Bloom Energy (NYSE:BE) Price Target Cut to $7.00 by Analysts at Bank of America

Bloom Energy (NYSE:BE) had its price objective trimmed by Bank of America from $8.00 to $7.00 in a research report report published on Thursday,Benzinga reports. The brokerage currently has an underperform rating on the stock.

BE has been the subject of a number of other reports. Piper Sandler reissued a “neutral” rating and issued a $10.00 price objective (down from $11.00) on shares of Bloom Energy in a research note on Tuesday, October 29th. Truist Financial decreased their price target on Bloom Energy from $13.00 to $12.00 and set a “hold” rating on the stock in a report on Wednesday, October 16th. Susquehanna dropped their price objective on Bloom Energy from $16.00 to $13.00 and set a “positive” rating for the company in a research note on Wednesday, October 16th. UBS Group lowered their price target on Bloom Energy from $25.00 to $23.00 and set a “buy” rating on the stock in a report on Thursday, August 15th. Finally, Jefferies Financial Group lowered shares of Bloom Energy from a “buy” rating to a “hold” rating and cut their price objective for the company from $15.00 to $11.00 in a report on Friday, September 6th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and nine have issued a buy rating to the company. According to MarketBeat.com, Bloom Energy has an average rating of “Hold” and an average target price of $14.92.

Bloom Energy Stock Performance

Shares of BE stock traded up $2.50 during mid-day trading on Thursday, reaching $13.17. 23,181,596 shares of the company’s stock traded hands, compared to its average volume of 5,980,025. The company has a debt-to-equity ratio of 3.43, a quick ratio of 3.33 and a current ratio of 4.65. The firm has a market capitalization of $3.00 billion, a PE ratio of -9.04 and a beta of 2.71. Bloom Energy has a 12 month low of $8.41 and a 12 month high of $18.14. The firm has a 50 day moving average price of $10.40 and a two-hundred day moving average price of $12.07.

Bloom Energy (NYSE:BE) last issued its quarterly earnings results on Thursday, August 8th. The company reported ($0.06) EPS for the quarter, hitting analysts’ consensus estimates of ($0.06). The business had revenue of $335.80 million during the quarter, compared to analysts’ expectations of $307.73 million. Bloom Energy had a negative return on equity of 11.90% and a negative net margin of 21.37%. The business’s quarterly revenue was up 11.5% on a year-over-year basis. During the same quarter in the prior year, the business posted ($0.32) earnings per share. On average, research analysts forecast that Bloom Energy will post -0.27 EPS for the current year.

Institutional Trading of Bloom Energy

A number of hedge funds and other institutional investors have recently bought and sold shares of BE. ORG Partners LLC purchased a new stake in shares of Bloom Energy in the second quarter valued at approximately $40,000. Quest Partners LLC lifted its stake in Bloom Energy by 2,780.0% in the second quarter. Quest Partners LLC now owns 3,600 shares of the company’s stock worth $44,000 after acquiring an additional 3,475 shares during the period. Gilliland Jeter Wealth Management LLC bought a new position in Bloom Energy during the 2nd quarter worth about $53,000. Mather Group LLC. bought a new stake in shares of Bloom Energy in the 2nd quarter valued at about $66,000. Finally, Emerald Mutual Fund Advisers Trust purchased a new stake in shares of Bloom Energy in the 3rd quarter worth approximately $74,000. Hedge funds and other institutional investors 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.