CLNE - Why Clean Energy Fuels Stock Popped 30% in January and Continues to Soar
Shares of Clean Energy Fuels (NASDAQ: CLNE) popped 30.2% in the month of January, according to data provided by S&P Global Market Intelligence . The stock isn't done rallying just yet: It has already gained an eye-popping 25.4% so far this month, as of the time of this writing.
First things first: There wasn't a single press release or news specific to Clean Energy Fuels that came out in January. The stock, undeniably, rode the wave of enthusiasm around renewable energy , with December 2020 providing the first spark and developments in January adding fuel to the fire.
Congress' December stimulus package also provided for an extension of the alternative fuels tax credit through 2021, which supports the use of renewable natural gas (RNG), a biogas that can be used as a transportation fuel in natural-gas vehicles. Clean Energy sells RNG through its brand name, Redeem, and is expected to benefit substantially from the subsidy. In its last quarterly earnings release, CEO Andrew Littlefair called RNG "a shining star" for the company.
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Why Clean Energy Fuels Stock Popped 30% in January and Continues to Soar