Bloom Energy (NYSE:BE) Trading Down 4.6% – What’s Next?

Bloom Energy Co. (NYSE:BE)’s stock price was down 4.6% during mid-day trading on Friday . The company traded as low as $23.95 and last traded at $24.23. Approximately 2,396,441 shares changed hands during trading, a decline of 64% from the average daily volume of 6,614,813 shares. The stock had previously closed at $25.41.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on BE shares. Truist Financial boosted their price target on Bloom Energy from $11.00 to $22.00 and gave the company a “hold” rating in a report on Thursday, January 16th. Roth Mkm started coverage on Bloom Energy in a report on Wednesday, December 11th. They set a “neutral” rating and a $25.00 price target on the stock. TD Cowen boosted their price target on Bloom Energy from $13.00 to $20.00 and gave the company a “hold” rating in a report on Friday, February 28th. BMO Capital Markets restated a “market perform” rating on shares of Bloom Energy in a report on Friday, February 28th. Finally, Mizuho assumed coverage on Bloom Energy in a report on Tuesday, March 18th. They set a “neutral” rating and a $28.00 target price on the stock. One analyst has rated the stock with a sell rating, eleven have given a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Bloom Energy presently has an average rating of “Hold” and an average target price of $25.06.

Bloom Energy Stock Performance

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 business has a 50-day moving average price of $24.10 and a 200 day moving average price of $19.36. The stock has a market capitalization of $5.51 billion, a P/E ratio of -42.68 and a beta of 3.30.

Insider Activity at Bloom Energy

In related news, insider Satish Chitoori sold 1,020 shares of the company’s stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $25.09, for a total value of $25,591.80. Following the transaction, the insider now directly owns 178,656 shares of the company’s stock, valued at approximately $4,482,479.04. This represents a 0.57 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed 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 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 in the company, valued at $4,005,756.80. This trade represents a 0.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 8.81% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Bloom Energy

Several hedge funds and other institutional investors have recently modified their holdings of BE. Millburn Ridgefield Corp raised its holdings in Bloom Energy by 29.2% in the 3rd quarter. Millburn Ridgefield Corp now owns 2,339 shares of the company’s stock worth $25,000 after purchasing an additional 528 shares during the period. Mainstream Capital Management LLC bought a new position in Bloom Energy in the 4th quarter worth $28,000. Smartleaf Asset Management LLC raised its holdings in Bloom Energy by 291.0% in the 4th quarter. Smartleaf Asset Management LLC now owns 1,255 shares of the company’s stock worth $28,000 after purchasing an additional 934 shares during the period. Jones Financial Companies Lllp raised its holdings in Bloom Energy by 120.5% in the 4th quarter. Jones Financial Companies Lllp now owns 1,486 shares of the company’s stock worth $33,000 after purchasing an additional 812 shares during the period. Finally, Wilmington Savings Fund Society FSB bought a new stake in Bloom Energy during the third quarter valued at about $34,000. 77.04% of the stock is owned by institutional investors.

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.