Bloom Energy (NYSE:BE) Shares Gap Up – Here’s What Happened

Shares of Bloom Energy Corporation (NYSE:BE) gapped up prior to trading on Thursday . The stock had previously closed at $76.97, but opened at $82.91. Bloom Energy shares last traded at $80.6250, with a volume of 3,190,190 shares traded.

Wall Street Analyst Weigh In

Several analysts have weighed in on BE shares. JPMorgan Chase & Co. boosted their target price on shares of Bloom Energy to $129.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 29th. Bank of America upped their target price on Bloom Energy from $26.00 to $39.00 and gave the company an “underperform” rating in a research report on Tuesday, November 25th. Wedbush set a $39.00 price target on Bloom Energy in a research report on Tuesday, November 25th. BTIG Research increased their price objective on Bloom Energy to $145.00 and gave the company a “buy” rating in a report on Wednesday, October 29th. Finally, Wells Fargo & Company raised their price objective on Bloom Energy to $95.00 and gave the stock an “equal weight” rating in a research note on Tuesday, October 21st. One equities research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, twelve have issued a Hold rating and three have issued a Sell rating to the company. According to MarketBeat, Bloom Energy currently has a consensus rating of “Hold” and a consensus target price of $93.77.

Bloom Energy Price Performance

The company has a debt-to-equity ratio of 1.98, a current ratio of 4.40 and a quick ratio of 2.88. The stock has a fifty day simple moving average of $110.00 and a 200-day simple moving average of $66.68. The company has a market capitalization of $19.41 billion, a price-to-earnings ratio of 486.72, a P/E/G ratio of 55.33 and a beta of 3.00.

Bloom Energy (NYSE:BE) last posted its earnings results on Tuesday, October 28th. The company reported $0.15 earnings per share for the quarter, beating the consensus estimate of $0.08 by $0.07. Bloom Energy had a net margin of 0.84% and a return on equity of 8.74%. The firm had revenue of $519.05 million during the quarter, compared to analyst estimates of $425.18 million. During the same period in the previous year, the firm earned ($0.01) EPS. The business’s quarterly revenue was up 57.1% on a year-over-year basis. On average, equities research analysts anticipate that Bloom Energy Corporation will post -0.23 EPS for the current year.

Insider Activity

In other news, insider Satish Chitoori sold 2,085 shares of the business’s stock in a transaction that occurred on Friday, November 14th. The stock was sold at an average price of $104.08, for a total value of $217,006.80. Following the completion of the sale, the insider directly owned 229,880 shares in the company, valued at $23,925,910.40. The trade was a 0.90% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Shawn Marie Soderberg sold 1,583 shares of the company’s stock in a transaction that occurred on Monday, November 17th. The stock was sold at an average price of $105.97, for a total value of $167,750.51. Following the transaction, the insider directly owned 221,633 shares of the company’s stock, valued at approximately $23,486,449.01. The trade was a 0.71% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 116,715 shares of company stock worth $16,236,935. 3.60% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of BE. Graticule Asia Macro Advisors LLC acquired a new stake in Bloom Energy during the third quarter worth about $402,494,000. Trivest Advisors Ltd increased its holdings in shares of Bloom Energy by 1,461.6% during the 3rd quarter. Trivest Advisors Ltd now owns 3,420,000 shares of the company’s stock worth $289,229,000 after buying an additional 3,201,000 shares during the last quarter. Norges Bank acquired a new stake in shares of Bloom Energy during the 2nd quarter worth approximately $57,821,000. Westfield Capital Management Co. LP purchased a new stake in shares of Bloom Energy during the 3rd quarter valued at approximately $141,679,000. Finally, Man Group plc lifted its holdings in Bloom Energy by 177.4% in the second quarter. Man Group plc now owns 2,392,915 shares of the company’s stock valued at $57,239,000 after acquiring an additional 1,530,167 shares during the last quarter. 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.