Shares of Bloom Energy Co. (NYSE:BE – Get Free Report) dropped 2.9% during trading on Wednesday after Bank of America downgraded the stock from a buy rating to a neutral rating. Bank of America now has a $16.00 price target on the stock, down from their previous price target of $17.00. Bloom Energy traded as low as $14.00 and last traded at $14.48. Approximately 3,225,029 shares traded hands during trading, a decline of 18% from the average daily volume of 3,938,099 shares. The stock had previously closed at $14.91.
BE has been the topic of several other research reports. BMO Capital Markets cut their price target on Bloom Energy from $14.00 to $13.00 and set a “market perform” rating on the stock in a report on Thursday, November 9th. Morgan Stanley cut their target price on Bloom Energy from $23.00 to $22.00 and set an “overweight” rating on the stock in a research note on Wednesday. Truist Financial lowered their price target on shares of Bloom Energy from $18.00 to $12.00 and set a “hold” rating for the company in a research report on Monday, November 6th. JPMorgan Chase & Co. reduced their target price on shares of Bloom Energy from $22.00 to $19.00 and set an “overweight” rating for the company in a research note on Thursday, October 19th. Finally, Raymond James dropped their price target on shares of Bloom Energy from $25.00 to $20.00 and set an “outperform” rating on the stock in a research note on Tuesday, October 3rd. Five research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $21.12.
Insider Buying and Selling at Bloom Energy
In related news, EVP Guillermo Brooks sold 3,792 shares of Bloom Energy stock in a transaction dated Monday, October 16th. The stock was sold at an average price of $12.47, for a total transaction of $47,286.24. Following the transaction, the executive vice president now directly owns 143,401 shares of the company’s stock, valued at $1,788,210.47. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. 8.81% of the stock is currently owned by corporate insiders.
Institutional Trading of Bloom Energy
Hedge funds and other institutional investors have recently made changes to their positions in the business. Janney Montgomery Scott LLC bought a new stake in shares of Bloom Energy in the 2nd quarter worth approximately $313,000. BI Asset Management Fondsmaeglerselskab A S bought a new stake in shares of Bloom Energy in the 1st quarter worth approximately $62,000. Frontier Capital Management Co. LLC raised its holdings in shares of Bloom Energy by 391.5% in the 2nd quarter. Frontier Capital Management Co. LLC now owns 2,252,606 shares of the company’s stock worth $36,830,000 after purchasing an additional 1,794,303 shares in the last quarter. Sciencast Management LP raised its holdings in shares of Bloom Energy by 24.5% in the 2nd quarter. Sciencast Management LP now owns 13,661 shares of the company’s stock worth $232,000 after purchasing an additional 2,687 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its holdings in shares of Bloom Energy by 4.1% during the second quarter. Charles Schwab Investment Management Inc. now owns 1,465,240 shares of the company’s stock valued at $23,957,000 after acquiring an additional 58,067 shares during the period. 82.95% of the stock is currently owned by institutional investors.
Bloom Energy Price Performance
The stock’s fifty day moving average price is $11.97 and its 200-day moving average price is $14.38. The company has a debt-to-equity ratio of 2.48, a current ratio of 3.64 and a quick ratio of 2.61. The firm has a market cap of $3.18 billion, a price-to-earnings ratio of -8.26 and a beta of 2.90.
Bloom Energy (NYSE:BE – Get Free Report) last released its quarterly earnings results on Wednesday, November 8th. The company reported $0.05 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.17) by $0.22. Bloom Energy had a negative net margin of 24.58% and a negative return on equity of 23.36%. The business had revenue of $400.27 million for the quarter, compared to analyst estimates of $362.75 million. Equities research analysts predict that Bloom Energy Co. will post -0.65 EPS for the current fiscal year.
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.