Bloom Energy (NYSE:BE) Shares Down 7.2% Following Analyst Downgrade

Bloom Energy Co. (NYSE:BE)’s stock price was down 7.2% during mid-day trading on Tuesday after Bank of America lowered their price target on the stock from $20.00 to $18.00. Bank of America currently has an underperform rating on the stock. Bloom Energy traded as low as $20.73 and last traded at $20.80. Approximately 4,502,055 shares changed hands during mid-day trading, a decline of 35% from the average daily volume of 6,893,055 shares. The stock had previously closed at $22.42.

BE has been the topic of several other research reports. Piper Sandler lifted their price objective on shares of Bloom Energy from $30.00 to $33.00 and gave the stock an “overweight” rating in a research note on Monday. BTIG Research lifted their price target on shares of Bloom Energy from $20.00 to $30.00 and gave the stock a “buy” rating in a research report on Monday, December 16th. BMO Capital Markets upped their price objective on shares of Bloom Energy from $12.00 to $19.50 and gave the company a “market perform” rating in a research report on Friday, November 15th. Jefferies Financial Group lifted their target price on Bloom Energy from $12.00 to $22.00 and gave the stock a “hold” rating in a report on Friday, November 22nd. Finally, Roth Mkm assumed coverage on Bloom Energy in a report on Wednesday, December 11th. They issued a “neutral” rating and a $25.00 price target for the company. One analyst has rated the stock with a sell rating, twelve have given a hold rating, nine have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $23.13.

Insider Transactions at Bloom Energy

In other news, insider Shawn Marie Soderberg sold 1,289 shares of the stock in a transaction on Monday, November 18th. The shares were sold at an average price of $24.56, for a total value of $31,657.84. Following 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 ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Kr Sridhar sold 46,697 shares of Bloom Energy stock in a transaction on Friday, November 22nd. The stock was sold at an average price of $25.00, for a total value of $1,167,425.00. Following the sale, the chief executive officer now owns 1,822,496 shares of the company’s stock, valued at approximately $45,562,400. This trade represents a 2.50 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 122,528 shares of company stock valued at $3,061,501 over the last three months. Corporate insiders own 8.81% of the company’s stock.

Institutional Investors Weigh In On Bloom Energy

Several hedge funds have recently modified their holdings of BE. Millburn Ridgefield Corp boosted its position in shares of Bloom Energy by 29.2% during the 3rd quarter. Millburn Ridgefield Corp now owns 2,339 shares of the company’s stock worth $25,000 after purchasing an additional 528 shares during the period. Wilmington Savings Fund Society FSB purchased a new position in Bloom Energy in the third quarter valued at $34,000. Avior Wealth Management LLC acquired a new position in Bloom Energy in the fourth quarter valued at approximately $40,000. GAMMA Investing LLC raised its stake in Bloom Energy by 26.8% during the 4th quarter. GAMMA Investing LLC now owns 2,690 shares of the company’s stock worth $60,000 after acquiring an additional 569 shares in the last quarter. Finally, Emerald Mutual Fund Advisers Trust acquired a new stake in shares of Bloom Energy in the 3rd quarter valued at about $74,000. 77.04% of the stock is owned by hedge funds and other institutional investors.

Bloom Energy Trading Down 8.6 %

The business’s 50-day moving average price is $24.76 and its 200-day moving average price is $16.27. The company has a debt-to-equity ratio of 3.09, a current ratio of 3.36 and a quick ratio of 2.33. The firm has a market capitalization of $4.68 billion, a PE ratio of -36.59 and a beta of 3.06.

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.