Clean Energy Fuels (NASDAQ:CLNE) Shares Pass Above 200 Day Moving Average - Here's What Happened

Key Points

• Clean Energy Fuels Corp. shares crossed above their 200-day moving average, with a current trading price of $2.34 after reaching a high of $2.40.
• Analysts have mixed ratings on the stock; UBS Group has upgraded its price target to $2.75, while Lake Street Capital has cut theirs significantly to $5.00.
• The company reported a quarterly revenue of $102.61 million, exceeding expectations, and an earnings per share of ($0.01), surpassing the forecasted loss.

Clean Energy Fuels Corp. (NASDAQ:CLNE - Get Free Report)'s share price passed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $2.02 and traded as high as $2.40. Clean Energy Fuels shares last traded at $2.34, with a volume of 2,462,658 shares trading hands.

Wall Street Analyst Weigh In

A number of research firms have issued reports on CLNE. UBS Group reiterated a "buy" rating and issued a $2.75 target price (up previously from $2.00) on shares of Clean Energy Fuels in a research report on Tuesday. Jefferies Financial Group cut Clean Energy Fuels from a "buy" rating to a "hold" rating and set a $2.20 price target on the stock. in a report on Friday, August 8th. Finally, Lake Street Capital reduced their price target on Clean Energy Fuels from $22.00 to $5.00 and set a "buy" rating on the stock in a report on Friday, May 9th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $3.59.

Clean Energy Fuels Stock Performance

The company has a market capitalization of $513.14 million, a P/E ratio of -2.60 and a beta of 2.65. The company has a debt-to-equity ratio of 0.47, a current ratio of 2.83 and a quick ratio of 2.51. The company has a fifty day moving average price of $2.03 and a two-hundred day moving average price of $2.02.

Clean Energy Fuels (NASDAQ:CLNE - Get Free Report) last released its quarterly earnings results on Thursday, August 7th. The utilities provider reported ($0.01) earnings per share for the quarter, topping the consensus estimate of ($0.07) by $0.06. Clean Energy Fuels had a negative return on equity of 27.98% and a negative net margin of 48.40%. The company had revenue of $102.61 million for the quarter, compared to analysts' expectations of $94.73 million. During the same period in the previous year, the business posted $0.01 earnings per share. The business's quarterly revenue was up 4.8% compared to the same quarter last year. Equities analysts forecast that Clean Energy Fuels Corp. will post -0.33 earnings per share for the current fiscal year.

Institutional Trading of Clean Energy Fuels

Several institutional investors have recently added to or reduced their stakes in CLNE. Global Alpha Capital Management Ltd. boosted its holdings in Clean Energy Fuels by 31.9% in the first quarter. Global Alpha Capital Management Ltd. now owns 9,750,076 shares of the utilities provider's stock valued at $15,113,000 after acquiring an additional 2,357,600 shares during the last quarter. Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in Clean Energy Fuels in the first quarter valued at approximately $1,113,000. Coppell Advisory Solutions LLC boosted its holdings in Clean Energy Fuels by 1,635.8% in the fourth quarter. Coppell Advisory Solutions LLC now owns 734,640 shares of the utilities provider's stock valued at $1,829,000 after acquiring an additional 692,318 shares during the last quarter. Nuveen LLC bought a new stake in Clean Energy Fuels in the first quarter valued at approximately $1,005,000. Finally, GMT Capital Corp lifted its stake in Clean Energy Fuels by 211.3% in the first quarter. GMT Capital Corp now owns 767,758 shares of the utilities provider's stock valued at $1,190,000 after buying an additional 521,089 shares during the period. 49.94% of the stock is currently owned by institutional investors.

About Clean Energy Fuels

Clean Energy Fuels Corp. provides natural gas as alternative fuels for vehicle fleets and related fueling solutions in the United States and Canada. It supplies renewable natural gas (RNG), compressed natural gas (CNG), and liquefied natural gas (LNG) for medium and heavy-duty vehicles; and offers operation and maintenance services for public and private vehicle fleet customer stations.

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