Bloom Energy (NYSE:BE) Shares Gap Up Following Analyst Upgrade

Bloom Energy Co. (NYSE:BE)’s share price gapped up prior to trading on Friday after TD Cowen raised their price target on the stock from $10.00 to $13.00. The stock had previously closed at $11.74, but opened at $12.50. TD Cowen currently has a hold rating on the stock. Bloom Energy shares last traded at $12.49, with a volume of 3,627,250 shares trading hands.

BE has been the subject of a number of other research reports. Truist Financial upgraded Bloom Energy from a “sell” rating to a “hold” rating and lifted their price target for the company from $9.00 to $11.00 in a research note on Wednesday, March 6th. Bank of America cut shares of Bloom Energy from a “neutral” rating to an “underperform” rating and lowered their target price for the company from $16.00 to $10.00 in a report on Monday, January 29th. JPMorgan Chase & Co. cut shares of Bloom Energy from an “overweight” rating to a “neutral” rating and lowered their target price for the company from $19.00 to $14.00 in a report on Friday, February 16th. Susquehanna lowered their price objective on Bloom Energy from $18.00 to $16.00 and set a “positive” rating on the stock in a research report on Wednesday, March 27th. Finally, Evercore ISI initiated coverage on Bloom Energy in a research note on Monday, April 1st. They issued an “outperform” rating and a $21.00 target price on the stock. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat, Bloom Energy currently has an average rating of “Hold” and an average target price of $16.45.

Insiders Place Their Bets

In other Bloom Energy news, EVP Shawn Marie Soderberg sold 13,120 shares of Bloom Energy stock in a transaction dated Friday, February 16th. The shares were sold at an average price of $9.34, for a total transaction of $122,540.80. Following the transaction, the executive vice president now directly owns 73,946 shares of the company’s stock, valued at $690,655.64. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, EVP Shawn Marie Soderberg sold 13,120 shares of Bloom Energy stock in a transaction that occurred on Friday, February 16th. The shares were sold at an average price of $9.34, for a total value of $122,540.80. Following the completion of the transaction, the executive vice president now owns 73,946 shares in the company, valued at $690,655.64. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Kr Sridhar sold 50,746 shares of Bloom Energy stock in a transaction that occurred on Monday, March 18th. The shares were sold at an average price of $9.74, for a total transaction of $494,266.04. Following the completion of the transaction, the chief executive officer now owns 2,702,608 shares of the company’s stock, valued at approximately $26,323,401.92. The disclosure for this sale can be found here. Insiders have sold 74,989 shares of company stock valued at $725,292 over the last ninety days. Company insiders own 8.81% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Tsfg LLC grew its holdings in Bloom Energy by 11.1% during the 4th quarter. Tsfg LLC now owns 10,006 shares of the company’s stock worth $148,000 after acquiring an additional 1,000 shares in the last quarter. Allspring Global Investments Holdings LLC lifted its position in shares of Bloom Energy by 17.0% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 7,687 shares of the company’s stock worth $102,000 after buying an additional 1,117 shares during the last quarter. Millburn Ridgefield Corp lifted its position in shares of Bloom Energy by 64.0% during the 1st quarter. Millburn Ridgefield Corp now owns 3,296 shares of the company’s stock worth $37,000 after buying an additional 1,286 shares during the last quarter. Steward Partners Investment Advisory LLC lifted its position in shares of Bloom Energy by 9.3% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 15,299 shares of the company’s stock worth $226,000 after buying an additional 1,308 shares during the last quarter. Finally, Tocqueville Asset Management L.P. lifted its position in shares of Bloom Energy by 3.1% during the 1st quarter. Tocqueville Asset Management L.P. now owns 59,250 shares of the company’s stock worth $666,000 after buying an additional 1,800 shares during the last quarter. Institutional investors and hedge funds own 77.04% of the company’s stock.

Bloom Energy Stock Performance

The firm’s 50-day moving average is $10.55 and its 200 day moving average is $11.66. The stock has a market cap of $2.65 billion, a PE ratio of -8.63 and a beta of 2.77. The company has a debt-to-equity ratio of 2.41, a quick ratio of 2.53 and a current ratio of 3.60.

Bloom Energy (NYSE:BE) last released its quarterly earnings results on Thursday, May 9th. The company reported ($0.25) EPS for the quarter, missing the consensus estimate of ($0.16) by ($0.09). Bloom Energy had a negative net margin of 22.66% and a negative return on equity of 23.88%. The business had revenue of $235.30 million during the quarter, compared to analysts’ expectations of $254.06 million. As a group, research analysts anticipate that Bloom Energy Co. will post -0.16 EPS for the current year.

About Bloom Energy

Bloom Energy Corporation designs, manufactures, sells, and installs solid-oxide fuel cell systems for on-site power generation in the United States and internationally. The company offers Bloom Energy Server, a solid oxide technology that converts fuel, such as natural gas, biogas, hydrogen, or a blend of these fuels into electricity through an electrochemical process without combustion.