Bloom Energy Co. (NYSE:BE – Get Rating) EVP Glen Griffiths sold 5,955 shares of the firm’s stock in a transaction that occurred on Thursday, February 16th. The stock was sold at an average price of $23.61, for a total value of $140,597.55. Following the completion of the sale, the executive vice president now owns 399,787 shares of the company’s stock, valued at approximately $9,438,971.07. The sale was disclosed in a document filed with the SEC, which is available at the SEC website.
Bloom Energy Price Performance
BE stock traded up $0.10 during midday trading on Friday, reaching $23.49. 1,908,597 shares of the company’s stock traded hands, compared to its average volume of 2,513,624. The company has a 50-day simple moving average of $22.34 and a two-hundred day simple moving average of $22.12. Bloom Energy Co. has a 1-year low of $11.47 and a 1-year high of $31.47. The company has a market cap of $4.58 billion, a price-to-earnings ratio of -14.24 and a beta of 2.88. The company has a quick ratio of 1.81, a current ratio of 2.46 and a debt-to-equity ratio of 4.44.
Bloom Energy (NYSE:BE – Get Rating) last released its quarterly earnings results on Thursday, February 9th. The company reported $0.12 earnings per share for the quarter, missing analysts’ consensus estimates of $0.13 by ($0.01). The business had revenue of $462.60 million for the quarter, compared to analyst estimates of $398.36 million. Bloom Energy had a negative net margin of 25.14% and a negative return on equity of 20,642.17%. The company’s revenue for the quarter was up 35.1% on a year-over-year basis. During the same period in the prior year, the business earned ($0.16) earnings per share. On average, analysts anticipate that Bloom Energy Co. will post -0.64 earnings per share for the current year.
Wall Street Analysts Forecast Growth
A number of brokerages have commented on BE. BMO Capital Markets reduced their price objective on Bloom Energy from $24.00 to $23.00 and set a “market perform” rating for the company in a research report on Friday, November 4th. Wells Fargo & Company increased their target price on Bloom Energy from $22.00 to $24.00 and gave the stock an “equal weight” rating in a report on Tuesday. Truist Financial increased their target price on Bloom Energy from $20.00 to $26.00 and gave the stock a “hold” rating in a report on Tuesday, February 7th. UBS Group initiated coverage on Bloom Energy in a report on Tuesday, December 13th. They issued a “buy” rating and a $35.00 target price for the company. Finally, JPMorgan Chase & Co. cut Bloom Energy from an “overweight” rating to a “neutral” rating and dropped their target price for the stock from $29.00 to $27.00 in a report on Friday, February 10th. Five investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $30.40.
Institutional Investors Weigh In On Bloom Energy
Several hedge funds and other institutional investors have recently made changes to their positions in the company. BlackRock Inc. increased its stake in shares of Bloom Energy by 8.8% in the 3rd quarter. BlackRock Inc. now owns 20,925,333 shares of the company’s stock valued at $418,298,000 after buying an additional 1,699,072 shares during the period. Vanguard Group Inc. increased its stake in shares of Bloom Energy by 12.8% in the 3rd quarter. Vanguard Group Inc. now owns 16,259,631 shares of the company’s stock valued at $325,030,000 after buying an additional 1,842,320 shares during the period. Clearbridge Investments LLC increased its stake in shares of Bloom Energy by 8.5% in the 4th quarter. Clearbridge Investments LLC now owns 6,004,712 shares of the company’s stock valued at $114,810,000 after buying an additional 469,776 shares during the period. Norges Bank acquired a new stake in shares of Bloom Energy in the 4th quarter valued at $102,826,000. Finally, State Street Corp increased its stake in shares of Bloom Energy by 12.0% in the 3rd quarter. State Street Corp now owns 4,221,843 shares of the company’s stock valued at $84,395,000 after buying an additional 451,501 shares during the period. 79.55% of the stock is owned by institutional investors and hedge funds.
About Bloom Energy
Bloom Energy Corp. engages in the manufacture and installation of on-site distributed power generators. Its product, Bloom Energy Server, converts standard low-pressure natural gas or biogas into electricity through an electrochemical process without combustion. The company was founded by K. R. Sridhar, John Finn, Jim McElroy, Matthias Gottmann and Dien Nguyen on January 18, 2001 and is headquartered in San Jose, CA.