source: clean energy
A new day means a new target for the retailer segment.
Clean energy fuels shares rose 39 percent shortly after the market opened on Wednesday. Corresponding to mentions of companies jumping on internet forums, ContextLogic rose 21%.
Clean energy fuels was the second most discussed name among retailers in the past few hours after Clover Health, according to HypeEquity, just before the Wednesday bell.
ContextLogic is the most discussed stock on the forum. Reddit̵7;s WallStreetBets over the past 24 hours behind Clover Health, according to QuiverQuant, which tracks activity on the ContextLogic website, known as Wish.com, an e-commerce platform.
Clean energy fuels were the fourth most discussed stock, found by QuiverQuant.
The sudden interest in renewable gas companies and e-commerce names follows the activity of similar retailers in stocks such as AMC, GameStop, Wendy’s and BlackBerry. At one point on Tuesday, Clover’s shares more than doubled. Clover shares rose again on Wednesday.
Newport Beach, California-based clean energy fuels have relatively small floats at 66%, meaning stocks are easier to manage, and about 8% of floats are sold short, according to FactSet.
ContextLogic has a smaller portion of the stocks available on the open market. With only 54.5% of its shares floating around, about 11% of the company’s shares were sold short.
CNBC’s Jim Cramer weighed in on Clean Energy Fuels’ sudden rise, saying investors should be “cautious … the company has had no real revenue growth and almost no profit in a decade.”
Clean energy fuels trading activity has been building up over the past few days. And on Tuesday, more than 44 million shares were switched, compared to a 30-day average volume below 9 million traded daily.
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