Clean Energy (CLNE)

[dude iligence]

Massive T. Boone Pickens Trade (Dumping Spree) Highlights Insider Selling: Clean Energy Fuels, Applied Materials, Tenneco, Cooper-Standard, CST Brands and More
By Lee Jackson September 11, 2016 10:20 am EDT

In what can often be a turbulent month for the stock markets, the insiders selling stock took a break from their frenetic pace of August. While the volume was lower, the continued market strength was able to lure some to the sell desk, even as the window for selling may start to get shorter as we are just a few weeks away from companies reporting third-quarter results.
We cover insider selling every week at 24/7 Wall St., and we like to remind readers that just because an individual or 10% institutional owner is selling stock, that is no cause for immediate alarm. Many top executives, and even directors, are compensated with stock and often sell just to diversify portfolios or purchase other assets.

Here are companies that reported notable insider selling last week.

Clean Energy Fuels Corp. (NASDAQ: CLNE) had an industry legend selling shares this past week. T. Boone Pickens, who is a director and a 10% holder, sold some 1.5 million shares of the stock at prices that ranged from $4.28 to $4.79. The total for the sale was posted at $7 million. The company provides natural gas as an alternative fuel for vehicle fleets in the United States and Canada. The stock closed the day last Friday at $4.47.

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Combine this with the 6.7 mil shares sold to the Cayman Boyz and Citigroup selling shares for CLNE the float is getting bigger and bigger. The Cayman Boyz are probably thinking they had better start dumping vefore the pps goes below what they paid for those shares. This is right out POS penny stock playbook. CLNE could easily punch the 50ma in this negative market.