Brokerages Set Bloom Energy Co. (NYSE:BE) Price Target at $16.69

Shares of Bloom Energy Co. (NYSE:BE) have received a consensus recommendation of “Moderate Buy” from the sixteen brokerages that are currently covering the stock, Marketbeat reports. One research analyst has rated the stock with a sell recommendation, six have issued a hold recommendation and nine have issued a buy recommendation on the company. The average 1 year target price among brokers that have covered the stock in the last year is $16.69.

Several analysts have recently weighed in on BE shares. Truist Financial raised shares of Bloom Energy from a “sell” rating to a “hold” rating and raised their price objective for the stock from $9.00 to $11.00 in a report on Wednesday, March 6th. Bank of America lowered Bloom Energy from a “neutral” rating to an “underperform” rating and reduced their price objective for the stock from $16.00 to $10.00 in a research note on Monday, January 29th. BMO Capital Markets lowered their target price on Bloom Energy from $11.00 to $10.00 and set a “market perform” rating for the company in a research note on Friday, February 16th. Morgan Stanley reiterated an “overweight” rating and set a $22.00 price target on shares of Bloom Energy in a research report on Monday, March 25th. Finally, JPMorgan Chase & Co. cut shares of Bloom Energy from an “overweight” rating to a “neutral” rating and lowered their price objective for the company from $19.00 to $14.00 in a research report on Friday, February 16th.

Bloom Energy Stock Performance

Bloom Energy stock opened at $10.99 on Thursday. The firm has a market capitalization of $2.47 billion, a P/E ratio of -7.58 and a beta of 2.79. The stock has a fifty day moving average price of $10.11 and a two-hundred day moving average price of $11.68. Bloom Energy has a 52-week low of $8.41 and a 52-week high of $18.76. The company has a debt-to-equity ratio of 2.41, a current ratio of 3.60 and a quick ratio of 2.53.

Bloom Energy (NYSE:BE) last announced its earnings results on Thursday, February 15th. The company reported $0.05 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.06) by $0.11. Bloom Energy had a negative net margin of 22.66% and a negative return on equity of 23.88%. The business had revenue of $356.92 million during the quarter, compared to analysts’ expectations of $481.90 million. As a group, analysts anticipate that Bloom Energy will post -0.16 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider Shawn Marie Soderberg sold 8,963 shares of the firm’s stock in a transaction on Tuesday, April 16th. The stock was sold at an average price of $9.86, for a total value of $88,375.18. Following the transaction, the insider now directly owns 168,003 shares in the company, valued at approximately $1,656,509.58. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CEO Kr Sridhar sold 50,746 shares of the business’s stock in a transaction that occurred on Monday, March 18th. The shares were sold at an average price of $9.74, for a total transaction of $494,266.04. Following the completion of the transaction, the chief executive officer now owns 2,702,608 shares in the company, valued at $26,323,401.92. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Shawn Marie Soderberg sold 8,963 shares of the stock in a transaction on Tuesday, April 16th. The stock was sold at an average price of $9.86, for a total transaction of $88,375.18. Following the completion of the sale, the insider now owns 168,003 shares in the company, valued at $1,656,509.58. The disclosure for this sale can be found here. In the last 90 days, insiders sold 74,989 shares of company stock valued at $725,292. Company insiders own 8.81% of the company’s stock.

Hedge Funds Weigh In On Bloom Energy

Several institutional investors and hedge funds have recently made changes to their positions in BE. DAVENPORT & Co LLC acquired a new position in shares of Bloom Energy in the 3rd quarter valued at approximately $304,000. Cambridge Investment Research Advisors Inc. boosted its holdings in shares of Bloom Energy by 7.0% in the third quarter. Cambridge Investment Research Advisors Inc. now owns 34,725 shares of the company’s stock valued at $460,000 after buying an additional 2,270 shares during the period. Pinnacle Associates Ltd. increased its position in shares of Bloom Energy by 65.2% during the third quarter. Pinnacle Associates Ltd. now owns 582,039 shares of the company’s stock worth $7,718,000 after acquiring an additional 229,639 shares in the last quarter. Bank of New York Mellon Corp raised its holdings in shares of Bloom Energy by 3.9% during the third quarter. Bank of New York Mellon Corp now owns 714,440 shares of the company’s stock worth $9,473,000 after acquiring an additional 27,096 shares during the period. Finally, AM Investment Strategies LLC bought a new stake in Bloom Energy in the 3rd quarter valued at $133,000. Institutional investors and hedge funds own 77.04% of the company’s stock.

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.