Bloom Energy (NYSE:BE) Trading Down 9.2% – Here’s What Happened

Bloom Energy Co. (NYSE:BE)’s stock price traded down 9.2% during mid-day trading on Monday . The company traded as low as $21.90 and last traded at $21.95. Approximately 2,437,580 shares changed hands during mid-day trading, a decline of 61% from the average session volume of 6,206,880 shares. The stock had previously closed at $24.17.

Analyst Upgrades and Downgrades

BE has been the subject of several analyst reports. JPMorgan Chase & Co. boosted their target price on Bloom Energy from $14.00 to $16.00 and gave the stock a “neutral” rating in a research note on Thursday, January 23rd. Robert W. Baird boosted their target price on Bloom Energy from $15.00 to $32.00 and gave the stock an “outperform” rating in a research note on Thursday, December 12th. BMO Capital Markets boosted their target price on Bloom Energy from $12.00 to $19.50 and gave the stock a “market perform” rating in a research note on Friday, November 15th. Roth Capital raised Bloom Energy to a “hold” rating in a research note on Tuesday, December 10th. Finally, HSBC cut Bloom Energy from a “buy” rating to a “hold” rating and set a $24.50 price objective for the company. in a research report on Wednesday, November 20th. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Bloom Energy currently has a consensus rating of “Hold” and an average price target of $24.18.

Bloom Energy Trading Up 6.0 %

The company has a 50 day simple moving average of $24.10 and a 200 day simple moving average of $17.88. The company has a current ratio of 3.36, a quick ratio of 2.33 and a debt-to-equity ratio of 3.09. The stock has a market capitalization of $5.32 billion, a PE ratio of -41.59 and a beta of 3.06.

Insider Buying and Selling at Bloom Energy

In other news, insider Shawn Marie Soderberg sold 1,639 shares of the stock in a transaction that occurred on Thursday, January 16th. The stock was sold at an average price of $23.42, for a total transaction of $38,385.38. Following the completion of the transaction, the insider now directly owns 171,040 shares of the company’s stock, valued at approximately $4,005,756.80. This represents a 0.95 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. 3.50% of the stock is owned by company insiders.

Hedge Funds Weigh In On Bloom Energy

A number of large investors have recently modified their holdings of BE. Norges Bank purchased a new position in shares of Bloom Energy during the 4th quarter worth approximately $93,951,000. Fuller & Thaler Asset Management Inc. acquired a new stake in shares of Bloom Energy in the 4th quarter worth approximately $61,968,000. Elemental Capital Partners LLC acquired a new stake in shares of Bloom Energy in the 4th quarter worth approximately $33,612,000. Trivest Advisors Ltd acquired a new stake in shares of Bloom Energy in the 4th quarter worth approximately $30,539,000. Finally, Voloridge Investment Management LLC grew its holdings in shares of Bloom Energy by 323.6% in the 4th quarter. Voloridge Investment Management LLC now owns 1,440,428 shares of the company’s stock worth $31,992,000 after acquiring an additional 1,100,352 shares during the period. 77.04% of the stock is owned by hedge funds and other institutional investors.

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.