Bloom Energy (NYSE:BE) Shares Gap Down – Here’s Why

Shares of Bloom Energy Co. (NYSE:BE) gapped down before the market opened on Wednesday . The stock had previously closed at $17.02, but opened at $15.98. Bloom Energy shares last traded at $15.35, with a volume of 2,045,319 shares trading hands.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on BE. BMO Capital Markets reissued a “market perform” rating on shares of Bloom Energy in a research note on Friday, February 28th. JPMorgan Chase & Co. increased their target price on shares of Bloom Energy from $14.00 to $16.00 and gave the company a “neutral” rating in a research report on Thursday, January 23rd. Truist Financial boosted their price target on shares of Bloom Energy from $11.00 to $22.00 and gave the stock a “hold” rating in a research report on Thursday, January 16th. Bank of America decreased their price target on Bloom Energy from $20.00 to $18.00 and set an “underperform” rating for the company in a report on Tuesday, January 28th. Finally, Piper Sandler cut their target price on Bloom Energy from $33.00 to $31.00 and set an “overweight” rating on the stock in a research report on Friday, February 28th. Two analysts have rated the stock with a sell rating, nine have given a hold rating, nine have assigned a buy rating and two have 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 price target of $24.29.

Bloom Energy Trading Up 4.6 %

The stock has a market capitalization of $4.06 billion, a PE ratio of -31.48 and a beta of 3.27. The company has a quick ratio of 2.33, a current ratio of 3.36 and a debt-to-equity ratio of 3.09. The firm has a 50 day moving average price of $22.67 and a 200 day moving average price of $20.32.

Insider Activity at Bloom Energy

In other Bloom Energy news, insider Shawn Marie Soderberg sold 1,639 shares of the stock in a transaction dated 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 sale, the insider now owns 171,040 shares in the company, valued at approximately $4,005,756.80. This trade represents a 0.95 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Satish Chitoori sold 1,020 shares of the business’s stock in a transaction that occurred on Monday, March 17th. The stock was 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 in the company, valued at $4,482,479.04. The trade was a 0.57 % decrease in their position. The disclosure for this sale can be found here. 3.50% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Bloom Energy

A number of hedge funds have recently made changes to their positions in BE. Mainstream Capital Management LLC bought a new stake in shares of Bloom Energy in the 4th quarter worth approximately $28,000. Smartleaf Asset Management LLC grew its stake in shares of Bloom Energy by 291.0% during the 4th quarter. Smartleaf Asset Management LLC now owns 1,255 shares of the company’s stock worth $28,000 after acquiring an additional 934 shares during the period. Jones Financial Companies Lllp increased its holdings in Bloom Energy by 120.5% in the 4th quarter. Jones Financial Companies Lllp now owns 1,486 shares of the company’s stock worth $33,000 after acquiring an additional 812 shares during the last quarter. Wilmington Savings Fund Society FSB bought a new stake in Bloom Energy in the 3rd quarter valued at about $34,000. Finally, Quarry LP purchased a new stake in Bloom Energy during the fourth quarter valued at about $35,000. 77.04% of the stock is currently owned by institutional investors.

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.