GEVO stock is skyrocketing by 130% to $1.40 in pre-market trading after surging 50.45% on Tuesday. The catalyst for the spike is news that two Alaska Airlines (ALK) flights departed yesterday with Gevo‘s. (GEVO) renewable alcohol-to jet [ATJ] fuel and flew from Seattle to San Francisco International Airport and Ronald Reagan Washington National Airport.
“Alaska is committed to doing its part to reduce its carbon emissions. Advancing the use of alternative jet fuels is a key part of our emission reduction strategy,” said in a statement Joseph Sprague, Alaska Airlines’ senior VP of communications and external relations. “Gevo’s jet fuel product is an important step forward, in that it has the potential to be scalable and cost effective, without sacrificing performance.”
Gevo, Inc said the event marks a successful step toward new fuels that help airlines to reduce their greenhouse gas emissions. The company believes that when compared to other fuel options, its renewable ATJ has the potential to offer “the most optimized operating cost, capital cost, feedstock availability, scalability, and translation across geographies.”
In the past 52 weeks, shares of Englewood, Colorad-based renewable chemicals and biofuels company have traded between a low of $0.22 and a high of $4.36 with its 50-day MA and 200-day MA located at $0.32 and $0.48 levels, respectively. Additionally, shares of Gevo trade at a P/E ratio of (0.02) and have a Relative Strength Index (RSI) and MACD indicator of 78.50 and +0.09, respectively.
GEVO currently prints a one year loss of about 84% and a year-to-date loss of 2.69%.