Clean Energy Fuels caught in Reddit memestock mania as shares surge
The company, which specialises in technology that converts methane into renewable natural gas, has seen its stock rise over 20% in early deals on Wednesday
Clean Energy Fuels Corp (NASDAQ:CLNE) is the latest stock to benefit from the latest Reddit-inspired retail trading frenzy as the value of the natural gas supply company rocketed in morning deals on Wall Street.
In mid-morning trading on Wednesday, the company’s shares were up 21.3% at US$12.11 after hitting a two-month high of US$13.82 earlier in the session.
The upsurge in trading appears to have coincided with increased chatter about CLNE on Reddit forum r/wallstreetbets, which is widely credited as sparking similar buying frenzies in the shares of firms such as GameStop Corp (NYSE:GME) and AMC Entertainment Holdings Inc (NYSE:AMC).
AMC, GameStop and other Reddit memestock favourites slide as rally loses steam
The cinema chain was down slightly in mid-morning trading in New York following a rapid surge earlier in the week that saw its value almost double
AMC Entertainment Holdings Inc (NYSE:AMC) alongside other ‘memestocks’ favoured by retail traders on the Reddit forum r/wallstreetbets were on the back foot in Friday’s session as a recent rally showed signs of losing momentum.
In mid-morning trading in New York, the cinema chain was down 0.9% at US$50.89, while fellow Reddit darling GameStop Corp (NYSE:GME) dropped 2% to US$253.60.
Meanwhile, BlackBerry Ltd (NYSE:BB), another memestock favourite, sank 7.7% to US$15.01, followed by headphone maker Koss Corp (NASDAQ:KOSS) which dropped 3.9% to US$29.63.