2 Trending Stocks In Meme Stock Frenzy: Clean Energy, GEO Group

3 min read | June 10, 2021 09:55 AM AEST | By Kiran Murali

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2 Trending Stocks In Meme Stock Frenzy: Clean Energy, GEO Group — Image source: LookerStudio,Shutterstock

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Summary

Clean Energy stock ended Wednesday’s trading at US$13.02, up 31.52 percent.

Geo Group stock rallied 38.36 percent at closed at US$8.80.

On Wednesday, Clean Energy Fuels Corp. (NASDAQ:CLNE) and The GEO Group, Inc. (NYSE:GEO) soared as much as 46 percent and 72 percent, respectively.

These two stocks are the latest ones to join the list of meme stocks that rallied following the retail investors’ on Reddit’s WallStreetBets showed interest.

Some of the stocks which recently popped on the meme stock frenzy include Clover Health Investments, Corp. (NASDAQ:CLOV), ContextLogic Inc. (NASDAQ:WISH), Wendy's Company (NASDAQ:WEN).

Clean Energy Fuels Corp. (NASDAQ:CLNE)

The California-based company’s stock popped 46.4 percent on Wednesday morning. The stock settled at US$13.02 when the markets closed, up 31.52 percent.

The stock price soared approximately 63 percent year to date. In addition, it gained a whopping 458 percent in the one-year period. The company’s market capitalization was US$2.76 billion as of June 9.

Clean Energy provides compressed natural gas and liquefied natural gas to fuels in the U.S. It operates 570 stations in the U.S. and Canada. The company also has natural gas liquefaction facilities in California and Texas.

In May, Clean Energy posted a 10.3 percent year-over-year drop in its first-quarter revenue to US$77.1 million. Its fuel delivery fell 7 percent to 92.4 million gallons following the prolonged pandemic impact on travel.

Net loss during the period came in at US$7.2 million. It compares to the net income of US$1.7 million in the year-ago period. In 2021, Clean Energy projects a net loss of around US$76 million.

Source: Pixabay

The GEO Group, Inc. (NYSE:GEO)

GEO Group’s stock rallied as much as 70 percent in the morning and ended trading with a gain of 38.36 percent at US$8.80. Its market capitalization stood at US$1.03 billion when the markets closed on Wednesday.

The Florida-based real estate investment company’s stock is down 1.1 percent year to date and lost 39 percent in the last one year.

GEO Group provides in-custody rehabilitation and post-release support. The company owns/manages 116 facilities globally with around 21,000 employees.

In the March quarter, GEO Group’s net income totaled US$50.5 million. In April, the private prison operator said it is suspending quarterly dividends to use cash flows to repay debt.

READ MORE: How does a meme stock work?

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