Clean Energy Fuels CEO on Reddit investors: ‘they get it’
- Clean Energy Fuels CEO discusses Reddit-driven interest in the company's stock on CNBC's "Mad Money".
- The deal with Amazon validates renewable natural gas, says chief executive Andrew Littlefair.
- Clean Energy Fuels opened about 5% up in the stock market on Friday and gained another 4% on market open.
In an interview with Jim Cramer, CEO Andrew Littlefair of Clean Energy Fuels Corp (NASDAQ: CLNE) discussed the rapidly growing interest in the company’s stock fuelled by retail investors on Reddit forums. On CNBC’s “Mad Money”, the chief executive said:
“I’ve read a lot of these posts; it seems like they get it. One of the things that comes through again and again is, they said, ‘Hey, these guys at Clean Energy take something nobody wants, clean it up, put it in a vehicle, make money and save the planet. I kind of like that.’ So, I think they get it.”
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The Reddit traders have remained in the spotlight this year, starting with GameStop and AMC Entertainment. The trading frenzy then moved on to shares of other companies that are now collectively known as meme stocks.
CEO Littlefair’s comments on the deal with Amazon
Earlier this year in April, Clean Energy Fuels struck an agreement with Amazon that secured access for the retail giant to its RNG stations. Commenting on the deal with Amazon, Littlefair said on CNBC’s “Mad Money”:
“For us, it’s building them, now 19, new stations and making available 27 other stations, so they’ll be using 46 of our stations. We’ll be selling them all RNG, and so we’re very excited about that.”
The CEO said that Clean Energy Fuels is also giving Amazon the opportunity to buy 20% of the company – a move that has already secured shareholders approval earlier this week.
“In order for them to buy stock at $13.49, they have to spend $500 million worth of fuel. This means hundreds of millions of gallons of RNG running through our stations to the Amazon fleet. So, it’s a recognition of validation that somebody very concerned about climate and carbon is going with RNG.”
Performance in the stock market
Clean Energy Fuels opened about 5% up in the stock market on Friday and gained another 4% on market open. On a year-to-date basis, CLNE is now up about 50%. At the time of writing, the stock is exchanging hands at $11.86 per share. This compares to a high of $18.64 in early February.
Clean Energy Fuels, however, lost momentum and slipped to a low of $7.63 per share in the last week of May. Then in the subsequent two weeks, it climbed back to $13 per share. If you think there’s potential for more upside in CLNE and would like to invest in it right now, here’s you can buy Clean Energy Fuels shares safely.