Clean Energy Fuels Corp. (NASDAQ: CLNE) Slashes -5.66%: The Most Likely Path Going Forward

Clean Energy Fuels Corp. (NASDAQ:CLNE) shares, rose in value on Thursday, 03/02/23, with the stock price down by -5.66% to the previous day’s close as strong demand from buyers drove the stock to $4.58.

Actively observing the price movement in the last trading, the stock closed the session at $4.86, falling within a range of $4.56 and $4.80. The value of beta (5-year monthly) was 2.21. Referring to stock’s 52-week performance, its high was $8.65, and the low was $4.02. On the whole, CLNE has fluctuated by -19.08% over the past month.

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With the market capitalization of Clean Energy Fuels Corp. currently standing at about $1.03 billion, investors are eagerly awaiting this quarter’s results, scheduled for May 03, 2023 – May 08, 2023. As a result, investors might want to see an improvement in the stock’s price before the company announces its earnings report. Analysts are projecting the company’s earnings per share (EPS) to be $0.01, which is expected to increase to $0.03 for fiscal year -$0.01 and then to about $0 by fiscal year 2023. Data indicates that the EPS growth is expected to be -125.00% in 2023, while the next year’s EPS growth is forecast to be 100.00%.

Analysts have estimated the company’s revenue for the quarter at $123.41 million, with a low estimate of $108.83 million and a high estimate of $148 million. According to the average forecast, sales growth in current quarter could jump up 34.20%, compared to the corresponding quarter of last year. Wall Street analysts also predicted that in 2023, the company’s y-o-y revenues would reach $434.96 million, representing an increase of 70.10% from the revenues reported in the last year’s results.

Revisions could be a useful indicator to get insight on short-term price movement; so for the company, there were no upward and no downward review(s) in last seven days. We see that CLNE’s technical picture suggests that short-term indicators denote the stock is a 50% Sell on average. However, medium term indicators have put the stock in the category of 100% Sell while long term indicators on average have been pointing out that it is a 50% Sell.

The stock’s technical analysis shows that the PEG ratio is about 0, with the price of CLNE currently trading nearly -19.31% and -17.83% away from the simple moving averages for 20 and 50 days respectively. The Relative Strength Index (RSI, 14) currently indicates a reading of 28.79, while the 7-day volatility ratio is showing 6.76% which for the 30-day chart, stands at 5.14%. Furthermore, Clean Energy Fuels Corp. (CLNE)’s beta value is 2.19, and its average true range (ATR) is 0.31.

A comparison of Clean Energy Fuels Corp. (CLNE) with its peers suggests the former has fared considerably weaker in the market. CLNE showed an intraday change of -5.66% in last session, and over the past year, it shrunk by -38.36%%. In comparison, Murphy USA Inc. (MUSA) has moved higher at 0.46% on the day and was up 42.73% over the past 12 months. On the other hand, the price of MDU Resources Group Inc. (MDU) has fallen -0.29% on the day. The stock, however, is off 21.55% from where it was a year ago. Additionally, there is a gain of 0.40% for Republic Services Inc. (RSG) in last trading while the stock has seen an overall depriciation of 6.53%% over the past year. Other than that, the overall performance of the S&P 500 during the last trading session shows that it gained 0.76%. Meanwhile, the Dow Jones Industrial Improved by 1.05%.

Data on historical trading for Clean Energy Fuels Corp. (NASDAQ:CLNE) indicates that the trading volumes over the past 10 days have averaged 2.95 million and over the past 3 months, they’ve averaged 2.13 million. According to company’s latest data on outstanding shares, there are 222.24 million shares outstanding.

Nearly 0.60% of Clean Energy Fuels Corp.’s shares belong to company insiders and institutional investors own 47.70% of the company’s shares. The data on short interest also indicates that stock shorts accounted for 11.19 million shares as on Jan 30, 2023, resulting in a short ratio of 6.15. According to the data, the short interest in Clean Energy Fuels Corp. (CLNE) stood at 5.03% of shares outstanding as of Jan 30, 2023; the number of short shares registered in Dec 29, 2022 reached 11.64 million. The stock has fallen by -11.92% since the beginning of the year, thereby showing the potential of a further growth. This could raise investors’ confidence to be optimistic about the CLNE stock heading into the next quarter.