Bloom Energy (NYSE:BE) Shares Gap Down Following Insider Selling

Bloom Energy Co. (NYSE:BE) gapped down prior to trading on Wednesday following insider selling activity. The stock had previously closed at $23.75, but opened at $23.02. Bloom Energy shares last traded at $24.00, with a volume of 3,323,422 shares traded.

Specifically, insider Shawn Marie Soderberg sold 1,289 shares of the firm’s stock in a transaction on Monday, November 18th. The stock was sold at an average price of $24.56, for a total transaction of $31,657.84. Following the completion of the sale, the insider now owns 168,561 shares of the company’s stock, valued at $4,139,858.16. This trade represents a 0.76 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on BE. UBS Group decreased their target price on Bloom Energy from $25.00 to $23.00 and set a “buy” rating on the stock in a research report on Thursday, August 15th. Piper Sandler upgraded Bloom Energy from a “neutral” rating to an “overweight” rating and increased their price objective for the stock from $10.00 to $20.00 in a research report on Friday, November 15th. Royal Bank of Canada lifted their target price on Bloom Energy from $15.00 to $28.00 and gave the stock an “outperform” rating in a report on Monday. Marathon Capitl upgraded shares of Bloom Energy from a “hold” rating to a “strong-buy” rating in a research note on Monday, November 11th. Finally, Robert W. Baird dropped their price objective on shares of Bloom Energy from $18.00 to $15.00 and set an “outperform” rating for the company in a research note on Friday, November 8th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Bloom Energy presently has an average rating of “Moderate Buy” and an average target price of $17.55.

Bloom Energy Price Performance

The company has a 50 day moving average price of $11.36 and a 200-day moving average price of $12.45. The company has a market cap of $5.67 billion, a price-to-earnings ratio of -43.09 and a beta of 2.71. The company has a quick ratio of 2.33, a current ratio of 3.36 and a debt-to-equity ratio of 3.09.

Institutional Investors Weigh In On Bloom Energy

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

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.