CLNE - Why Clean Energy Fuels Stock Dropped 22.1% Today
Shares of Clean Energy Fuels (NASDAQ: CLNE) plunged as much as 22.1% in trading on Tuesday after getting a downgrade from an analyst. This follows a day when the company's stock soared on news of a fuel-supply agreement with Amazon. At the market close, shares were down 21% for the day.
Raymond James analyst Pavel Molchanov got the ball rolling downhill today after downgrading Clean Energy Fuels' stock to underperform after the Amazon deal. He said in a note to investors that the Amazon deal was only for supply from 46 of Clean Energy Fuels' 565 stations, and it's non-exclusive. The argument is that the impact on profitability may be far lower than investors expected based on the headlines.
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Why Clean Energy Fuels Stock Dropped 22.1% Today