Bloom Energy (NYSE:BE) Shares Down 7.2% on Analyst Downgrade

Shares of Bloom Energy Co. (NYSE:BE) traded down 7.2% during trading on Tuesday after Bank of America lowered their price target on the stock from $20.00 to $18.00. Bank of America currently has an underperform rating on the stock. Bloom Energy traded as low as $20.73 and last traded at $20.80. 4,502,055 shares traded hands during mid-day trading, a decline of 35% from the average session volume of 6,893,055 shares. The stock had previously closed at $22.42.

Other equities research analysts have also issued reports about the company. UBS Group increased their price target on Bloom Energy from $21.00 to $33.00 and gave the stock a “buy” rating in a research report on Tuesday, November 26th. Hsbc Global Res upgraded shares of Bloom Energy to a “hold” rating in a report on Wednesday, November 20th. Piper Sandler boosted their target price on Bloom Energy from $30.00 to $33.00 and gave the stock an “overweight” rating in a research report on Monday. Marathon Capitl raised Bloom Energy from a “hold” rating to a “strong-buy” rating in a research note on Monday, November 11th. Finally, Morgan Stanley increased their price objective on shares of Bloom Energy from $20.00 to $28.00 and gave the stock an “overweight” rating in a research report on Monday, November 18th. One analyst has rated the stock with a sell rating, twelve have given a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $23.13.

Insider Transactions at Bloom Energy

In related news, insider Shawn Marie Soderberg sold 1,289 shares of the company’s stock in a transaction that occurred 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 sale, the insider now owns 168,561 shares in the company, valued at $4,139,858.16. This represents a 0.76 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Kr Sridhar sold 72,903 shares of the firm’s stock in a transaction dated Wednesday, November 20th. The shares were sold at an average price of $25.02, for a total transaction of $1,824,033.06. Following the sale, the chief executive officer now owns 1,869,593 shares of the company’s stock, valued at approximately $46,777,216.86. This represents a 3.75 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 122,528 shares of company stock valued at $3,061,501. 8.81% of the stock is owned by corporate insiders.

Institutional Trading of Bloom Energy

A number of hedge funds have recently bought and sold shares of the company. Avior Wealth Management LLC bought a new stake in Bloom Energy during the fourth quarter worth approximately $40,000. Millburn Ridgefield Corp lifted its holdings in Bloom Energy by 29.2% during the 3rd quarter. Millburn Ridgefield Corp now owns 2,339 shares of the company’s stock valued at $25,000 after buying an additional 528 shares in the last quarter. GAMMA Investing LLC grew its stake in Bloom Energy by 26.8% in the fourth quarter. GAMMA Investing LLC now owns 2,690 shares of the company’s stock worth $60,000 after purchasing an additional 569 shares in the last quarter. Wilmington Savings Fund Society FSB bought a new stake in shares of Bloom Energy in the third quarter valued at about $34,000. 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.

Bloom Energy Stock Performance

The business has a 50-day moving average of $24.76 and a two-hundred day moving average of $16.27. The company has a debt-to-equity ratio of 3.09, a current ratio of 3.36 and a quick ratio of 2.33. The company has a market cap of $4.68 billion, a P/E ratio of -36.59 and a beta of 3.06.

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.