Bloom Energy (NYSE:BE) Sets New 1-Year High – Here’s Why

Bloom Energy Co. (NYSE:BE) shares hit a new 52-week high during trading on Thursday . The stock traded as high as $28.70 and last traded at $27.21, with a volume of 12065362 shares traded. The stock had previously closed at $26.17.

Analysts Set New Price Targets

Several research analysts have recently commented on the company. HSBC downgraded Bloom Energy from a “buy” rating to a “hold” rating and set a $24.50 target price on the stock. in a report on Wednesday, November 20th. Robert W. Baird reduced their target price on Bloom Energy from $18.00 to $15.00 and set an “outperform” rating on the stock in a report on Friday, November 8th. Bank of America reduced their target price on Bloom Energy from $8.00 to $7.00 and set an “underperform” rating on the stock in a report on Thursday, November 7th. Hsbc Global Res raised Bloom Energy to a “hold” rating in a report on Wednesday, November 20th. Finally, Piper Sandler upped their price objective on Bloom Energy from $20.00 to $30.00 and gave the stock an “overweight” rating in a report on Friday, November 22nd. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $19.14.

Bloom Energy Stock Up 4.0 %

The firm’s 50-day simple moving average is $12.87 and its 200 day simple moving average is $12.93. The company has a market cap of $6.22 billion, a P/E ratio of -50.20 and a beta of 2.71. The company has a debt-to-equity ratio of 3.09, a quick ratio of 2.33 and a current ratio of 3.36.

Insider Buying and Selling at Bloom Energy

In related news, CEO Kr Sridhar sold 72,903 shares of the company’s stock in a transaction on Wednesday, November 20th. The shares were sold at an average price of $25.02, for a total value of $1,824,033.06. Following the completion of the sale, the chief executive officer now owns 1,869,593 shares in the company, valued at $46,777,216.86. This represents a 3.75 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Shawn Marie Soderberg sold 1,289 shares of the company’s stock in a transaction on Monday, November 18th. The shares were 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 approximately $4,139,858.16. This represents a 0.76 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 122,975 shares of company stock worth $3,045,019. Insiders own 8.81% of the company’s stock.

Institutional Trading of Bloom Energy

A number of large investors have recently made changes to their positions in BE. Franklin Resources Inc. increased its holdings in Bloom Energy by 62.4% during the 3rd quarter. Franklin Resources Inc. now owns 125,598 shares of the company’s stock worth $1,314,000 after purchasing an additional 48,258 shares in the last quarter. Peapack Gladstone Financial Corp increased its holdings in Bloom Energy by 4.4% during the 3rd quarter. Peapack Gladstone Financial Corp now owns 271,924 shares of the company’s stock worth $2,871,000 after purchasing an additional 11,525 shares in the last quarter. Wilmington Savings Fund Society FSB bought a new position in Bloom Energy during the 3rd quarter worth about $34,000. Duff & Phelps Investment Management Co. bought a new position in Bloom Energy during the 3rd quarter worth about $517,000. Finally, Pier Capital LLC increased its holdings in Bloom Energy by 0.9% during the 3rd quarter. Pier Capital LLC now owns 461,744 shares of the company’s stock worth $4,876,000 after purchasing an additional 4,082 shares in the last quarter. Institutional investors 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.