Bloom Energy (NYSE:BE) Trading Down 7.2% After Analyst Downgrade

Bloom Energy Co. (NYSE:BE)’s share price dropped 7.2% during mid-day trading on Tuesday after Bank of America lowered their price target on the stock from $20.00 to $18.00. Bank of America currently has an underperform rating on the stock. Bloom Energy traded as low as $20.73 and last traded at $20.80. Approximately 4,502,055 shares traded hands during trading, a decline of 35% from the average daily volume of 6,893,055 shares. The stock had previously closed at $22.42.

A number of other brokerages have also issued reports on BE. Piper Sandler increased their target price on shares of Bloom Energy from $30.00 to $33.00 and gave the company an “overweight” rating in a research report on Monday. UBS Group upped their target price on Bloom Energy from $21.00 to $33.00 and gave the stock a “buy” rating in a research report on Tuesday, November 26th. Susquehanna lifted their price target on Bloom Energy from $20.00 to $33.00 and gave the company a “positive” rating in a research report on Friday, December 6th. HSBC lowered Bloom Energy from a “buy” rating to a “hold” rating and set a $24.50 price objective for the company. in a report on Wednesday, November 20th. Finally, BTIG Research lifted their target price on Bloom Energy from $20.00 to $30.00 and gave the stock a “buy” rating in a report on Monday, December 16th. One equities research analyst has rated the stock with a sell rating, twelve have given a hold rating, nine have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $23.13.

Insider Buying and Selling at Bloom Energy

In related news, CEO Kr Sridhar sold 72,903 shares of the company’s stock in a transaction dated Wednesday, November 20th. The stock was sold at an average price of $25.02, for a total transaction of $1,824,033.06. Following the sale, the chief executive officer now owns 1,869,593 shares in the company, valued at approximately $46,777,216.86. This represents a 3.75 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Shawn Marie Soderberg sold 1,639 shares of the company’s stock in a transaction that occurred on Thursday, January 16th. The stock was sold at an average price of $23.42, for a total value of $38,385.38. Following the sale, the insider now owns 171,040 shares in the company, valued at approximately $4,005,756.80. This represents a 0.95 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 122,528 shares of company stock valued at $3,061,501. Company insiders own 8.81% of the company’s stock.

Hedge Funds Weigh In On Bloom Energy

A number of hedge funds have recently bought and sold shares of BE. Millburn Ridgefield Corp raised its position in shares of Bloom Energy by 29.2% in the 3rd quarter. Millburn Ridgefield Corp now owns 2,339 shares of the company’s stock valued at $25,000 after buying an additional 528 shares in the last quarter. Wilmington Savings Fund Society FSB acquired a new stake in Bloom Energy during the 3rd quarter worth approximately $34,000. Avior Wealth Management LLC bought a new stake in shares of Bloom Energy in the fourth quarter worth $40,000. GAMMA Investing LLC lifted its stake in shares of Bloom Energy by 26.8% in the fourth quarter. GAMMA Investing LLC now owns 2,690 shares of the company’s stock worth $60,000 after acquiring an additional 569 shares during the period. Finally, Emerald Mutual Fund Advisers Trust acquired a new stake in shares of Bloom Energy during the third quarter worth $74,000. 77.04% of the stock is owned by institutional investors.

Bloom Energy Stock Performance

The company has a current ratio of 3.36, a quick ratio of 2.33 and a debt-to-equity ratio of 3.09. The company has a 50-day moving average price of $24.69 and a two-hundred day moving average price of $16.32. The stock has a market capitalization of $4.68 billion, a P/E ratio of -36.59 and a beta of 3.06.

Bloom Energy Company Profile

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.