Bloom Energy (NYSE:BE) Shares Up 8% – Here’s Why

Bloom Energy Co. (NYSE:BE) shares rose 8% on Tuesday . The stock traded as high as $24.56 and last traded at $24.44. Approximately 2,119,781 shares traded hands during mid-day trading, a decline of 68% from the average daily volume of 6,711,593 shares. The stock had previously closed at $22.62.

Wall Street Analyst Weigh In

BE has been the topic of several analyst reports. Jefferies Financial Group upped their price target on shares of Bloom Energy from $12.00 to $22.00 and gave the company a “hold” rating in a report on Friday, November 22nd. Morgan Stanley raised their price target on shares of Bloom Energy from $20.00 to $28.00 and gave the stock an “overweight” rating in a research note on Monday, November 18th. Truist Financial upped their target price on shares of Bloom Energy from $11.00 to $22.00 and gave the stock a “hold” rating in a research note on Thursday, January 16th. Bank of America decreased their price target on shares of Bloom Energy from $20.00 to $18.00 and set an “underperform” rating for the company in a research note on Tuesday, January 28th. Finally, Piper Sandler dropped their price objective on Bloom Energy from $33.00 to $31.00 and set an “overweight” rating on the stock in a research note on Friday, February 28th. One analyst has rated the stock with a sell rating, ten have assigned a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Bloom Energy presently has an average rating of “Hold” and an average target price of $24.47.

Bloom Energy Trading Down 2.6 %

The company has a market capitalization of $5.51 billion, a price-to-earnings ratio of -42.71 and a beta of 3.30. The company has a quick ratio of 2.33, a current ratio of 3.36 and a debt-to-equity ratio of 3.09. The company’s 50 day simple moving average is $24.11 and its two-hundred day simple moving average is $18.74.

Insider Transactions at Bloom Energy

In related news, insider Shawn Marie Soderberg sold 1,639 shares of the stock in a transaction that occurred 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 directly owns 171,040 shares of the company’s stock, valued at $4,005,756.80. This trade represents a 0.95 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 8.81% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Mackenzie Financial Corp increased its position in shares of Bloom Energy by 1.7% in the 4th quarter. Mackenzie Financial Corp now owns 63,372 shares of the company’s stock valued at $1,407,000 after acquiring an additional 1,035 shares during the period. DigitalBridge Group Inc. grew its stake in Bloom Energy by 5.7% during the 4th quarter. DigitalBridge Group Inc. now owns 1,418,257 shares of the company’s stock valued at $31,499,000 after purchasing an additional 75,974 shares during the last quarter. Neo Ivy Capital Management purchased a new stake in Bloom Energy during the 4th quarter valued at about $3,834,000. Gordian Capital Singapore Pte Ltd acquired a new position in shares of Bloom Energy in the fourth quarter valued at about $49,000. Finally, Castleark Management LLC purchased a new position in shares of Bloom Energy in the fourth quarter worth about $2,860,000. Institutional investors and hedge funds 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.