,553,166.02. The disclosure for this sale can be found here. Over the last three months, insiders sold 25,069 shares of company stock worth $139,409. 3.40% of the stock is owned by insiders.

Hedge Funds Weigh In On Clean Energy Fuels

Hedge funds have recently made changes to their positions in the business. State Street Corp grew its holdings in shares of Clean Energy Fuels by 19.6% in the 2nd quarter. State Street Corp now owns 12,696,002 shares of the utilities provider’s stock worth $56,878,000 after purchasing an additional 2,082,455 shares during the last quarter. Vanguard Group Inc. grew its holdings in shares of Clean Energy Fuels by 1.9% in the 1st quarter. Vanguard Group Inc. now owns 9,513,320 shares of the utilities provider’s stock worth $75,535,000 after purchasing an additional 177,210 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Clean Energy Fuels by 3.2% in the 4th quarter. Dimensional Fund Advisors LP now owns 8,653,953 shares of the utilities provider’s stock worth $45,001,000 after purchasing an additional 264,768 shares during the last quarter. Global Alpha Capital Management Ltd. grew its holdings in Clean Energy Fuels by 24.0% during the 4th quarter. Global Alpha Capital Management Ltd. now owns 5,827,081 shares of the utilities provider’s stock worth $30,301,000 after acquiring an additional 1,128,000 shares during the last quarter. Finally, Geode Capital Management LLC grew its holdings in Clean Energy Fuels by 4.0% during the 4th quarter. Geode Capital Management LLC now owns 3,286,379 shares of the utilities provider’s stock worth $17,089,000 after acquiring an additional 125,784 shares during the last quarter. Institutional investors and hedge funds own 46.43% of the company’s stock.

About Clean Energy Fuels

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Clean Energy Fuels Corp. engages in the provision of natural gas as an alternative fuel for vehicle fleets in the United States and Canada. It also builds and operates compressed natural gas (CNG) and liquefied natural gas (LNG) vehicle fueling stations, manufactures CNG and LNG equipment and technologies, and delivers CNG and LNG vehicle fuel.