Clean Energy Fuels (NASDAQ:CLNE) Shares Gap Down – Should You Sell?

Clean Energy Fuels Corp. (NASDAQ:CLNE)’s stock price gapped down before the market opened on Wednesday . The stock had previously closed at $3.02, but opened at $2.85. Clean Energy Fuels shares last traded at $2.88, with a volume of 444,507 shares traded.

Analyst Upgrades and Downgrades

CLNE has been the topic of several recent research reports. StockNews.com raised shares of Clean Energy Fuels from a “sell” rating to a “hold” rating in a report on Monday, November 11th. Scotiabank lifted their price objective on Clean Energy Fuels from $5.00 to $6.00 and gave the company a “sector outperform” rating in a report on Tuesday, September 3rd. One analyst has rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Clean Energy Fuels currently has a consensus rating of “Buy” and an average price target of $5.38.

Clean Energy Fuels Stock Performance

The company has a current ratio of 3.06, a quick ratio of 2.74 and a debt-to-equity ratio of 0.36. The firm has a market capitalization of $616.75 million, a price-to-earnings ratio of -8.81 and a beta of 2.14. The stock’s 50-day moving average is $2.92 and its 200-day moving average is $2.84.

Clean Energy Fuels (NASDAQ:CLNE) last announced its quarterly earnings results on Wednesday, November 6th. The utilities provider reported $0.02 EPS for the quarter, beating analysts’ consensus estimates of ($0.02) by $0.04. The company had revenue of $104.90 million during the quarter, compared to analysts’ expectations of $100.64 million. Clean Energy Fuels had a negative return on equity of 7.59% and a negative net margin of 17.32%. Clean Energy Fuels’s revenue was up 9.7% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.12) EPS. On average, analysts predict that Clean Energy Fuels Corp. will post -0.33 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in CLNE. The Manufacturers Life Insurance Company grew its holdings in Clean Energy Fuels by 10.5% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 69,853 shares of the utilities provider’s stock worth $187,000 after acquiring an additional 6,637 shares during the last quarter. FMR LLC increased its holdings in Clean Energy Fuels by 14.8% in the third quarter. FMR LLC now owns 53,546 shares of the utilities provider’s stock valued at $167,000 after purchasing an additional 6,884 shares during the period. Rhumbline Advisers increased its holdings in Clean Energy Fuels by 2.4% in the second quarter. Rhumbline Advisers now owns 292,747 shares of the utilities provider’s stock valued at $782,000 after purchasing an additional 6,989 shares during the period. Eastern Bank bought a new position in Clean Energy Fuels during the 3rd quarter worth $31,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in Clean Energy Fuels by 21.2% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 65,841 shares of the utilities provider’s stock worth $205,000 after buying an additional 11,534 shares during the period. Institutional investors and hedge funds own 49.94% of the company’s stock.

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.