Clean Energy Fuels’ stock rises as retailers select new meme stocks

Clean energy

Source: Clean Energy

A new day means new destinations for retailers.

Clean Energy Fuels’ shares rose 7: 8% on Wednesday at 11:45 a.m. ET, coinciding with mentions of the company on internet chat boards.

According to data from HypeEquity, Clean Energy Fuels was the second most talked about name among retailers in the last hours leading up to the bell on Wednesday.

Enthusiasm for some of the Meme stocks could wane, however, as ContextLogic stocks lost their double-digit gains within an hour of the market opening on Wednesday. The stock traded about 4% lower at 11:45 a.m. ET. ContextLogic is known as Wish.com, an e-commerce platform.

ContextLogic was the most mentioned stock on Reddit’s WallStreetBets forum for the past 24 hours, behind Clover Health, according to QuiverQuant, which tracks website activity. According to QuiverQuant, Clean Energy Fuels is the fourth most popular stock.

The sudden interest in the renewable natural gas company and e-commerce name follows similar retail activity in stocks like AMC, GameStop, Wendy’s and BlackBerry. At one point Tuesday, Clover’s shares more than doubled. Klee stocks fell after a first pop on Wednesday.

Newport Beach, Calif. Based Clean Energy Fuels has a relatively low float of 66%, which means the stock is easier to manipulate. And according to FactSet, around 8% of the float is sold short.

ContextLogic has an even smaller proportion of its shares in the open market, with only 54.5% of the shares outstanding floating. Around 11% of the company’s shares are sold short.

Commenting on the sudden rise of clean energy fuels, CNBC’s Jim Cramer said investors should “be careful … the company has had no real sales growth and almost no profitability in a decade.”

Clean Energy Fuels has seen trading activity spike in the past few days, with more than 44 million shares changing hands on Tuesday. This contrasts with a 30-day average volume of almost 9 million shares traded daily.

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