Reddit favorite Clean Energy (NASDAQ:CLNE) is up today as the company breaks the fourth wall with the r/WallStreetBets Show. The company’s CEO is extending an olive branch to the feverish retail investing community. It’s working wonders for CLNE stock this morning.
CLNE stock has been a favorite of r/WallStreetBets for a while, with users targeting the company for its very high short interest — 21% of the stock’s float is short. Concentrated buying by the message board has lead to a number of pumps for CLNE in one of the countless short squeezes the community has managed to orchestrate since January.
Today, the stock is on the move because Clean Energy CEO Andrew Littlefair is shouting out the subreddit. In a Thursday interview with Jim Cramer on Mad Money, Littlefair spoke fondly of the investing community. “I’ve read a lot of these posts, it seems like they get it,” Littlefair said. The CEO added that the Reddit users “understand” the company. He spoke of WSB’s sentiment on his company, paraphrasing their bullishness as such:
“‘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.'”
CLNE Stock Seeing Huge Trading Volume After CEO Comments
Whether or not the Reddit investors are in it for the environment, or in it to make a buck, it doesn’t matter. CLNE is seeing its prices rocket; the company is up over 50% in the year to date thanks to the stock’s presence on r/WallStreetBets. And of course, fostering a relationship with that community through these comments will help to keep the company in the minds, hearts and portfolios of Reddit traders.
As InvestorPlace analyst Luke Lango puts it, this is just another reason to like CLNE stock.
“The more time passes, the more I like Clean Energy stock. I was first bullish on this company for fundamental reasons. You have an innovative small firm that is taking waste, and turning it into clean usable fuel to power trucks. It’s a genius concept. We’re big on renewable natural gas, because it’s immediately usable with current natural gas refueling infrastructure and insanely cheap relative to other clean energy. On that fundamental basis alone, Clean Energy stock looks good. But now that the CEO is playing into the favor of the retail investors and doing so genuinely, I like the stock even more. This is what you have to do when you catch the meme train. You have to acknowledge it. You have to say ‘thank you.’ And you have to pay it forward. Clean Energy is doing that, which will bode well for the stock both near- and long-term.”
Mentions of the company are increasing on r/WallStreetBets this morning, with comments on CLNE up 42%. More than 52 million CLNE shares swapped hands so far today, already shattering the daily average volume of 13 million. CLNE stock is up nearly 9.5% on the session as well.
On the date of publication, Brenden Rearick did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.