Bloom Energy (NYSE:BE) Trading Down 7.2% Following Analyst Downgrade

Bloom Energy Co. (NYSE:BE)’s share price fell 7.2% during trading on Tuesday after Bank of America lowered their price target on the stock from $20.00 to $18.00. Bank of America currently has an underperform rating on the stock. Bloom Energy traded as low as $20.73 and last traded at $20.80. 4,502,055 shares traded hands during mid-day trading, a decline of 35% from the average session volume of 6,893,055 shares. The stock had previously closed at $22.42.

A number of other equities analysts have also recently commented on BE. Piper Sandler increased their target price on Bloom Energy from $30.00 to $33.00 and gave the company an “overweight” rating in a report on Monday. Robert W. Baird increased their price objective on Bloom Energy from $15.00 to $32.00 and gave the company an “outperform” rating in a research note on Thursday, December 12th. UBS Group upped their target price on shares of Bloom Energy from $21.00 to $33.00 and gave the stock a “buy” rating in a report on Tuesday, November 26th. Roth Mkm initiated coverage on shares of Bloom Energy in a research note on Wednesday, December 11th. They issued a “neutral” rating and a $25.00 price target on the stock. Finally, Truist Financial boosted their price target on shares of Bloom Energy from $11.00 to $22.00 and gave the stock a “hold” rating in a research report on Thursday, January 16th. One investment analyst has rated the stock with a sell rating, twelve have given a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Bloom Energy presently has an average rating of “Hold” and a consensus price target of $23.13.

Insider Buying and Selling

In other Bloom Energy news, CEO Kr Sridhar sold 72,903 shares of Bloom Energy stock in a transaction that occurred on Wednesday, November 20th. The shares were sold at an average price of $25.02, for a total value of $1,824,033.06. Following the completion of the sale, the chief executive officer now directly owns 1,869,593 shares of the company’s stock, valued at approximately $46,777,216.86. The trade was a 3.75 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Shawn Marie Soderberg sold 1,289 shares of the stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $24.56, for a total value of $31,657.84. Following the transaction, the insider now owns 168,561 shares in the company, valued at $4,139,858.16. This trade represents a 0.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 122,528 shares of company stock worth $3,061,501 in the last three months. Corporate insiders own 8.81% of the company’s stock.

Institutional Investors Weigh In On Bloom Energy

Several hedge funds and other institutional investors have recently added to or reduced their stakes in BE. Millburn Ridgefield Corp grew its position in shares of Bloom Energy by 29.2% during the third quarter. Millburn Ridgefield Corp now owns 2,339 shares of the company’s stock worth $25,000 after buying an additional 528 shares in the last quarter. Wilmington Savings Fund Society FSB bought a new position in Bloom Energy during the 3rd quarter valued at $34,000. Avior Wealth Management LLC acquired a new position in Bloom Energy during the 4th quarter worth $40,000. GAMMA Investing LLC increased its position in shares of Bloom Energy by 26.8% in the 4th quarter. GAMMA Investing LLC now owns 2,690 shares of the company’s stock worth $60,000 after purchasing an additional 569 shares during the last quarter. Finally, Emerald Mutual Fund Advisers Trust acquired a new stake in shares of Bloom Energy in the 3rd quarter valued at about $74,000. Hedge funds and other institutional investors own 77.04% of the company’s stock.

Bloom Energy Stock Down 8.6 %

The company has a debt-to-equity ratio of 3.09, a current ratio of 3.36 and a quick ratio of 2.33. The firm has a market cap of $4.68 billion, a P/E ratio of -36.59 and a beta of 3.06. The firm’s 50-day moving average price is $24.69 and its 200 day moving average price is $16.32.

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.