Bloom Energy (NYSE:BE) Shares Down 4.6% – Here’s What Happened

Bloom Energy Co. (NYSE:BE) shares fell 4.6% on Friday . The company traded as low as $23.95 and last traded at $24.23. 2,396,441 shares traded hands during mid-day trading, a decline of 64% from the average session volume of 6,614,813 shares. The stock had previously closed at $25.41.

Analyst Upgrades and Downgrades

BE has been the topic of several analyst reports. Truist Financial lifted their price objective on Bloom Energy from $11.00 to $22.00 and gave the stock a “hold” rating in a report on Thursday, January 16th. Bank of America decreased their price target on Bloom Energy from $20.00 to $18.00 and set an “underperform” rating on the stock in a research note on Tuesday, January 28th. Piper Sandler dropped their price objective on Bloom Energy from $33.00 to $31.00 and set an “overweight” rating for the company in a research note on Friday, February 28th. Susquehanna lifted their target price on shares of Bloom Energy from $20.00 to $33.00 and gave the stock a “positive” rating in a research note on Friday, December 6th. Finally, Roth Capital raised shares of Bloom Energy to a “hold” rating in a research report on Tuesday, December 10th. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $25.06.

Bloom Energy Trading Down 6.1 %

The firm has a market capitalization of $5.50 billion, a price-to-earnings ratio of -42.62 and a beta of 3.30. The business’s 50 day moving average price is $24.10 and its 200-day moving average price is $19.22. The company has a debt-to-equity ratio of 3.09, a current ratio of 3.36 and a quick ratio of 2.33.

Insider Activity

In other news, insider Satish Chitoori sold 1,020 shares of the stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $25.09, for a total transaction of $25,591.80. Following the transaction, the insider now directly owns 178,656 shares in the company, valued at $4,482,479.04. This represents a 0.57 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Shawn Marie Soderberg sold 1,639 shares of Bloom Energy stock in a transaction on Thursday, January 16th. The shares were sold at an average price of $23.42, for a total value of $38,385.38. Following the completion of the transaction, the insider now owns 171,040 shares in the company, valued at $4,005,756.80. The trade was a 0.95 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 8.81% of the company’s stock.

Hedge Funds Weigh In On Bloom Energy

Institutional investors have recently made changes to their positions in the business. SPX Gestao de Recursos Ltda acquired a new position in shares of Bloom Energy during the fourth quarter valued at $4,442,000. Duff & Phelps Investment Management Co. bought a new position in Bloom Energy in the 3rd quarter worth about $517,000. Mirae Asset Global Investments Co. Ltd. increased its stake in shares of Bloom Energy by 184.7% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 404,204 shares of the company’s stock valued at $9,209,000 after purchasing an additional 262,247 shares during the period. Edgestream Partners L.P. acquired a new position in shares of Bloom Energy during the third quarter worth approximately $3,274,000. Finally, Charles Schwab Investment Management Inc. increased its position in Bloom Energy by 0.6% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,654,087 shares of the company’s stock valued at $36,737,000 after acquiring an additional 10,265 shares during the period. 77.04% of the stock is owned by institutional investors and hedge funds.

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.