Bloom Energy (NYSE:BE) Hits New 12-Month High After Analyst Upgrade

Bloom Energy Co. (NYSE:BE) shares hit a new 52-week high on Friday after BMO Capital Markets raised their price target on the stock from $12.00 to $19.50. BMO Capital Markets currently has a market perform rating on the stock. Bloom Energy traded as high as $22.50 and last traded at $18.71, with a volume of 11573566 shares changing hands. The stock had previously closed at $13.28.

BE has been the subject of a number of other research reports. Bank of America decreased their target price on shares of Bloom Energy from $8.00 to $7.00 and set an “underperform” rating for the company in a research note on Thursday, November 7th. Jefferies Financial Group downgraded Bloom Energy from a “buy” rating to a “hold” rating and lowered their target price for the company from $15.00 to $11.00 in a research note on Friday, September 6th. Marathon Capitl raised Bloom Energy from a “hold” rating to a “strong-buy” rating in a research report on Monday. Piper Sandler upgraded Bloom Energy from a “neutral” rating to an “overweight” rating and lifted their price target for the company from $10.00 to $20.00 in a report on Friday. Finally, Truist Financial dropped their price objective on Bloom Energy from $13.00 to $12.00 and set a “hold” rating on the stock in a report on Wednesday, October 16th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $16.11.

Institutional Investors Weigh In On Bloom Energy

Hedge funds and other institutional investors have recently made changes to their positions in the business. Electron Capital Partners LLC grew its stake in shares of Bloom Energy by 131.5% in the second quarter. Electron Capital Partners LLC now owns 3,152,944 shares of the company’s stock worth $38,592,000 after acquiring an additional 1,790,733 shares during the last quarter. JAT Capital Mgmt LP raised its holdings in Bloom Energy by 50.0% in the 3rd quarter. JAT Capital Mgmt LP now owns 2,198,974 shares of the company’s stock valued at $23,221,000 after acquiring an additional 733,363 shares in the last quarter. Artemis Investment Management LLP bought a new stake in shares of Bloom Energy in the 2nd quarter worth approximately $7,502,000. DigitalBridge Group Inc. lifted its position in shares of Bloom Energy by 66.3% in the 2nd quarter. DigitalBridge Group Inc. now owns 1,160,389 shares of the company’s stock worth $14,203,000 after acquiring an additional 462,581 shares during the period. Finally, Pier Capital LLC acquired a new stake in shares of Bloom Energy during the 2nd quarter worth approximately $5,602,000. 77.04% of the stock is owned by institutional investors and hedge funds.

Bloom Energy Trading Up 40.4 %

The business has a 50-day moving average price of $10.55 and a 200-day moving average price of $12.19. The company has a quick ratio of 3.33, a current ratio of 3.36 and a debt-to-equity ratio of 3.09. The firm has a market capitalization of $4.25 billion, a P/E ratio of -32.20 and a beta of 2.71.

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.