Why Clean Energy Fuels Stock Plunged 20% Today
Shares of Clean Energy Fuels (NASDAQ: CLNE) dropped as much as 20% in trading on Thursday after a big shareholder revealed a sale of stock. Shares of the energy stock are down 15.2% at 3:20 p.m. EDT.
Total Marketing Services, which now holds 26.7% of Clean Energy Fuels' outstanding shares, revealed that it sold 1.25 million shares earlier this week. Total Marketing Services has been selling shares for a few weeks, so the sale isn't entirely surprising, but when large shareholders sell a stock it can be seen as either a lack of confidence in the company or a view that shares are overvalued by investors.
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Source Fool.com