The range of stocks being targeted by r/WallStreetBets is a long one. Accordingly, many investors may not have known that Clean Energy Fuels (NASDAQ:CLNE) and CLNE stock were on the list.
However, CLNE stock has actually been one of the most mentioned stocks on this Reddit forum of late. And various sites point to Clean Energy as one of the “stonks” to buy right now, alongside other familiar names.
Clean Energy is, as investors may expect, a company devoted to providing renewable energy to the masses. Its focus is on renewable natural gas production, and it appears to have struck a chord with retail investors for more than one reason. Indeed, clean energy in and of itself is an industry folks can get behind. Energy consumption is likely to soar coming out of this pandemic. However, clean energy is likely to be the focus of long-term growth investors.
A significant amount of political support underpins this movement. And many investors like to think that investment decisions are made with the greater good in mind. Certainly, CLNE stock provides the ability for investors to make some money and support a good cause. It’s a win-win.
Let’s dive into what’s driving this stock right now.
CLNE Stock Getting a Boost from Retail Traders
A number of sources have highlighted the popularity of CLNE stock among the r/WallStreetBets crowd. Indeed, the fact that CLNE makes up such a large share of WSB mentions in recent days is enticing for investors right now.
Whether today’s move of more than 3% at the time of writing in CLNE is being driven entirely by retail traders remains to be seen. Anyone can view the data on which stocks are being mentioned and dive into these stocks as momentum plays. But that’s neither here nor there.
Clean Energy is a hot stock right now. And listening to the masses, one has to believe that this stock could gain momentum as a movement. Similar to other high-profile meme stocks, investors are increasingly buying stocks for reasons other than the underlying fundamentals of said companies. There’s no doubt that most such meme stocks aren’t worth what they’re trading at today. But when fundamentals no longer matter, the sky’s the limit. At least, that’s what retail investors are betting on.
On the date of publication, Chris MacDonald 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.