Bloom Energy (NYSE:BE) Sets New 52-Week High Following Analyst Upgrade

Bloom Energy Co. (NYSE:BE)’s stock price reached a new 52-week high during mid-day trading on Friday after JPMorgan Chase & Co. raised their price target on the stock from $14.00 to $16.00. JPMorgan Chase & Co. currently has a neutral rating on the stock. Bloom Energy traded as high as $28.99 and last traded at $28.82, with a volume of 2260327 shares. The stock had previously closed at $27.67.

BE has been the topic of several other research reports. Morgan Stanley lifted their price objective on shares of Bloom Energy from $20.00 to $28.00 and gave the stock an “overweight” rating in a research note on Monday, November 18th. HSBC cut Bloom Energy from a “buy” rating to a “hold” rating and set a $24.50 price target on the stock. in a report on Wednesday, November 20th. Roth Capital raised Bloom Energy to a “hold” rating in a research note on Tuesday, December 10th. Truist Financial boosted their target price on Bloom Energy from $11.00 to $22.00 and gave the stock a “hold” rating in a research report on Thursday, January 16th. Finally, Robert W. Baird increased their price target on Bloom Energy from $15.00 to $32.00 and gave the company an “outperform” rating in a research report on Thursday, December 12th. One analyst has rated the stock with a sell rating, twelve have assigned a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $23.08.

Insider Buying and Selling at Bloom Energy

In other Bloom Energy news, insider Shawn Marie Soderberg sold 1,639 shares of Bloom Energy stock in a transaction that occurred on Thursday, January 16th. The shares were sold at an average price of $23.42, for a total value of $38,385.38. Following the completion of the sale, the insider now directly owns 171,040 shares in the company, valued at $4,005,756.80. The trade was a 0.95 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Kr Sridhar sold 72,903 shares of the stock in a transaction on Wednesday, November 20th. The stock was sold at an average price of $25.02, for a total transaction of $1,824,033.06. Following the transaction, the chief executive officer now owns 1,869,593 shares in the company, valued at approximately $46,777,216.86. This trade represents a 3.75 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 122,528 shares of company stock worth $3,061,501 over the last 90 days. 8.81% of the stock is currently owned by corporate insiders.

Institutional Trading of Bloom Energy

Several large investors have recently made changes to their positions in BE. JAT Capital Mgmt LP lifted its position in Bloom Energy by 50.0% during the 3rd quarter. JAT Capital Mgmt LP now owns 2,198,974 shares of the company’s stock worth $23,221,000 after acquiring an additional 733,363 shares during the last quarter. Erste Asset Management GmbH acquired a new position in shares of Bloom Energy during the 3rd quarter worth about $3,762,000. Edgestream Partners L.P. acquired a new stake in Bloom Energy in the 3rd quarter valued at approximately $3,274,000. Temasek Holdings Private Ltd acquired a new position in shares of Bloom Energy during the third quarter worth approximately $3,249,000. Finally, International Assets Investment Management LLC boosted its position in shares of Bloom Energy by 1,490.8% in the third quarter. International Assets Investment Management LLC now owns 185,328 shares of the company’s stock valued at $19,570,000 after acquiring an additional 173,678 shares during the period. Institutional investors own 77.04% of the company’s stock.

Bloom Energy Trading Up 7.2 %

The business’s fifty day simple moving average is $24.77 and its two-hundred day simple moving average is $16.16. The company has a current ratio of 3.36, a quick ratio of 2.33 and a debt-to-equity ratio of 3.09. The stock has a market capitalization of $6.78 billion, a P/E ratio of -52.95 and a beta of 3.06.

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.