Bloom Energy (NYSE:BE) Reaches New 12-Month High – Here’s Why

Bloom Energy Corporation (NYSE:BE) hit a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $176.49 and last traded at $165.5330, with a volume of 2344609 shares changing hands. The stock had previously closed at $156.13.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on BE. China Renaissance initiated coverage on Bloom Energy in a research report on Wednesday, January 28th. They set a “buy” rating and a $207.00 target price on the stock. Morgan Stanley raised their target price on shares of Bloom Energy to $155.00 and gave the stock an “overweight” rating in a report on Wednesday, October 29th. Robert W. Baird set a $172.00 price target on shares of Bloom Energy in a report on Tuesday, January 27th. BMO Capital Markets set a $136.00 price objective on shares of Bloom Energy in a research report on Wednesday, October 29th. Finally, Susquehanna raised their price objective on shares of Bloom Energy to $157.00 and gave the stock a “positive” rating in a research note on Wednesday, October 29th. One research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, eleven have assigned a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat.com, Bloom Energy currently has a consensus rating of “Hold” and a consensus target price of $109.83.

Bloom Energy Trading Up 7.8%

The stock’s 50-day moving average price is $114.72 and its 200 day moving average price is $89.87. The company has a debt-to-equity ratio of 1.98, a current ratio of 4.40 and a quick ratio of 2.88. The firm has a market capitalization of $39.81 billion, a PE ratio of 840.94, a price-to-earnings-growth ratio of 12.75 and a beta of 3.07.

Insider Activity at Bloom Energy

In other Bloom Energy news, insider Aman Joshi sold 4,543 shares of the stock in a transaction dated Friday, November 14th. The stock was sold at an average price of $109.13, for a total value of $495,777.59. Following the completion of the sale, the insider directly owned 219,818 shares in the company, valued at approximately $23,988,738.34. This trade represents a 2.02% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Shawn Marie Soderberg sold 1,583 shares of the business’s stock in a transaction dated Monday, November 17th. The stock was sold at an average price of $105.97, for a total value of $167,750.51. Following the sale, the insider owned 221,633 shares in the company, valued at $23,486,449.01. The trade was a 0.71% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 120,410 shares of company stock valued at $16,557,185 over the last 90 days. Insiders own 3.50% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Bayforest Capital Ltd acquired a new stake in shares of Bloom Energy during the first quarter worth $2,055,000. AQR Capital Management LLC purchased a new position in Bloom Energy in the 1st quarter worth $1,820,000. NewEdge Advisors LLC lifted its position in Bloom Energy by 674.7% during the 1st quarter. NewEdge Advisors LLC now owns 1,867 shares of the company’s stock worth $37,000 after acquiring an additional 1,626 shares during the period. Goldman Sachs Group Inc. lifted its position in Bloom Energy by 50.3% during the 1st quarter. Goldman Sachs Group Inc. now owns 2,498,840 shares of the company’s stock worth $49,127,000 after acquiring an additional 836,810 shares during the period. Finally, Focus Partners Wealth grew its stake in Bloom Energy by 30.7% during the 1st quarter. Focus Partners Wealth now owns 20,063 shares of the company’s stock valued at $394,000 after purchasing an additional 4,716 shares during the last quarter. Institutional investors and hedge funds own 77.04% of the company’s stock.

About Bloom Energy

Bloom Energy is a clean energy technology company that designs, manufactures and deploys solid oxide fuel cell systems for on-site power generation. Its flagship product, the Bloom Energy Server, converts natural gas, biogas or hydrogen into electricity through an electrochemical reaction, offering customers a reliable, low-carbon alternative to grid power. The company also provides a suite of services that includes system installation, remote monitoring and preventative maintenance to ensure long-term performance and uptime.

Founded in 2001 by Dr.