HSBC Downgrades Bloom Energy (NYSE:BE) to Hold

Bloom Energy (NYSE:BE) was downgraded by analysts at HSBC from a “buy” rating to a “hold” rating in a report issued on Wednesday, MarketBeat Ratings reports. They currently have a $24.50 target price on the stock. HSBC’s target price suggests a potential upside of 2.34% from the company’s previous close.

Several other research firms have also recently commented on BE. Bank of America reduced their price target on Bloom Energy from $8.00 to $7.00 and set an “underperform” rating for the company in a report on Thursday, November 7th. Morgan Stanley raised their target price on Bloom Energy from $20.00 to $28.00 and gave the company an “overweight” rating in a report on Monday. Robert W. Baird cut their price target on shares of Bloom Energy from $18.00 to $15.00 and set an “outperform” rating for the company in a report on Friday, November 8th. Piper Sandler raised shares of Bloom Energy from a “neutral” rating to an “overweight” rating and boosted their price objective for the stock from $10.00 to $20.00 in a report on Friday, November 15th. Finally, UBS Group dropped their target price on shares of Bloom Energy from $25.00 to $23.00 and set a “buy” rating for the company in a report on Thursday, August 15th. One analyst has rated the stock with a sell rating, nine have given a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $17.55.

Bloom Energy Price Performance

Shares of NYSE:BE opened at $23.94 on Wednesday. The company has a debt-to-equity ratio of 3.09, a quick ratio of 2.33 and a current ratio of 3.36. Bloom Energy has a one year low of $8.41 and a one year high of $25.12. The company has a 50-day simple moving average of $11.64 and a 200-day simple moving average of $12.53. The stock has a market capitalization of $5.47 billion, a price-to-earnings ratio of -44.27 and a beta of 2.71.

Insider Activity at Bloom Energy

In other Bloom Energy news, insider Shawn Marie Soderberg sold 1,289 shares of Bloom Energy stock in a transaction that occurred 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 transaction, the insider now directly owns 168,561 shares of the company’s stock, valued at $4,139,858.16. The trade was a 0.76 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. 8.81% of the stock is owned by insiders.

Institutional Investors Weigh In On Bloom Energy

Large investors have recently modified their holdings of the stock. Millburn Ridgefield Corp raised its position in shares of Bloom Energy by 29.2% in the 3rd quarter. Millburn Ridgefield Corp now owns 2,339 shares of the company’s stock valued at $25,000 after purchasing an additional 528 shares in the last quarter. ORG Partners LLC bought a new stake in shares of Bloom Energy in the second quarter worth $40,000. Quest Partners LLC raised its holdings in Bloom Energy by 2,780.0% in the second quarter. Quest Partners LLC now owns 3,600 shares of the company’s stock valued at $44,000 after acquiring an additional 3,475 shares in the last quarter. Gilliland Jeter Wealth Management LLC bought a new position in Bloom Energy during the 2nd quarter valued at $53,000. Finally, Mather Group LLC. acquired a new position in Bloom Energy during the 2nd quarter worth $66,000. Institutional investors and hedge funds 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.