Bloom Energy (NYSE:BE) Sees Strong Trading Volume on Analyst Upgrade

Bloom Energy Co. (NYSE:BE) shares saw unusually-high trading volume on Monday after Royal Bank of Canada raised their price target on the stock from $15.00 to $28.00. Royal Bank of Canada currently has an outperform rating on the stock. Approximately 6,819,066 shares were traded during trading, an increase of 9% from the previous session’s volume of 6,247,839 shares.The stock last traded at $23.17 and had previously closed at $21.14.

Several other brokerages have also recently weighed in on BE. Susquehanna raised their target price on shares of Bloom Energy from $13.00 to $16.00 and gave the company a “positive” rating in a report on Tuesday, November 12th. BMO Capital Markets raised their price target on Bloom Energy from $12.00 to $19.50 and gave the company a “market perform” rating in a research note on Friday. UBS Group lowered their price objective on Bloom Energy from $25.00 to $23.00 and set a “buy” rating for the company in a research report on Thursday, August 15th. Robert W. Baird decreased their target price on Bloom Energy from $18.00 to $15.00 and set an “outperform” rating for the company in a research note on Friday, November 8th. Finally, Bank of America dropped 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. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $17.17.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in BE. Millburn Ridgefield Corp grew its position in shares of Bloom Energy by 29.2% in the third quarter. Millburn Ridgefield Corp now owns 2,339 shares of the company’s stock valued at $25,000 after purchasing an additional 528 shares during the last quarter. Xponance Inc. increased its position in Bloom Energy by 7.8% during the second quarter. Xponance Inc. now owns 12,542 shares of the company’s stock worth $154,000 after buying an additional 903 shares in the last quarter. Kovitz Investment Group Partners LLC raised its holdings in shares of Bloom Energy by 3.9% in the third quarter. Kovitz Investment Group Partners LLC now owns 36,353 shares of the company’s stock worth $374,000 after acquiring an additional 1,349 shares during the last quarter. Arizona State Retirement System lifted its position in shares of Bloom Energy by 2.7% in the second quarter. Arizona State Retirement System now owns 56,886 shares of the company’s stock valued at $696,000 after acquiring an additional 1,470 shares in the last quarter. Finally, ProShare Advisors LLC boosted its stake in shares of Bloom Energy by 6.2% during the first quarter. ProShare Advisors LLC now owns 46,518 shares of the company’s stock valued at $523,000 after acquiring an additional 2,719 shares during the last quarter. 77.04% of the stock is owned by hedge funds and other institutional investors.

Bloom Energy Trading Up 7.9 %

The stock has a market cap of $5.21 billion, a PE ratio of -42.09 and a beta of 2.71. The company has a debt-to-equity ratio of 3.09, a quick ratio of 3.33 and a current ratio of 3.36. The business has a 50-day moving average of $10.82 and a 200 day moving average of $12.28.

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.