Clean Energy Fuels and ContextLogic are soaring in premarket trading as retail investors pile into the stocks.
Newport Beach, California-based Clean Energy Fuels has a relatively small float at 66%, meaning the stock can be more easily manipulated. And about 8% of its float is sold short, according to data from FactSet.
ContextLogic has an even smaller portion of its shares available on the open market, with float just 54.5% of the shares outstanding. Roughly 11% of the company's shares are sold short. CNBC's Jim Cramer weighed in on the sudden ascent in Clean Energy Fuels, saying investors should "be careful … the company's had no real revenue growth and almost no profitability in a decade."
The trading activity in Clean Energy Fuels has been building over the last few days, and on Tuesday more than 44 million shares changed hands. This compares to a 30-day average volume of just under 9 million shares traded daily.Get stock picks, analyst calls, exclusive interviews and access to CNBC TV.
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