Bloom Energy (NYSE:BE) Hits New 52-Week High After Analyst Upgrade

Shares of Bloom Energy Co. (NYSE:BE) hit a new 52-week high on Friday after Jefferies Financial Group raised their price target on the stock from $12.00 to $22.00. Jefferies Financial Group currently has a hold rating on the stock. Bloom Energy traded as high as $25.24 and last traded at $25.09, with a volume of 2715607 shares. The stock had previously closed at $23.94.

A number of other equities analysts have also recently weighed in on the stock. Bank of America lowered their price target on shares of Bloom Energy from $8.00 to $7.00 and set an “underperform” rating on the stock in a research note on Thursday, November 7th. BMO Capital Markets upped their target price 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, November 15th. HSBC lowered Bloom Energy from a “buy” rating to a “hold” rating and set a $24.50 price target on the stock. in a research note on Wednesday. Morgan Stanley raised their price objective on Bloom Energy from $20.00 to $28.00 and gave the company an “overweight” rating in a research note on Monday, November 18th. Finally, Piper Sandler boosted their target price on Bloom Energy from $20.00 to $30.00 and gave the stock an “overweight” rating in a research report on Friday. One analyst has rated the stock with a sell rating, ten have given a hold rating, nine have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $18.66.

Insider Transactions at Bloom Energy

In other news, insider Shawn Marie Soderberg sold 1,289 shares of the business’s stock in a transaction dated 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 in the company, valued at approximately $4,139,858.16. The trade was a 0.76 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Kr Sridhar sold 72,903 shares of the firm’s stock in a transaction that occurred on Wednesday, November 20th. The shares were sold at an average price of $25.02, for a total transaction of $1,824,033.06. Following the completion of the transaction, the chief executive officer now owns 1,869,593 shares in the company, valued at $46,777,216.86. The trade was a 3.75 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 122,975 shares of company stock worth $3,045,019 in the last three months. Company insiders own 8.81% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its stake in shares of Bloom Energy by 0.8% during the first quarter. Vanguard Group Inc. now owns 19,685,235 shares of the company’s stock valued at $221,262,000 after acquiring an additional 156,434 shares in the last quarter. Electron Capital Partners LLC increased its holdings in Bloom Energy by 131.5% during the 2nd quarter. Electron Capital Partners LLC now owns 3,152,944 shares of the company’s stock worth $38,592,000 after purchasing an additional 1,790,733 shares during the last quarter. JAT Capital Mgmt LP raised its position in shares of Bloom Energy by 50.0% in the 3rd quarter. JAT Capital Mgmt LP now owns 2,198,974 shares of the company’s stock valued at $23,221,000 after purchasing an additional 733,363 shares in the last quarter. DigitalBridge Group Inc. boosted its stake in shares of Bloom Energy by 66.3% during the 2nd quarter. DigitalBridge Group Inc. now owns 1,160,389 shares of the company’s stock valued at $14,203,000 after buying an additional 462,581 shares during the last quarter. Finally, Pinnacle Associates Ltd. grew its position in shares of Bloom Energy by 48.6% during the second quarter. Pinnacle Associates Ltd. now owns 869,586 shares of the company’s stock worth $10,644,000 after buying an additional 284,298 shares in the last quarter. 77.04% of the stock is owned by hedge funds and other institutional investors.

Bloom Energy Trading Up 7.6 %

The firm has a market cap of $5.89 billion, a P/E ratio of -46.01 and a beta of 2.71. The business’s 50 day moving average is $12.22 and its 200-day moving average is $12.71. The company has a quick ratio of 2.33, a current ratio of 3.36 and a debt-to-equity ratio of 3.09.

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.