Bloom Energy (NYSE:BE) Shares Gap Down After Insider Selling

Bloom Energy Co. (NYSE:BE)’s share price gapped down before the market opened on Wednesday following insider selling activity. The stock had previously closed at $23.75, but opened at $23.02. Bloom Energy shares last traded at $24.00, with a volume of 3,323,422 shares trading hands.

Specifically, insider Shawn Marie Soderberg sold 1,289 shares of Bloom Energy stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $24.56, for a total transaction of $31,657.84. Following the completion of the transaction, the insider now owns 168,561 shares in the company, valued at approximately $4,139,858.16. The trade was a 0.76 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

Analysts Set New Price Targets

A number of research firms have recently weighed in on BE. Piper Sandler upgraded Bloom Energy from a “neutral” rating to an “overweight” rating and raised their target price for the company from $10.00 to $20.00 in a report on Friday, November 15th. Jefferies Financial Group downgraded shares of Bloom Energy from a “buy” rating to a “hold” rating and cut their price objective for the stock from $15.00 to $11.00 in a report on Friday, September 6th. Robert W. Baird lowered their target price on shares of Bloom Energy from $18.00 to $15.00 and set an “outperform” rating for the company in a report on Friday, November 8th. Susquehanna boosted their price target on shares of Bloom Energy from $13.00 to $16.00 and gave the stock a “positive” rating in a report on Tuesday, November 12th. Finally, Morgan Stanley upped their price objective on shares of Bloom Energy from $20.00 to $28.00 and gave the stock an “overweight” rating in a research report on Monday. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $17.55.

Bloom Energy Price Performance

The business’s 50 day moving average is $11.64 and its two-hundred day moving average is $12.53. The company has a debt-to-equity ratio of 3.09, a quick ratio of 2.33 and a current ratio of 3.36. The firm has a market capitalization of $5.47 billion, a PE ratio of -44.27 and a beta of 2.71.

Institutional Trading of Bloom Energy

Institutional investors have recently added to or reduced their stakes in the stock. Mizuho Markets Americas LLC increased its position in shares of Bloom Energy by 8.2% during the third quarter. Mizuho Markets Americas LLC now owns 410,555 shares of the company’s stock valued at $4,335,000 after buying an additional 31,189 shares during the period. Parametrica Management Ltd bought a new stake in Bloom Energy during the 3rd quarter worth approximately $785,000. International Assets Investment Management LLC lifted its stake in Bloom Energy by 1,490.8% in the 3rd quarter. International Assets Investment Management LLC now owns 185,328 shares of the company’s stock worth $19,570,000 after purchasing an additional 173,678 shares in the last quarter. Oppenheimer & Co. Inc. boosted its holdings in Bloom Energy by 148.8% in the 3rd quarter. Oppenheimer & Co. Inc. now owns 130,418 shares of the company’s stock valued at $1,377,000 after purchasing an additional 78,009 shares during the period. Finally, Van ECK Associates Corp grew its position in shares of Bloom Energy by 13.1% during the 3rd quarter. Van ECK Associates Corp now owns 661,932 shares of the company’s stock valued at $6,990,000 after purchasing an additional 76,536 shares in the last quarter. Hedge funds and other institutional investors own 77.04% of the company’s stock.

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.