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Home News

Clean Energy Fuels Corp meme stock continues to gain

by Rohit Yadav
June 20, 2021 - Updated On June 22, 2021
in News, Tech, Trending
Reading Time: 2 mins read
0
Clean Energy Fuels Corp
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Clean Energy was the first company in the United States to use Renewable Natural Gas (RNG) as a vehicle fuel. They are still the leading distributor of RNG for the transportation industry in North America. It is the 5th most mentioned stock in Reddit’s WallStreets group and has gained 54% since last month. Let’s find the reasons and what the future holds for it.

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Clean Energy Fuels Corp

How is Clean Energy Fuels Corp (CLNE) doing at the moment?

As of 04:00 PM on Monday, June 20, Clean Energy Fuels Corp (CLNE) is up 5.94 percent, while the S&P 500 is down -1.31 percent. CLNE is $0.66 higher than its previous closing price of $11.14. The S&P 500 has gained 38.20 percent in the last year, whereas CLNE has gained 447.91 percent. CLNE has lost -$0.09 per share in the last year.

The meme stock frenzy

When ordinary retail investors utilize social media to generate interest in a firm, a meme stock is born. Traders on forums like Reddit have recently been looking for new stocks to drive upward, expanding their search beyond consumer-facing companies like GameStop and AMC Entertainment (AMC). Many of these investors, who communicate on Reddit’s r/WallStreetBets, have rushed into equities popular with short-sellers in an attempt to trigger a short squeeze, in which those betting against increases in the stocks rush to cover their bets, driving share prices even higher. Today it is the fifth most mentioned stock in the last 24hrs on the Reddit forum.

Why is CLNE soaring?

Investors have reacted favorably to CLNE since Clean Energy Fuels reported that demand for low- and negative-carbon renewable fuels has grown as more firms seek ways to combat climate change.

Clean Energy unveiled a new corporate logo during its annual shareholder meeting. This involves investing both individually and with partners TotalEnergies and bp in the development of RNG from dairies and other agricultural enterprises.

Clean Energy Fuels’ recent agreement with Amazon to supply low-carbon, negative-carbon renewable natural gas (RNG) has enhanced the company’s chances.

RNG now accounts for 70% of the gasoline sold throughout Clean Energy’s countrywide network of stations. And, by 2025, the firm plans to have gasoline available at all of its locations, achieving one of its own sustainability goals.

Clean Energy also released a new website with updated information on the company’s focus on delivering end-to-end solutions to satisfy the rising demand for RNG as part of the new branding.

What does the future hold for CLNE?

Although Clean Energy Fuels’ performance has been uneven in recent years, things are looking up from here, with the firm reporting minimal growth. According to average forecasts, sales will rise by around 10% each year in 2021 and 2022.

Furthermore, the firm is closely aligned with the Biden administration’s objectives to cut carbon emissions by 50% over the next decade compared to 2005 levels. Clean Energy, as the country’s leading producer of RNG, is ideally positioned to gain from the program. That’s not even taking into account potential incentives like energy subsidies.

Clean Energy’s stock is presently trading at a nine-to-one sales ratio, which is too high for an energy firm. However, keep in mind that its deal with Amazon may provide hundreds of millions of gallons of RNG on its own. Overall, it’s a good energy company to keep an eye on because of its impending growth catalysts, excellent RNG quality, and low price.

Tags: Clean EnergyClean energy fuels corpmemestock
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Rohit Yadav

Hi! I'm Rohit, If you like reading about markets, technology and business, you've come to the right place. Catch me: [email protected]

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