Bloom Energy (NYSE:BE) Shares Gap Up on Analyst Upgrade

Bloom Energy Corporation (NYSE:BE)’s share price gapped up before the market opened on Tuesday after Barclays upgraded the stock from an equal weight rating to an overweight rating. The stock had previously closed at $196.25, but opened at $210.33. Barclays now has a $289.00 price target on the stock, down from their previous price target of $316.00. Bloom Energy shares last traded at $218.0820, with a volume of 3,727,605 shares changing hands.

A number of other analysts also recently weighed in on the stock. Wells Fargo & Company upped their target price on shares of Bloom Energy from $176.00 to $182.00 and gave the stock an “equal weight” rating in a research report on Monday, October 26th. Truist Financial lifted their price target on shares of Bloom Energy from $218.00 to $240.00 and gave the company a “hold” rating in a research report on Friday, October 16th. Zacks Research lowered shares of Bloom Energy from a “strong-buy” rating to a “hold” rating in a research note on Friday, October 2nd. BTIG Research dropped their price objective on shares of Bloom Energy from $295.00 to $250.00 and set a “buy” rating on the stock in a research note on Friday, October 23rd. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Bloom Energy in a report on Monday, October 19th. One analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, thirteen have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $263.05.

Insider Buying and Selling at Bloom Energy

In other Bloom Energy news, insider Shawn Soderberg sold 2,895 shares of the business’s stock in a transaction on Friday, August 14th. The stock was sold at an average price of $233.60, for a total value of $676,272.00. Following the sale, the insider directly owned 129,370 shares of the company’s stock, valued at approximately $30,220,832. The trade was a 2.19% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Aman Joshi sold 8,437 shares of the stock in a transaction on Thursday, October 1st. The stock was sold at an average price of $277.17, for a total value of $2,338,483.29. Following the completion of the sale, the insider directly owned 147,092 shares in the company, valued at approximately $40,769,489.64. This represents a 5.42% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 74,698 shares of company stock valued at $18,697,058 in the last ninety days. Corporate insiders own 3.00% of the company’s stock.

Institutional Trading of Bloom Energy

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Alps Advisors Inc. boosted its stake in Bloom Energy by 23.1% during the third quarter. Alps Advisors Inc. now owns 12,046 shares of the company’s stock valued at $3,337,000 after buying an additional 2,257 shares during the last quarter. Providence First Trust Co purchased a new position in Bloom Energy during the 3rd quarter valued at approximately $297,000. CenterBook Partners LP bought a new stake in Bloom Energy in the 3rd quarter worth approximately $1,928,000. International Assets Investment Management LLC increased its stake in Bloom Energy by 49.8% in the 3rd quarter. International Assets Investment Management LLC now owns 6,003 shares of the company’s stock worth $1,666,000 after acquiring an additional 1,995 shares during the last quarter. Finally, Waldron Private Wealth LLC raised its holdings in shares of Bloom Energy by 26.9% during the 3rd quarter. Waldron Private Wealth LLC now owns 1,417 shares of the company’s stock worth $392,000 after acquiring an additional 300 shares in the last quarter. 77.04% of the stock is currently owned by institutional investors.

Bloom Energy Stock Up 11.8%

The firm has a market capitalization of $64.59 billion, a PE ratio of 134.55, a PEG ratio of 2.36 and a beta of 3.77. The company has a fifty day moving average price of $248.07 and a 200-day moving average price of $220.08. The company has a debt-to-equity ratio of 1.33, a quick ratio of 3.08 and a current ratio of 3.74.

Bloom Energy (NYSE:BE) last announced its earnings results on Thursday, October 22nd. The company reported $0.94 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.69 by $0.25. Bloom Energy had a net margin of 13.53% and a return on equity of 45.29%. The firm had revenue of $1.24 billion for the quarter, compared to analysts’ expectations of $1.07 billion. During the same period in the prior year, the company earned $0.15 EPS. The business’s revenue was up 138.1% compared to the same quarter last year. As a group, analysts expect that Bloom Energy Corporation will post 2.61 earnings per share for the current year.

About Bloom Energy

Bloom Energy Corporation develops and manufactures energy systems designed to generate electricity on-site. Its primary product is the Bloom Energy Server, a solid oxide fuel cell platform that converts fuel into electricity through an electrochemical process rather than combustion. The systems are used by businesses, utilities, data centers and other organizations seeking reliable, distributed power.

The company also develops electrolyzers based on its solid oxide technology. These systems are designed to produce hydrogen from electricity and water and support applications related to industrial operations, energy storage and the emerging hydrogen economy.