Bloom Energy (NYSE:BE) Shares Down 7.2% After Analyst Downgrade

Bloom Energy Co. (NYSE:BE) shares traded down 7.2% on Tuesday after Bank of America lowered their price target on the stock from $20.00 to $18.00. Bank of America currently has an underperform rating on the stock. Bloom Energy traded as low as $20.73 and last traded at $20.80. 4,502,055 shares traded hands during mid-day trading, a decline of 35% from the average session volume of 6,893,055 shares. The stock had previously closed at $22.42.

BE has been the subject of several other reports. Marathon Capitl raised shares of Bloom Energy from a “hold” rating to a “strong-buy” rating in a research report on Monday, November 11th. Piper Sandler raised their price target on shares of Bloom Energy from $30.00 to $33.00 and gave the stock an “overweight” rating in a report on Monday. BMO Capital Markets lifted 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 note on Friday, November 15th. HSBC downgraded Bloom Energy from a “buy” rating to a “hold” rating and set a $24.50 target price on the stock. in a research report on Wednesday, November 20th. Finally, Hsbc Global Res raised Bloom Energy to a “hold” rating in a research report on Wednesday, November 20th. One research analyst has rated the stock with a sell rating, twelve have issued a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $23.13.

Insider Transactions at Bloom Energy

In other Bloom Energy news, insider Shawn Marie Soderberg sold 1,639 shares of the stock in a transaction on Thursday, January 16th. The shares were sold at an average price of $23.42, for a total transaction of $38,385.38. Following the transaction, the insider now directly owns 171,040 shares of the company’s stock, valued at $4,005,756.80. This trade represents a 0.95 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Kr Sridhar sold 46,697 shares of the business’s stock in a transaction dated Friday, November 22nd. The stock was sold at an average price of $25.00, for a total transaction of $1,167,425.00. Following the sale, the chief executive officer now directly owns 1,822,496 shares of the company’s stock, valued at $45,562,400. This represents a 2.50 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 122,528 shares of company stock valued at $3,061,501 in the last ninety days. 8.81% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Bloom Energy

A number of hedge funds have recently made changes to their positions in BE. Millburn Ridgefield Corp raised its stake 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 purchasing an additional 528 shares during the last quarter. Wilmington Savings Fund Society FSB purchased a new stake in shares of Bloom Energy during the third quarter worth $34,000. Avior Wealth Management LLC acquired a new stake in shares of Bloom Energy in the fourth quarter valued at about $40,000. GAMMA Investing LLC lifted its stake in shares of Bloom Energy by 26.8% in the fourth quarter. GAMMA Investing LLC now owns 2,690 shares of the company’s stock worth $60,000 after buying an additional 569 shares in the last quarter. Finally, Emerald Mutual Fund Advisers Trust purchased a new stake in Bloom Energy during the 3rd quarter valued at about $74,000. Institutional investors and hedge funds own 77.04% of the company’s stock.

Bloom Energy Stock Performance

The company has a debt-to-equity ratio of 3.09, a quick ratio of 2.33 and a current ratio of 3.36. The firm’s 50 day moving average is $24.65 and its 200-day moving average is $16.36. The company has a market cap of $5.12 billion, a PE ratio of -40.00 and a beta of 3.06.

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.