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

Bloom Energy Co. (NYSE:BE)’s stock 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 changing hands.

Several other equities analysts have also recently issued reports on BE. KeyCorp cut Bloom Energy from an “overweight” rating to a “sector weight” rating in a report on Friday, February 16th. JPMorgan Chase & Co. cut Bloom Energy from an “overweight” rating to a “neutral” rating and cut their price objective for the company from $19.00 to $14.00 in a report on Friday, February 16th. BMO Capital Markets cut their price objective on Bloom Energy from $11.00 to $10.00 and set a “market perform” rating on the stock in a report on Friday, February 16th. Susquehanna dropped their target price 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, Raymond James dropped their target price on Bloom Energy from $20.00 to $16.00 and set an “outperform” rating on the stock in a research report on Friday, February 16th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and nine have assigned a buy rating to the company. According to MarketBeat, Bloom Energy has an average rating of “Hold” and a consensus price target of $16.45.

Insider Activity

In other news, insider Shawn Marie Soderberg sold 8,963 shares of the company’s stock in a transaction on Tuesday, April 16th. The stock was sold at an average price of $9.86, for a total transaction of $88,375.18. Following the completion of the sale, the insider now directly owns 168,003 shares in the company, valued at approximately $1,656,509.58. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, insider Shawn Marie Soderberg sold 8,963 shares of the business’s stock in a transaction on Tuesday, April 16th. The stock was sold at an average price of $9.86, for a total transaction of $88,375.18. Following the completion of the transaction, the insider now owns 168,003 shares of the company’s stock, valued at approximately $1,656,509.58. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Kr Sridhar sold 50,746 shares of the business’s stock in a transaction on Monday, March 18th. The stock was sold at an average price of $9.74, for a total value of $494,266.04. Following the transaction, the chief executive officer now directly 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. In the last three months, insiders sold 74,989 shares of company stock worth $725,292. 8.81% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Bloom Energy

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Cambridge Investment Research Advisors Inc. increased its stake in shares of Bloom Energy by 7.0% in the third quarter. Cambridge Investment Research Advisors Inc. now owns 34,725 shares of the company’s stock valued at $460,000 after buying an additional 2,270 shares during the period. Bank of New York Mellon Corp boosted its position in shares of Bloom Energy by 3.9% during the 3rd quarter. Bank of New York Mellon Corp now owns 714,440 shares of the company’s stock valued at $9,473,000 after purchasing an additional 27,096 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its position in shares of Bloom Energy by 22.2% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,558,252 shares of the company’s stock valued at $20,662,000 after purchasing an additional 283,333 shares in the last quarter. Allspring Global Investments Holdings LLC boosted 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 valued at $102,000 after purchasing an additional 1,117 shares in the last quarter. Finally, Iridian Asset Management LLC CT boosted its position in shares of Bloom Energy by 44.1% during the 3rd quarter. Iridian Asset Management LLC CT now owns 43,598 shares of the company’s stock valued at $578,000 after purchasing an additional 13,352 shares in the last quarter. Institutional investors and hedge funds own 77.04% of the company’s stock.

Bloom Energy Trading Up 0.3 %

The company has a current ratio of 3.60, a quick ratio of 2.53 and a debt-to-equity ratio of 2.41. The firm has a 50-day moving average of $10.55 and a 200 day moving average of $11.66. The company has a market cap of $2.65 billion, a P/E ratio of -8.63 and a beta of 2.77.

Bloom Energy (NYSE:BE) last announced its quarterly earnings results on Thursday, May 9th. The company reported ($0.25) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.16) by ($0.09). The firm had revenue of $235.30 million during the quarter, compared to the consensus estimate of $254.06 million. Bloom Energy had a negative return on equity of 23.88% and a negative net margin of 22.66%. On average, analysts predict that Bloom Energy Co. will post -0.16 earnings per share for the current fiscal 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.