Clean Energy Fuels stock pulls back after disclosing largest shareholder reduced its stake

Shares of Clean Energy Fuels Corp.
CLNE,
-12.10%

dropped 8.8% in very active morning trading Thursday, after the provider of environmentally friendly fuel for the transportation industry disclosed that its largest shareholder reduced its stake by about 10.6 million shares. Trading volume swelled to 19.0 million shares, already more than the full-day average over the past 30 days of about 13.9 million shares, according to FactSet. The disclosure of share sales come after the stock shot up 31.5% on Wednesday to bring the month-to-date gain to 64.4%. In a 13D/A filing with the Securities and Exchange Commission late Wednesday, the company said TotalEnergy SE owned 53.44 million Clean Energy shares, or 26.7% of the shares outstanding. That compares with a 13D/A filing on Monday, in which the company said TotalEnergy SE owned 64.04 million shares, or 32.0% of the shares outstanding. TotalEnergy is still by far Clean Energy’s largest shareholder, as Dimensional Fund Advisor LP is the next biggest with a 5.6% stake, according to FactSet data. The stock has hiked up 51.1% year to date, while the S&P 500
SPX,
0.44%

has gained 13.1%.