HSBC Upgrades Bloom Energy (NYSE:BE) to “Buy”

Bloom Energy (NYSE:BE) was upgraded by equities researchers at HSBC from a “hold” rating to a “buy” rating in a research report issued on Tuesday,Benzinga reports. The brokerage currently has a $25.00 price objective on the stock. HSBC’s price target suggests a potential upside of 39.51% from the stock’s previous close.

Several other research firms have also commented on BE. Royal Bank of Canada restated an “outperform” rating on shares of Bloom Energy in a report on Tuesday, April 1st. BMO Capital Markets reiterated a “market perform” rating on shares of Bloom Energy in a report on Friday, February 28th. JPMorgan Chase & Co. raised their price objective on Bloom Energy from $14.00 to $16.00 and gave the stock a “neutral” rating in a research report on Thursday, January 23rd. Piper Sandler decreased their price target on Bloom Energy from $33.00 to $31.00 and set an “overweight” rating for the company in a research note on Friday, February 28th. Finally, BTIG Research upped their price objective on shares of Bloom Energy from $20.00 to $30.00 and gave the company a “buy” rating in a report on Monday, December 16th. Two investment analysts have rated the stock with a sell rating, ten have given a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $24.29.

Bloom Energy Price Performance

Shares of BE stock opened at $17.92 on Tuesday. Bloom Energy has a twelve month low of $9.02 and a twelve month high of $29.83. The company has a current ratio of 3.36, a quick ratio of 2.33 and a debt-to-equity ratio of 3.09. The stock has a fifty day simple moving average of $22.80 and a two-hundred day simple moving average of $20.27. The stock has a market capitalization of $4.13 billion, a price-to-earnings ratio of -32.00 and a beta of 3.27.

Insider Buying and Selling

In other Bloom Energy news, insider Shawn Marie Soderberg sold 1,639 shares of the business’s stock in a transaction on Thursday, January 16th. The shares were sold at an average price of $23.42, for a total value of $38,385.38. Following the completion of the transaction, the insider now owns 171,040 shares in the company, valued at $4,005,756.80. The trade was a 0.95 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Satish Chitoori sold 1,020 shares of Bloom Energy stock in a transaction on Monday, March 17th. The shares were sold at an average price of $25.09, for a total value of $25,591.80. Following the completion of the transaction, the insider now owns 178,656 shares of the company’s stock, valued at approximately $4,482,479.04. This trade represents a 0.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 3.50% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Bloom Energy

A number of hedge funds have recently bought and sold shares of BE. SPX Gestao de Recursos Ltda acquired a new stake in Bloom Energy in the fourth quarter valued at approximately $4,442,000. Duff & Phelps Investment Management Co. purchased a new stake in shares of Bloom Energy in the 3rd quarter valued at approximately $517,000. Mirae Asset Global Investments Co. Ltd. raised its holdings in shares of Bloom Energy by 184.7% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 404,204 shares of the company’s stock valued at $9,209,000 after purchasing an additional 262,247 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its position in shares of Bloom Energy by 0.6% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,654,087 shares of the company’s stock worth $36,737,000 after purchasing an additional 10,265 shares during the last quarter. Finally, Bailard Inc. acquired a new position in shares of Bloom Energy during the fourth quarter worth $1,278,000. Institutional investors and hedge funds own 77.04% of the company’s stock.

Bloom Energy Company Profile

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.