Bloom Energy (NYSE:BE) Trading Down 3.6% – What’s Next?

Bloom Energy Co. (NYSE:BE) shares dropped 3.6% on Thursday . The stock traded as low as $23.51 and last traded at $23.90. Approximately 998,771 shares were traded during mid-day trading, a decline of 85% from the average daily volume of 6,447,089 shares. The stock had previously closed at $24.80.

Wall Street Analyst Weigh In

BE has been the topic of several recent research reports. BTIG Research increased their price target on shares of Bloom Energy from $16.00 to $20.00 and gave the stock a “buy” rating in a research report on Friday, November 15th. Jefferies Financial Group increased their price target on shares of Bloom Energy from $12.00 to $22.00 and gave the stock a “hold” rating in a research report on Friday. Morgan Stanley increased their price target on shares of Bloom Energy from $20.00 to $28.00 and gave the stock an “overweight” rating in a research report on Monday, November 18th. Bank of America decreased their price objective on shares of Bloom Energy from $8.00 to $7.00 and set an “underperform” rating on the stock in a research report on Thursday, November 7th. Finally, Piper Sandler raised their price objective on shares of Bloom Energy from $20.00 to $30.00 and gave the company an “overweight” rating in a research report on Friday. One analyst has rated the stock with a sell rating, ten have given a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $18.66.

Bloom Energy Stock Up 7.6 %

The firm has a market capitalization of $5.89 billion, a PE ratio of -46.01 and a beta of 2.71. The business’s 50 day simple moving average is $11.91 and its 200 day simple moving average is $12.61. The company has a current ratio of 3.36, a quick ratio of 2.33 and a debt-to-equity ratio of 3.09.

Insiders Place Their Bets

In related news, insider Shawn Marie Soderberg sold 1,289 shares of Bloom Energy stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $24.56, for a total transaction of $31,657.84. Following the completion of the transaction, the insider now directly owns 168,561 shares of the company’s stock, valued at approximately $4,139,858.16. The trade was a 0.76 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Kr Sridhar sold 72,903 shares of Bloom Energy stock in a transaction dated Wednesday, November 20th. The stock was sold at an average price of $25.02, for a total transaction of $1,824,033.06. Following the transaction, the chief executive officer now directly owns 1,869,593 shares of the company’s stock, valued at approximately $46,777,216.86. This represents a 3.75 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 122,975 shares of company stock valued at $3,045,019 in the last three months. Corporate insiders own 8.81% of the company’s stock.

Institutional Investors Weigh In On Bloom Energy

Large investors have recently added to or reduced their stakes in the stock. Mizuho Markets Americas LLC boosted its position in Bloom Energy by 8.2% in the 3rd quarter. Mizuho Markets Americas LLC now owns 410,555 shares of the company’s stock valued at $4,335,000 after buying an additional 31,189 shares during the period. Parametrica Management Ltd purchased a new stake in Bloom Energy in the 3rd quarter valued at about $785,000. International Assets Investment Management LLC boosted its position in Bloom Energy by 1,490.8% in the 3rd quarter. International Assets Investment Management LLC now owns 185,328 shares of the company’s stock valued at $19,570,000 after buying an additional 173,678 shares during the period. Oppenheimer & Co. Inc. boosted its position in Bloom Energy by 148.8% in the 3rd quarter. Oppenheimer & Co. Inc. now owns 130,418 shares of the company’s stock valued at $1,377,000 after buying an additional 78,009 shares during the period. Finally, Van ECK Associates Corp boosted its position in Bloom Energy by 13.1% in the 3rd quarter. Van ECK Associates Corp now owns 661,932 shares of the company’s stock valued at $6,990,000 after buying an additional 76,536 shares during the period. 77.04% of the stock is owned by hedge funds and other institutional investors.

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.