The company's 6% jump during Monday's session was "sentiment-driven multiple expansion with minimal read-through for profitability," according to Raymond James analyst Pavel Molchanov.
He notes that Amazon was granted a warrant to buy 53 million shares of Clean Energy at $13.49 each, an amount that represents nearly 30% of current shares.
At last check Clean Energy shares were falling 12% to $10.46. Amazon, the Seattle online-retail and tech giant, was off 0.5% at $3,354.
On Monday, Clean Energy reached an agreement to provide low- and negative-carbon renewable natural gas for the tech company.
The fuel will be provided to Amazon Logistics, the company's shipping and delivery service. The provision will come at current Clean Energy fueling stations, as well as at another 19 nonexclusive new or upgraded stations that Clean Energy expects to build this year.
The company expects to deploy $45 million to $60 million to build fueling stations that will support the renewable gas fueling volume that it has contracted to Amazon, according to the company's 8-K filing with the Securities and Exchange Commission.
Clean Energy is scheduled to report first-quarter results on May 6, with analysts expecting a break-even quarter on revenue of $75.3 million.
A year earlier the company had a loss of a penny a share on $86 million of sales.