Bloom Energy (NYSE:BE) Trading 7.5% Higher Following Analyst Upgrade

Bloom Energy Co. (NYSE:BE)’s stock price rose 7.5% on Tuesday after Piper Sandler raised their price target on the stock from $10.00 to $11.00. Piper Sandler currently has a neutral rating on the stock. Bloom Energy traded as high as $15.35 and last traded at $15.32. Approximately 2,919,529 shares were traded during mid-day trading, a decline of 53% from the average daily volume of 6,264,313 shares. The stock had previously closed at $14.25.

Several other equities analysts have also recently issued reports on the stock. Wells Fargo & Company lifted their target price on shares of Bloom Energy from $12.00 to $14.00 and gave the stock an “equal weight” rating in a research report on Monday, May 20th. Morgan Stanley restated an “overweight” rating and set a $22.00 price target on shares of Bloom Energy in a report on Monday, March 25th. JPMorgan Chase & Co. raised their price target on shares of Bloom Energy from $12.00 to $14.00 and gave the stock a “neutral” rating in a report on Tuesday, July 16th. Bank of America raised their price target on shares of Bloom Energy from $8.00 to $9.00 and gave the stock an “underperform” rating in a report on Wednesday, July 17th. Finally, Royal Bank of Canada reiterated an “outperform” rating and issued a $15.00 target price on shares of Bloom Energy in a research note on Thursday, June 20th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Bloom Energy has a consensus rating of “Hold” and an average price target of $15.64.

Insiders Place Their Bets

In other Bloom Energy news, insider Shawn Marie Soderberg sold 2,094 shares of the stock in a transaction dated Tuesday, July 16th. The shares were sold at an average price of $14.53, for a total transaction of $30,425.82. Following the sale, the insider now owns 168,867 shares of the company’s stock, valued at approximately $2,453,637.51. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, Director Eddy Zervigon sold 28,150 shares of the stock in a transaction that occurred on Wednesday, May 15th. The shares were sold at an average price of $12.86, for a total value of $362,009.00. Following the sale, the director now directly owns 111,161 shares in the company, valued at approximately $1,429,530.46. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Shawn Marie Soderberg sold 2,094 shares of the stock in a transaction that occurred on Tuesday, July 16th. The shares were sold at an average price of $14.53, for a total transaction of $30,425.82. Following the completion of the sale, the insider now owns 168,867 shares in the company, valued at $2,453,637.51. The disclosure for this sale can be found here. Insiders have sold a total of 71,516 shares of company stock valued at $885,088 in the last 90 days. 8.81% of the stock is currently owned by insiders.

Institutional Trading of Bloom Energy

Several hedge funds have recently bought and sold shares of the stock. Millburn Ridgefield Corp raised its holdings in shares of Bloom Energy by 64.0% in the first quarter. Millburn Ridgefield Corp now owns 3,296 shares of the company’s stock valued at $37,000 after purchasing an additional 1,286 shares during the last quarter. BNP Paribas bought a new position in Bloom Energy during the first quarter worth $38,000. ORG Partners LLC acquired a new stake in shares of Bloom Energy during the second quarter worth $40,000. Quest Partners LLC acquired a new stake in shares of Bloom Energy during the fourth quarter worth $51,000. Finally, Mather Group LLC. acquired a new stake in shares of Bloom Energy during the second quarter worth $66,000. 77.04% of the stock is currently owned by institutional investors and hedge funds.

Bloom Energy Stock Performance

The company has a quick ratio of 2.97, a current ratio of 4.45 and a debt-to-equity ratio of 2.56. The stock has a market cap of $3.48 billion, a price-to-earnings ratio of -11.19 and a beta of 2.80. The company has a 50 day simple moving average of $14.06 and a 200 day simple moving average of $12.01.

Bloom Energy (NYSE:BE) last released its quarterly earnings results on Thursday, May 9th. The company reported ($0.25) earnings per share 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 firm had revenue of $235.30 million for the quarter, compared to the consensus estimate of $254.06 million. As a group, equities research analysts forecast that Bloom Energy Co. will post -0.26 EPS for the current year.

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.