Shares of Clean Energy Fuels ( CLNE 4.25% ) were up as much as 21.6% in trading on Thursday as the boom in renewable energy stocks continues. At 2:40 p.m. EST shares were still up 19.1% on the day.
There wasn't any specific news out about Clean Energy Fuels today, but the market is up big and renewable energy stocks are surging across the board. The fact that President-elect Joe Biden's election was certified last night furthered the industry's hopes that the administration will provide it a big boost.
Momentum from Biden's win and the Democrats' win in Georgia is likely what we're seeing today. On the policy front, companies like Clean Energy Fuels should see a benefit from a focus on cleaner energy.
This looks more like a momentum move than anything else, with Clean Energy Fuels riding renewable and clean energy stocks higher. The company certainly has a lot of potential ahead, but the investments it's making in renewable natural gas could take years to build and reach customers. I like the potential of these new fuels, but can't help but think the stock has run too far too fast over the last few months.