Bloom Energy (NYSE:BE) Trading Down 3.6% – Here’s What Happened

Bloom Energy Co. (NYSE:BE)’s stock price fell 3.6% on Thursday . The stock traded as low as $23.51 and last traded at $23.90. 998,771 shares were traded during trading, a decline of 85% from the average session volume of 6,447,089 shares. The stock had previously closed at $24.80.

Wall Street Analyst Weigh In

BE has been the subject of a number of research analyst reports. Truist Financial cut their price target on Bloom Energy from $13.00 to $12.00 and set a “hold” rating for the company in a report on Wednesday, October 16th. Piper Sandler raised shares of Bloom Energy from a “neutral” rating to an “overweight” rating and increased their price target for the company from $10.00 to $20.00 in a report on Friday, November 15th. HSBC downgraded shares of Bloom Energy from a “buy” rating to a “hold” rating and set a $24.50 price objective on the stock. in a report on Wednesday. Susquehanna increased their target price on shares of Bloom Energy from $13.00 to $16.00 and gave the company a “positive” rating in a research note on Tuesday, November 12th. Finally, Marathon Capitl raised Bloom Energy from a “hold” rating to a “strong-buy” rating in a research report on Monday, November 11th. One research analyst has rated the stock with a sell rating, nine have given a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Bloom Energy presently has a consensus rating of “Moderate Buy” and an average target price of $17.55.

Bloom Energy Trading Down 1.2 %

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 stock has a market cap of $5.60 billion, a P/E ratio of -44.27 and a beta of 2.71. The company has a 50-day simple moving average of $11.64 and a 200-day simple moving average of $12.53.

Insider Activity at Bloom Energy

In other news, insider Shawn Marie Soderberg sold 1,289 shares of Bloom Energy stock in a transaction on Monday, November 18th. The stock was sold at an average price of $24.56, for a total value of $31,657.84. Following the completion of the sale, the insider now directly owns 168,561 shares of the company’s stock, valued at approximately $4,139,858.16. This trade represents a 0.76 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 8.81% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Russell Investments Group Ltd. grew its holdings in Bloom Energy by 99,266.7% during the first quarter. Russell Investments Group Ltd. now owns 146,069 shares of the company’s stock valued at $1,642,000 after purchasing an additional 145,922 shares during the period. ProShare Advisors LLC grew its stake in Bloom Energy by 6.2% in the first quarter. ProShare Advisors LLC now owns 46,518 shares of the company’s stock valued at $523,000 after acquiring an additional 2,719 shares during the period. Vanguard Group Inc. increased its holdings in shares of Bloom Energy by 0.8% in the first quarter. Vanguard Group Inc. now owns 19,685,235 shares of the company’s stock worth $221,262,000 after acquiring an additional 156,434 shares in the last quarter. Price T Rowe Associates Inc. MD raised its position in shares of Bloom Energy by 6.3% during the first quarter. Price T Rowe Associates Inc. MD now owns 116,882 shares of the company’s stock worth $1,314,000 after purchasing an additional 6,902 shares during the period. Finally, Tidal Investments LLC bought a new position in shares of Bloom Energy during the 1st quarter valued at about $370,000. 77.04% of the stock is currently 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.