Clean Energy Fuels stock sinks 17% after the company's largest shareholder cuts its stake by 10 million shares
Clean Energy Fuels stocksank as much as 17% on Thursday.
- The fall came after the company's largest shareholder, TotalEnergies, sold more than 10 million shares.
- TotalEnergies still holds 53.4 million shares of Clean Energy Fuels.
Clean Energy Fuels stock has been on quite the run of late. The price jump began last Thursday when social media chatter about the firm spiked 445%, causing shares to surge as much as 36% on the day.This week, Clean Energy Fuels was swept up in the meme stock fervor, with shares rising as much as 50% on Wednesday as the Reddit crowd piled in.
The stock was among the top-trending companies on Reddit investing threads like r/wallstreetbets this week, according to HypeEquity data, with the phrase "short squeeze" being a common theme.
Wall Street analysts were mostly bullish about Clean Energy Fuels before it gained Reddit darling status. Most recently, on May 11, Needham & Company maintained its "buy" rating and $12 price target for the Newport Beach-based firm.
Shares of Clean Energy Fuels traded down 14.32% as of 12:27 p.m. ET on Thursday.
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