Bloom Energy (NYSE:BE) Shares Gap Up to $11.67

Bloom Energy Co. (NYSE:BE)’s share price gapped up before the market opened on Tuesday . The stock had previously closed at $11.67, but opened at $12.00. Bloom Energy shares last traded at $12.15, with a volume of 765,662 shares.

Wall Street Analysts Forecast Growth

BE has been the subject of a number of analyst reports. Truist Financial upgraded shares of Bloom Energy from a “sell” rating to a “hold” rating and increased their target price for the stock from $9.00 to $11.00 in a report on Wednesday, March 6th. Evercore ISI initiated coverage on shares of Bloom Energy in a report on Monday, April 1st. They set an “outperform” rating and a $21.00 target price for the company. Bank of America lowered shares of Bloom Energy from a “neutral” rating to an “underperform” rating and dropped their target price for the stock from $16.00 to $10.00 in a report on Monday, January 29th. Raymond James dropped their target price on shares of Bloom Energy from $20.00 to $16.00 and set an “outperform” rating for the company in a report on Friday, February 16th. Finally, BTIG Research began coverage on shares of Bloom Energy in a research note on Thursday, January 25th. They issued a “buy” rating and a $21.00 price target for the company. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and nine have assigned a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $16.69.

Bloom Energy Stock Down 3.9 %

The stock’s 50 day simple moving average is $10.42 and its two-hundred day simple moving average is $11.86. The firm has a market cap of $2.57 billion, a P/E ratio of -7.88 and a beta of 2.79. The company has a debt-to-equity ratio of 2.41, a current ratio of 3.60 and a quick ratio of 2.53.

Bloom Energy (NYSE:BE) last announced its earnings results on Thursday, February 15th. The company reported $0.05 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.06) by $0.11. Bloom Energy had a negative net margin of 22.66% and a negative return on equity of 23.88%. The business had revenue of $356.92 million during the quarter, compared to the consensus estimate of $481.90 million. As a group, research analysts forecast that Bloom Energy Co. will post -0.17 earnings per share for the current year.

Insider Buying and Selling at Bloom Energy

In related news, EVP Shawn Marie Soderberg sold 13,120 shares of the firm’s stock in a transaction that occurred on Friday, February 16th. The shares were sold at an average price of $9.34, for a total transaction of $122,540.80. Following the completion of the sale, the executive vice president now owns 73,946 shares of the company’s stock, valued at $690,655.64. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, EVP Shawn Marie Soderberg sold 13,120 shares of the firm’s stock in a transaction that occurred on Friday, February 16th. The shares were sold at an average price of $9.34, for a total transaction of $122,540.80. Following the completion of the sale, the executive vice president now owns 73,946 shares of the company’s stock, valued at $690,655.64. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Kr Sridhar sold 50,746 shares of the firm’s stock in a transaction that occurred on Monday, March 18th. The shares were sold at an average price of $9.74, for a total transaction of $494,266.04. Following the sale, the chief executive officer now directly owns 2,702,608 shares of the company’s stock, valued at approximately $26,323,401.92. The disclosure for this sale can be found here. Over the last quarter, insiders sold 67,782 shares of company stock valued at $658,463. Corporate insiders own 3.50% of the company’s stock.

Institutional Investors Weigh In On Bloom Energy

Several institutional investors and hedge funds have recently made changes to their positions in BE. Millburn Ridgefield Corp purchased a new stake in Bloom Energy in the third quarter worth approximately $33,000. Quest Partners LLC purchased a new stake in Bloom Energy in the fourth quarter worth approximately $51,000. Quantbot Technologies LP boosted its holdings in Bloom Energy by 27.8% in the first quarter. Quantbot Technologies LP now owns 4,673 shares of the company’s stock worth $112,000 after purchasing an additional 1,017 shares during the last quarter. Canada Pension Plan Investment Board purchased a new stake in Bloom Energy in the first quarter worth approximately $123,000. Finally, Allspring Global Investments Holdings LLC boosted its holdings in Bloom Energy by 17.0% in the third quarter. Allspring Global Investments Holdings LLC now owns 7,687 shares of the company’s stock worth $102,000 after purchasing an additional 1,117 shares during the last quarter. Institutional investors own 77.04% of the company’s stock.

About Bloom Energy

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.