Clean Energy Fuels Drops After Largest Holder Trims Position

Clean Energy Fuels drops after disclosing decreased stake from its largest shareholder.
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Shares of Clean Energy Fuels (CLNE) - Get Report dropped on Thursday after the company disclosed that its largest shareholder reduced its stake by about 10.6 million shares

Shares of the Newport Beach, Calif., provider of compressed and liquefied natural gas at last check dropped 14% to $11.18. 

TotalEnergy now owns 53.44 million, or 26.7%, of Clean Energy's shares outstanding, according to a Form 13D/A filed with the Securities and Exchange Commission. 

That's down from the 64 million shares, or 32%, that a filing Monday said TotalEnergy owned. 

The company's stock on Wednesday had jumped more than 30%, bringing its month-to-date gain to more than 64%, as the stock has been caught up in the Reddit-fueled meme-stock craze.

In April, Clean Energy Fuels reached an agreement with Amazon  (AMZN) - Get Report to provide low- and negative-carbon renewable natural gas for the Seattle tech and retail company.

The fuel will be provided to Amazon Logistics, the company's shipping and delivery service, at existing Clean Energy fueling stations, as well as at another 19 non-exclusive new or upgraded stations that Clean Energy expects to be built this year.