10 Best Nasdaq Stocks Under $5 to Buy

5. Clean Energy Fuels Corp. (NASDAQ:CLNE)

Current Market Price: $3.40

Number of hedge funds: 22

Clean Energy Fuels Corp. (NASDAQ:CLNE) is a provider of natural gas as an alternative fuel for vehicle fleets in the United States and Canada. The company operates a network of fueling stations and offers a range of services to support the transition to cleaner energy solutions. Clean Energy Fuels focuses on providing renewable natural gas (RNG) and compressed natural gas (CNG) to reduce greenhouse gas emissions and promote sustainable transportation.

In Q3 2024, Clean Energy Fuels Corp. (NASDAQ:CLNE) reported a healthy 10% year-over-year (YoY) revenue growth and also narrowed its net loss to $18.2 million from the $25.8 million loss reported in Q3 2023. The company sold 59.6 million gallons of RNG which also saw a healthy 5.1% increase. President and Chief Executive Officer, Andrew Littlefair, called it a very solid quarter as the strength from the first half of the year continued in Q3 as well. He remains upbeat on the company’s RNG business and the partnership with Maas Energy. At the Q3 conference call, he stated:

“The beauty of RNG is that it can be used as a fuel itself or as the cleanest feedstock for other alternatives. Turning to our RNG production business. We continue to make good progress on our projects at dairy farms across the U.S. We currently have 6 operating projects, 2 projects under construction that are expected to come online in the second half of 2025 and other RNG projects in advanced development through our new partnership with Maas Energy.”