Bloom Energy (NYSE:BE) Sees Unusually-High Trading Volume on Analyst Upgrade

Shares of Bloom Energy Co. (NYSE:BE) saw unusually-strong trading volume on Monday after Royal Bank of Canada raised their price target on the stock from $15.00 to $28.00. Royal Bank of Canada currently has an outperform rating on the stock. Approximately 6,819,066 shares were traded during trading, an increase of 9% from the previous session’s volume of 6,247,839 shares.The stock last traded at $23.17 and had previously closed at $21.14.

A number of other brokerages have also weighed in on BE. Piper Sandler raised shares of Bloom Energy from a “neutral” rating to an “overweight” rating and raised their price target for the company from $10.00 to $20.00 in a report on Friday. BMO Capital Markets raised their price target on shares of Bloom Energy from $12.00 to $19.50 and gave the company a “market perform” rating in a report on Friday. Truist Financial lowered their price target on shares of Bloom Energy from $13.00 to $12.00 and set a “hold” rating for the company in a report on Wednesday, October 16th. Susquehanna raised their price target on shares of Bloom Energy from $13.00 to $16.00 and gave the company a “positive” rating in a report on Tuesday, November 12th. Finally, Bank of America lowered their target price on shares of Bloom Energy from $8.00 to $7.00 and set an “underperform” rating for the company in a report on Thursday, November 7th. One analyst has rated the stock with a sell rating, eight have issued a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Bloom Energy has an average rating of “Moderate Buy” and a consensus price target of $17.17.

Institutional Investors Weigh In On Bloom Energy

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Millburn Ridgefield Corp lifted its position in Bloom Energy by 29.2% during the 3rd quarter. Millburn Ridgefield Corp now owns 2,339 shares of the company’s stock worth $25,000 after buying an additional 528 shares in the last quarter. ORG Partners LLC bought a new stake in Bloom Energy during the 2nd quarter worth about $40,000. Quest Partners LLC lifted its position in Bloom Energy by 2,780.0% during the 2nd quarter. Quest Partners LLC now owns 3,600 shares of the company’s stock worth $44,000 after buying an additional 3,475 shares in the last quarter. Gilliland Jeter Wealth Management LLC bought a new stake in Bloom Energy during the 2nd quarter worth about $53,000. Finally, Mather Group LLC. bought a new stake in Bloom Energy during the 2nd quarter worth about $66,000. 77.04% of the stock is owned by institutional investors.

Bloom Energy Stock Up 9.8 %

The stock has a market capitalization of $5.31 billion, a P/E ratio of -39.43 and a beta of 2.71. The firm’s 50-day simple moving average is $10.82 and its 200 day simple moving average is $12.28. The company has a debt-to-equity ratio of 3.09, a quick ratio of 3.33 and a current ratio of 3.36.

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.