Bank of America Has Lowered Expectations for Bloom Energy (NYSE:BE) Stock Price

Bloom Energy (NYSE:BE) had its target price reduced by Bank of America from $20.00 to $18.00 in a report published on Tuesday morning,Benzinga reports. They currently have an underperform rating on the stock.

A number of other analysts have also recently issued reports on the company. JPMorgan Chase & Co. raised their price objective on Bloom Energy from $14.00 to $16.00 and gave the company a “neutral” rating in a research report on Thursday, January 23rd. HSBC cut shares of Bloom Energy from a “buy” rating to a “hold” rating and set a $24.50 price objective for the company. in a research note on Wednesday, November 20th. Morgan Stanley increased their target price on shares of Bloom Energy from $20.00 to $28.00 and gave the stock an “overweight” rating in a research report on Monday, November 18th. Marathon Capitl upgraded shares of Bloom Energy from a “hold” rating to a “strong-buy” rating in a research report on Monday, November 11th. Finally, Piper Sandler increased their price target on Bloom Energy from $30.00 to $33.00 and gave the stock an “overweight” rating in a research report on Monday. One investment analyst has rated the stock with a sell rating, 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 stock presently has an average rating of “Hold” and an average price target of $23.13.

Bloom Energy Stock Performance

BE opened at $23.63 on Tuesday. The business’s 50-day simple moving average is $24.64 and its 200 day simple moving average is $16.41. Bloom Energy has a 52-week low of $8.41 and a 52-week high of $29.83. 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 $5.40 billion, a PE ratio of -42.20 and a beta of 3.06.

Insider Activity

In other news, CEO Kr Sridhar sold 46,697 shares of the stock in a transaction on Friday, November 22nd. The shares were sold at an average price of $25.00, for a total transaction of $1,167,425.00. Following the completion of the sale, the chief executive officer now directly owns 1,822,496 shares in the company, valued at $45,562,400. This represents a 2.50 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Shawn Marie Soderberg sold 1,289 shares of the business’s stock in a transaction on Monday, November 18th. The shares were 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 disclosure for this sale can be found here. Insiders sold 122,528 shares of company stock valued at $3,061,501 over the last quarter. 8.81% of the stock is owned by company insiders.

Institutional Investors Weigh In On Bloom Energy

Several institutional investors and hedge funds have recently made changes to their positions in BE. Millburn Ridgefield Corp increased its position in 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 bought a new stake in shares of Bloom Energy during the third quarter valued at approximately $34,000. Avior Wealth Management LLC acquired a new position in shares of Bloom Energy during the fourth quarter worth approximately $40,000. GAMMA Investing LLC lifted its holdings in shares of Bloom Energy by 26.8% in the 4th quarter. GAMMA Investing LLC now owns 2,690 shares of the company’s stock worth $60,000 after purchasing an additional 569 shares in the last quarter. Finally, Emerald Mutual Fund Advisers Trust acquired a new stake in Bloom Energy in the 3rd quarter valued at $74,000. 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.