Bloom Energy (NYSE:BE) Trading 7.5% Higher Following Analyst Upgrade

Bloom Energy Co. (NYSE:BE)’s share price shot up 7.5% during mid-day trading on Tuesday after Piper Sandler raised their price target on the stock from $10.00 to $11.00. Piper Sandler currently has a neutral rating on the stock. Bloom Energy traded as high as $15.35 and last traded at $15.32. 2,919,529 shares were traded during mid-day trading, a decline of 53% from the average session volume of 6,264,313 shares. The stock had previously closed at $14.25.

Several other research analysts have also weighed in on BE. JPMorgan Chase & Co. upped their price objective on shares of Bloom Energy from $12.00 to $14.00 and gave the company a “neutral” rating in a research note on Tuesday, July 16th. TD Cowen raised their target price on shares of Bloom Energy from $10.00 to $13.00 and gave the company a “hold” rating in a research note on Friday, May 10th. Morgan Stanley reissued an “overweight” rating and issued a $22.00 price target on shares of Bloom Energy in a report on Monday, March 25th. Evercore ISI reduced their price target on shares of Bloom Energy from $21.00 to $20.00 and set an “outperform” rating for the company in a report on Friday, May 10th. Finally, Wells Fargo & Company increased their price target on shares of Bloom Energy from $12.00 to $14.00 and gave the company an “equal weight” rating in a report on Monday, May 20th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat, Bloom Energy has a consensus rating of “Hold” and an average price target of $15.64.

Insider Buying and Selling

In related news, insider Shawn Marie Soderberg sold 2,094 shares of the business’s stock in a transaction that occurred on Tuesday, July 16th. The shares were sold at an average price of $14.53, for a total transaction of $30,425.82. Following the completion of the sale, the insider now directly owns 168,867 shares of the company’s stock, valued at $2,453,637.51. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In related news, CEO Kr Sridhar sold 40,112 shares of the business’s stock in a transaction on Monday, May 13th. The stock was sold at an average price of $11.93, for a total value of $478,536.16. Following the completion of the sale, the chief executive officer now directly owns 2,742,496 shares in the company, valued at approximately $32,717,977.28. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Shawn Marie Soderberg sold 2,094 shares of Bloom Energy stock in a transaction on Tuesday, July 16th. The stock was sold at an average price of $14.53, for a total value of $30,425.82. Following the sale, the insider now directly owns 168,867 shares of the company’s stock, valued at approximately $2,453,637.51. The disclosure for this sale can be found here. Insiders sold a total of 71,516 shares of company stock valued at $885,088 over the last ninety days. Insiders own 8.81% of the company’s stock.

Institutional Investors Weigh In On Bloom Energy

Large investors have recently bought and sold shares of the company. Millburn Ridgefield Corp grew its stake in Bloom Energy by 64.0% during the first quarter. Millburn Ridgefield Corp now owns 3,296 shares of the company’s stock worth $37,000 after buying an additional 1,286 shares in the last quarter. BNP Paribas acquired a new stake in Bloom Energy during the first quarter worth about $38,000. ORG Partners LLC bought a new position in shares of Bloom Energy in the second quarter worth about $40,000. Quest Partners LLC bought a new position in shares of Bloom Energy in the fourth quarter worth about $51,000. Finally, Mather Group LLC. bought a new position in Bloom Energy in the 2nd quarter valued at approximately $66,000. 77.04% of the stock is currently owned by institutional investors and hedge funds.

Bloom Energy Price Performance

The firm has a market cap of $3.48 billion, a price-to-earnings ratio of -11.19 and a beta of 2.80. The business’s 50-day simple moving average is $14.06 and its two-hundred day simple moving average is $12.01. The company has a current ratio of 4.45, a quick ratio of 2.97 and a debt-to-equity ratio of 2.56.

Bloom Energy (NYSE:BE) last released its earnings results on Thursday, May 9th. The company reported ($0.25) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.16) by ($0.09). The firm had revenue of $235.30 million for the quarter, compared to analyst estimates of $254.06 million. Bloom Energy had a negative net margin of 22.27% and a negative return on equity of 19.32%. As a group, research analysts expect that Bloom Energy Co. will post -0.26 EPS for the current fiscal year.

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.