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Note: These figures reflect diluted GAAP earnings per share, reported before non-recurring items, and may differ from the non-GAAP figures used by some sources.
Part 2.1: Price Behavior Around Earnings
CLNE reports after market close, meaning Day 0 captures anticipatory trading before results are released, while Day +1 reflects the market's first full session to digest the actual numbers.
| Earnings Date | Day 0 Move | Day 0 Range | Day +1 Move | Day +1 Range |
|---|---|---|---|---|
| 2026-05-07 | +$0.07 (+3.12%) | $0.16 (6.92%) | -$0.10 (-4.33%) | $0.18 (8.01%) |
| 2025-05-08 | +$0.11 (+6.87%) | $0.11 (6.87%) | -$0.11 (-6.43%) | $0.20 (11.70%) |
| 2025-02-24 | -$0.09 (-3.21%) | $0.19 (6.79%) | -$0.69 (-25.46%) | $0.86 (31.73%) |
| 2024-11-06 | +$0.15 (+4.84%) | $0.35 (11.29%) | +$0.01 (+0.31%) | $0.45 (13.85%) |
| 2024-08-07 | -$0.06 (-2.22%) | $0.16 (6.46%) | +$0.55 (+22.73%) | $0.45 (18.60%) |
| 2024-05-09 | N/A | N/A | N/A | N/A |
| 2024-02-27 | N/A | N/A | N/A | N/A |
| 2023-05-09 | N/A | N/A | N/A | N/A |
| Avg Abs Move | 4.06% | 7.67% | 11.85% | 16.78% |
Historical price action shows significant volatility around CLNE earnings, with an average absolute Day 0 move of 4.06% and Day +1 move of 11.85%. The Day +1 reaction is particularly pronounced, nearly triple the Day 0 anticipation, suggesting the market waits for actual results before making major positioning decisions. Notable outliers include the February 2025 report, which triggered a 25.46% decline on Day +1, and the August 2024 report that saw a 22.73% surge the following session. The 7.67% average Day 0 range and 16.78% Day +1 range indicate substantial intraday swings, reflecting the stock's high beta and speculative nature. Investors should prepare for double-digit percentage moves in either direction following the release.
Part 2.2: Options Market Expected Move
| Metric | Value |
|---|---|
| Expiration Date | 08/21/26 (DTE 16) |
| Expected Move | $0.2550 (13.56%) |
| Expected Range | $1.6250 to $2.1350 |
| Implied Volatility | 90.11% |
The options market is pricing a 13.56% expected move (±$0.26 from $1.88), which is higher than the 4.06% average Day 0 move but lower than the 11.85% average Day +1 move from recent history. This suggests options traders are anticipating above-average volatility on the initial reaction but may be underpricing the potential for an outsized Day +1 follow-through move that has characterized CLNE's post-earnings behavior.
Part 3: What Analysts Are Saying
Analyst sentiment toward CLNE has deteriorated over the past month, with the average recommendation declining from 4.43 to 4.14. The current consensus reflects 4 Strong Buys, 0 Moderate Buys, 3 Holds, and 0 Sells among 7 analysts covering the stock. Notably, one analyst downgraded from Strong Buy to Hold in the past month, signaling growing caution about near-term prospects.
The average price target of $5.11 implies 172% upside from the current price of $1.88, suggesting analysts still see substantial long-term value despite near-term execution concerns. However, the wide target range — from a low of $2.50 (+33% upside) to a high of $10.00 (+432% upside) — reflects significant disagreement about the company's valuation and growth trajectory. Even the most conservative target implies meaningful upside, but the deteriorating sentiment trend and recent downgrade suggest analysts are becoming less confident in the timing and magnitude of that potential recovery.
Part 4: Technical Picture
The Barchart Technical Opinion shows an 88% Sell signal, unchanged from last week but significantly worse than the 56% Sell reading from a month ago, indicating sustained bearish momentum heading into earnings. The stock is trading at $1.88, positioned below all major moving averages: the 5-day ($1.90), 10-day ($1.94), 20-day ($2.09), 50-day ($2.02), 100-day ($2.14), and 200-day ($2.25). This complete breakdown below key technical levels reflects a stock in a clear downtrend with no nearby support.
Timeframe Analysis:
- Short-term (50% Sell): Moderate sell signal indicates near-term momentum is negative but not extreme
- Medium-term (100% Sell): Strong sell signal suggests intermediate-term trend remains firmly bearish
- Long-term (100% Sell): Strong sell signal reflects persistent weakness in the longer-term trend structure
Trend Characteristics: The combination of Average strength and Average direction suggests a steady, persistent downtrend without extreme volatility — a grinding decline that has eroded technical support across all timeframes heading into this critical earnings test.
| Period | Value | Period | Value |
|---|---|---|---|
| 5-Day MA | $1.8960 | 50-Day MA | $2.0170 |
| 10-Day MA | $1.9360 | 100-Day MA | $2.1395 |
| 20-Day MA | $2.0925 | 200-Day MA | $2.2523 |
The technical setup is decidedly cautionary for earnings. With the stock trading 17% below its 200-day moving average and showing uniform sell signals across all timeframes, CLNE lacks any meaningful technical support nearby. The nearest resistance sits at the 5-day moving average around $1.90, while the 20-day at $2.09 represents a more significant overhead barrier. Given the stock's tendency for double-digit post-earnings moves and the current oversold positioning, a positive earnings surprise could trigger a sharp short-covering rally back toward the $2.00-$2.10 zone. Conversely, any disappointment risks accelerating the downtrend toward new lows with limited technical support to cushion the decline.