Bloom Energy (NYSE:BE) Sees Strong Trading Volume After Analyst Upgrade

Bloom Energy Co. (NYSE:BE) shares saw an uptick in trading volume on Monday after Royal Bank of Canada raised their price target on the stock from $15.00 to $28.00. Royal Bank of Canada currently has an outperform rating on the stock. 6,819,066 shares changed hands during trading, an increase of 9% from the previous session’s volume of 6,247,839 shares.The stock last traded at $23.17 and had previously closed at $21.14.

Several other equities research analysts have also issued reports on the stock. BMO Capital Markets increased their price objective on shares of Bloom Energy from $12.00 to $19.50 and gave the stock a “market perform” rating in a research report on Friday. Piper Sandler raised Bloom Energy from a “neutral” rating to an “overweight” rating and raised their price objective for the company from $10.00 to $20.00 in a research report on Friday. Morgan Stanley lifted their price objective on shares of Bloom Energy from $20.00 to $28.00 and gave the company an “overweight” rating in a research note on Monday. Truist Financial dropped their price target on shares of Bloom Energy from $13.00 to $12.00 and set a “hold” rating on the stock in a research note on Wednesday, October 16th. Finally, UBS Group decreased their price objective on shares of Bloom Energy from $25.00 to $23.00 and set a “buy” rating for the company in a research report on Thursday, August 15th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $17.17.

Institutional Trading of Bloom Energy

A number of institutional investors have recently made changes to their positions in the stock. Millburn Ridgefield Corp lifted its holdings in Bloom Energy by 29.2% in the 3rd quarter. Millburn Ridgefield Corp now owns 2,339 shares of the company’s stock valued at $25,000 after acquiring an additional 528 shares during the last quarter. ORG Partners LLC acquired a new position in Bloom Energy in the second quarter worth approximately $40,000. Quest Partners LLC increased its holdings in shares of Bloom Energy by 2,780.0% in the second quarter. Quest Partners LLC now owns 3,600 shares of the company’s stock valued at $44,000 after buying an additional 3,475 shares in the last quarter. Gilliland Jeter Wealth Management LLC acquired a new stake in shares of Bloom Energy during the 2nd quarter valued at $53,000. Finally, Mather Group LLC. bought a new stake in shares of Bloom Energy during the 2nd quarter worth $66,000. 77.04% of the stock is owned by institutional investors and hedge funds.

Bloom Energy Stock Up 7.9 %

The company has a quick ratio of 3.33, a current ratio of 3.36 and a debt-to-equity ratio of 3.09. The company has a market capitalization of $5.21 billion, a price-to-earnings ratio of -42.09 and a beta of 2.71. The business has a 50-day moving average price of $10.82 and a 200-day moving average price of $12.28.

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.