Bloom Energy (NYSE:BE) Price Target Raised to $14.00

Bloom Energy (NYSE:BE) had its target price increased by Wells Fargo & Company from $12.00 to $14.00 in a research note released on Monday morning, Benzinga reports. They currently have an equal weight rating on the stock.

A number of other brokerages have also recently issued reports on BE. Bank of America cut Bloom Energy from a neutral rating to an underperform rating and reduced their price objective for the company from $16.00 to $10.00 in a research note on Monday, January 29th. BTIG Research began coverage on Bloom Energy in a research report on Thursday, January 25th. They issued a buy rating and a $21.00 price objective for the company. Piper Sandler cut their target price on shares of Bloom Energy from $14.00 to $11.00 and set a neutral rating on the stock in a report on Friday, February 16th. Morgan Stanley reiterated an overweight rating and set a $22.00 price target on shares of Bloom Energy in a report on Monday, March 25th. Finally, Susquehanna cut their price target on shares of Bloom Energy from $18.00 to $16.00 and set a positive rating on the stock in a report on Wednesday, March 27th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of Hold and an average price target of $15.64.

Bloom Energy Stock Performance

Shares of NYSE BE opened at $16.97 on Monday. The stock’s 50-day moving average is $11.14 and its 200 day moving average is $11.82. The stock has a market cap of $3.82 billion, a price-to-earnings ratio of -12.57 and a beta of 2.77. Bloom Energy has a 1-year low of $8.41 and a 1-year high of $18.76. The company has a current ratio of 4.45, a quick ratio of 2.97 and a debt-to-equity ratio of 2.56.

Bloom Energy (NYSE:BE) last posted its quarterly earnings results on Thursday, May 9th. The company reported ($0.25) EPS for the quarter, missing the consensus estimate of ($0.16) by ($0.09). Bloom Energy had a negative return on equity of 19.32% and a negative net margin of 22.27%. The business had revenue of $235.30 million for the quarter, compared to analysts’ expectations of $254.06 million. On average, sell-side analysts anticipate that Bloom Energy will post -0.26 EPS for the current fiscal year.

Insider Activity at Bloom Energy

In other news, insider Shawn Marie Soderberg sold 8,963 shares of the company’s stock in a transaction dated Tuesday, April 16th. The shares were sold at an average price of $9.86, for a total value of $88,375.18. Following the sale, the insider now directly owns 168,003 shares of the company’s stock, valued at approximately $1,656,509.58. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, insider Shawn Marie Soderberg sold 8,963 shares of the business’s stock in a transaction that occurred 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 sale, the insider now directly owns 168,003 shares of the company’s stock, valued at approximately $1,656,509.58. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Eddy Zervigon sold 28,150 shares of the company’s stock in a transaction that occurred on Wednesday, May 15th. The stock was sold at an average price of $12.86, for a total value of $362,009.00. Following the completion of the sale, the director now owns 111,161 shares in the company, valued at approximately $1,429,530.46. The disclosure for this sale can be found here. Insiders have sold 131,291 shares of company stock worth $1,457,413 over the last ninety days. 3.50% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Bloom Energy

Several large investors have recently modified their holdings of BE. Norges Bank purchased a new stake in Bloom Energy during the 4th quarter valued at $82,678,000. FMR LLC boosted its position in shares of Bloom Energy by 168.8% during the third quarter. FMR LLC now owns 3,524,361 shares of the company’s stock valued at $46,733,000 after buying an additional 2,213,167 shares during the last quarter. Electron Capital Partners LLC bought a new stake in Bloom Energy in the 4th quarter worth about $27,796,000. Vanguard Group Inc. raised its position in Bloom Energy by 9.3% in the 3rd quarter. Vanguard Group Inc. now owns 19,221,174 shares of the company’s stock worth $254,873,000 after buying an additional 1,635,738 shares during the last quarter. Finally, Coatue Management LLC lifted its stake in Bloom Energy by 28.3% during the 4th quarter. Coatue Management LLC now owns 4,436,901 shares of the company’s stock valued at $65,666,000 after acquiring an additional 978,053 shares during the period. Hedge funds and other institutional investors 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.