Bloom Energy Corporation (NYSE:BE – Get Free Report)’s share price dropped 8.9% during mid-day trading on Friday. The stock traded as low as $194.15 and last traded at $202.4560. 16,512,309 shares changed hands during mid-day trading, an increase of 25% from the average daily volume of 13,218,145 shares. The stock had previously closed at $222.30.
Key Headlines Impacting Bloom Energy
Here are the key news stories impacting Bloom Energy this week:
- Positive Sentiment: Bloom Energy’s addition to the S&P 500 in September increases its visibility and can create demand from index-tracking funds. Analysts also see substantial long-term opportunity as data centers and artificial-intelligence infrastructure require reliable power. Bloom Energy Just Joined the S&P 500. Here’s What History Says Happens Next.
- Positive Sentiment: A comparison with Plug Power favors BE on earnings growth, profitability and liquidity, supporting the view that Bloom is one of the stronger companies in the fuel-cell sector. Bloom Energy or Plug Power: Which Offers Better Long-Term Upside Now?
- Positive Sentiment: Recent coverage continues to highlight Bloom’s record quarter and explosive growth potential, while a recent analyst upgrade provided additional support for the stock’s investment case. Bloom Energy stock faces cash-flow test after record quarter
Analysts Set New Price Targets
A number of research analysts recently commented on BE shares. Sanford C. Bernstein increased their target price on shares of Bloom Energy from $282.00 to $306.00 and gave the company a “market perform” rating in a research report on Friday, October 23rd. Weiss Ratings reissued a “hold (c)” rating on shares of Bloom Energy in a research report on Monday, October 19th. Barclays boosted their price target on shares of Bloom Energy from $308.00 to $316.00 and gave the company an “equal weight” rating in a research report on Monday, October 26th. BMO Capital Markets restated an “outperform” rating and issued a $260.00 price objective on shares of Bloom Energy in a research note on Wednesday, October 21st. Finally, JPMorgan Chase & Co. dropped their price objective on Bloom Energy from $314.00 to $292.00 and set an “overweight” rating on the stock in a report on Friday, October 23rd. One investment analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, thirteen have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $264.33.
Get Our Latest Stock Report on Bloom Energy
Bloom Energy Stock Performance
The company has a market cap of $59.86 billion, a price-to-earnings ratio of 124.21, a price-to-earnings-growth ratio of 2.05 and a beta of 3.77. The firm has a 50-day simple moving average of $248.16 and a 200 day simple moving average of $219.80. The company has a quick ratio of 3.08, a current ratio of 3.74 and a debt-to-equity ratio of 1.33.
Bloom Energy (NYSE:BE – Get Free Report) last issued its quarterly earnings data on Thursday, October 22nd. The company reported $0.94 earnings per share for the quarter, beating analysts’ consensus estimates of $0.69 by $0.25. The company had revenue of $1.24 billion during the quarter, compared to analysts’ expectations of $1.07 billion. Bloom Energy had a return on equity of 45.29% and a net margin of 13.53%. The firm’s revenue for the quarter was up 138.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.15 earnings per share. On average, sell-side analysts predict that Bloom Energy Corporation will post 2.61 earnings per share for the current fiscal year.
Insiders Place Their Bets
In related news, insider Aman Joshi sold 8,437 shares of the company’s stock in a transaction on Thursday, October 1st. The shares were sold at an average price of $277.17, for a total value of $2,338,483.29. Following the completion of the sale, the insider owned 147,092 shares in the company, valued at $40,769,489.64. This represents a 5.42% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Jeffrey Immelt sold 30,000 shares of the company’s stock in a transaction on Monday, August 17th. The shares were sold at an average price of $238.91, for a total transaction of $7,167,300.00. Following the completion of the sale, the director owned 201,243 shares of the company’s stock, valued at approximately $48,078,965.13. This trade represents a 12.97% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 89,698 shares of company stock worth $21,780,758. Corporate insiders own 3.00% of the company’s stock.
Institutional Inflows and Outflows
A number of institutional investors have recently bought and sold shares of BE. Jennison Associates LLC grew its position in Bloom Energy by 20,074.4% during the first quarter. Jennison Associates LLC now owns 2,687,029 shares of the company’s stock worth $364,066,000 after buying an additional 2,673,710 shares during the period. Bank of America Corp DE lifted its stake in shares of Bloom Energy by 6.1% during the 1st quarter. Bank of America Corp DE now owns 2,211,880 shares of the company’s stock worth $299,688,000 after purchasing an additional 126,649 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in Bloom Energy by 78.3% in the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,327,549 shares of the company’s stock worth $401,849,000 after buying an additional 583,135 shares during the last quarter. Elemental Capital Partners LLC grew its holdings in Bloom Energy by 2.5% in the 3rd quarter. Elemental Capital Partners LLC now owns 1,039,031 shares of the company’s stock valued at $287,791,000 after buying an additional 25,625 shares during the period. Finally, Bank of New York Mellon Corp purchased a new stake in Bloom Energy in the 2nd quarter valued at about $296,413,000. 77.04% of the stock is currently owned by institutional investors and hedge funds.
Bloom Energy Company Profile
Bloom Energy Corporation develops and manufactures energy systems designed to generate electricity on-site. Its primary product is the Bloom Energy Server, a solid oxide fuel cell platform that converts fuel into electricity through an electrochemical process rather than combustion. The systems are used by businesses, utilities, data centers and other organizations seeking reliable, distributed power.
The company also develops electrolyzers based on its solid oxide technology. These systems are designed to produce hydrogen from electricity and water and support applications related to industrial operations, energy storage and the emerging hydrogen economy.
Further Reading
- Five stocks we like better than Bloom Energy
- Starbucks Says Its Turnaround Is Done—The Numbers Make a Strong Case (With 1 Catch)
- 3 Robotics ETFs, 3 Different Ways to Bet on Humanoid Robots
- Can Microsoft Turn a Leaner Workforce and Record AI Spending Into Bigger Profits?
- Why JFrog Could Be the Software Infrastructure Company to Beat in the AI Boom
Receive News & Ratings for Bloom Energy Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Bloom Energy and related companies with MarketBeat.com's FREE daily email newsletter.
