Bloom Energy (NYSE:BE) Price Target Cut to $18.00 by Analysts at Bank of America

Bloom Energy (NYSE:BE) had its price objective cut by equities researchers at Bank of America from $20.00 to $18.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm presently has an “underperform” rating on the stock. Bank of America‘s price objective indicates a potential downside of 13.21% from the company’s current price.

A number of other analysts have also weighed in on the stock. BMO Capital Markets upped their target price on shares of Bloom Energy from $12.00 to $19.50 and gave the stock a “market perform” rating in a research note on Friday, November 15th. Piper Sandler increased their price objective on shares of Bloom Energy from $30.00 to $33.00 and gave the company an “overweight” rating in a research report on Monday. Susquehanna lifted their price objective on shares of Bloom Energy from $20.00 to $33.00 and gave the stock a “positive” rating in a research report on Friday, December 6th. Royal Bank of Canada increased their target price on Bloom Energy from $15.00 to $28.00 and gave the company an “outperform” rating in a report on Monday, November 18th. Finally, Roth Capital raised Bloom Energy to a “hold” rating in a report on Tuesday, December 10th. One research analyst has rated the stock with a sell rating, twelve have issued a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Bloom Energy currently has an average rating of “Hold” and an average target price of $23.13.

Bloom Energy Stock Down 7.5 %

BE traded down $1.68 on Tuesday, hitting $20.74. 5,472,353 shares of the company were exchanged, compared to its average volume of 7,018,656. The firm has a 50-day moving average price of $24.76 and a two-hundred day moving average price of $16.27. The company has a current ratio of 3.36, a quick ratio of 2.33 and a debt-to-equity ratio of 3.09. Bloom Energy has a twelve month low of $8.41 and a twelve month high of $29.83. The company has a market cap of $4.74 billion, a price-to-earnings ratio of -37.04 and a beta of 3.06.

Insider Activity at Bloom Energy

In other Bloom Energy news, CEO Kr Sridhar sold 72,903 shares of Bloom Energy stock in a transaction that occurred on Wednesday, November 20th. The stock was sold at an average price of $25.02, for a total value 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. The trade was a 3.75 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Shawn Marie Soderberg sold 1,289 shares of the 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 transaction, the insider now directly owns 168,561 shares of the company’s stock, valued at approximately $4,139,858.16. This trade represents a 0.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 122,528 shares of company stock worth $3,061,501 in the last quarter. Company insiders own 8.81% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of BE. Millburn Ridgefield Corp boosted its position in shares of Bloom Energy by 29.2% during the 3rd quarter. Millburn Ridgefield Corp now owns 2,339 shares of the company’s stock worth $25,000 after purchasing an additional 528 shares in the last quarter. Wilmington Savings Fund Society FSB purchased a new stake in Bloom Energy during the third quarter worth about $34,000. Avior Wealth Management LLC purchased a new stake in Bloom Energy during the fourth quarter worth about $40,000. GAMMA Investing LLC grew its position in Bloom Energy by 26.8% during the fourth quarter. GAMMA Investing LLC now owns 2,690 shares of the company’s stock worth $60,000 after buying an additional 569 shares during the period. Finally, Emerald Mutual Fund Advisers Trust purchased a new position in Bloom Energy in the third quarter valued at about $74,000. 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.