Clean Energy Fuels (NASDAQ:CLNE) Shares Down 5.7% – Time to Sell?

Shares of Clean Energy Fuels Corp. (NASDAQ:CLNE) dropped 5.7% during mid-day trading on Wednesday . The company traded as low as $2.31 and last traded at $2.3950. Approximately 592,564 shares were traded during mid-day trading, a decline of 48% from the average daily volume of 1,149,178 shares. The stock had previously closed at $2.54.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reissued a “sell (d-)” rating on shares of Clean Energy Fuels in a research report on Wednesday, January 21st. Three equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Clean Energy Fuels has a consensus rating of “Hold” and an average price target of $3.49.

Clean Energy Fuels Price Performance

The stock has a market capitalization of $495.91 million, a price-to-earnings ratio of -2.26 and a beta of 2.20. The company’s 50-day simple moving average is $2.32 and its 200-day simple moving average is $2.44. The company has a debt-to-equity ratio of 0.41, a current ratio of 2.32 and a quick ratio of 2.39.

Institutional Investors Weigh In On Clean Energy Fuels

A number of hedge funds and other institutional investors have recently modified their holdings of CLNE. AQR Capital Management LLC increased its position in Clean Energy Fuels by 458.4% during the first quarter. AQR Capital Management LLC now owns 407,394 shares of the utilities provider’s stock worth $631,000 after acquiring an additional 334,437 shares during the period. Empowered Funds LLC acquired a new position in shares of Clean Energy Fuels during the 1st quarter worth approximately $579,000. Jane Street Group LLC grew its position in shares of Clean Energy Fuels by 13.5% during the 1st quarter. Jane Street Group LLC now owns 365,564 shares of the utilities provider’s stock worth $567,000 after purchasing an additional 43,384 shares in the last quarter. Versor Investments LP bought a new position in shares of Clean Energy Fuels during the second quarter worth approximately $104,000. Finally, Moors & Cabot Inc. raised its position in shares of Clean Energy Fuels by 6.4% in the second quarter. Moors & Cabot Inc. now owns 426,795 shares of the utilities provider’s stock valued at $832,000 after buying an additional 25,500 shares in the last quarter. Institutional investors and hedge funds own 49.94% of the company’s stock.

About Clean Energy Fuels

Clean Energy Fuels Corp., founded in 1997 and headquartered in Newport Beach, California, is a leading provider of natural gas and renewable natural gas (RNG) fuel for the transportation sector. The company operates a network of more than 500 fueling stations across the United States and Canada, supplying compressed natural gas (CNG), liquefied natural gas (LNG) and RNG derived from organic waste streams. Clean Energy serves a diverse customer base that includes commercial trucking fleets, public transit agencies, refuse haulers and municipal vehicle operators.

In addition to fuel supply, Clean Energy offers turnkey station design, construction and ongoing maintenance services, as well as fueling hardware and project management.