Bloom Energy (NYSE:BE) Trading 7.3% Higher Following Analyst Upgrade

Shares of Bloom Energy Co. (NYSE:BE) rose 7.3% on Wednesday after UBS Group raised their price target on the stock from $21.00 to $33.00. UBS Group currently has a buy rating on the stock. Bloom Energy traded as high as $28.36 and last traded at $28.08. Approximately 1,158,056 shares changed hands during trading, a decline of 82% from the average daily volume of 6,508,571 shares. The stock had previously closed at $26.17.

BE has been the subject of a number of other research reports. BTIG Research boosted their price objective on shares of Bloom Energy from $16.00 to $20.00 and gave the company a “buy” rating in a research report on Friday, November 15th. Jefferies Financial Group upped their target price on Bloom Energy from $12.00 to $22.00 and gave the company a “hold” rating in a report on Friday, November 22nd. Royal Bank of Canada raised their price target on Bloom Energy from $15.00 to $28.00 and gave the stock an “outperform” rating in a report on Monday, November 18th. Piper Sandler boosted their price objective on Bloom Energy from $20.00 to $30.00 and gave the company an “overweight” rating in a research report on Friday, November 22nd. Finally, Morgan Stanley increased their target price on Bloom Energy from $20.00 to $28.00 and gave the stock an “overweight” rating in a research report on Monday, November 18th. One analyst has rated the stock with a sell rating, ten have issued a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $19.14.

Insider Activity at Bloom Energy

In related news, insider Shawn Marie Soderberg sold 1,289 shares of the business’s stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $24.56, for a total value of $31,657.84. Following the sale, the insider now directly owns 168,561 shares in the company, valued at $4,139,858.16. The trade was a 0.76 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Kr Sridhar sold 46,697 shares of the firm’s stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $25.00, for a total transaction of $1,167,425.00. Following the sale, the chief executive officer now owns 1,822,496 shares of the company’s stock, valued at $45,562,400. The trade was a 2.50 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 122,975 shares of company stock worth $3,045,019 over the last quarter. 8.81% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Bloom Energy

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Millburn Ridgefield Corp raised its holdings in shares of Bloom Energy by 29.2% during 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. Wilmington Savings Fund Society FSB bought a new position in Bloom Energy during the third quarter valued at about $34,000. ORG Partners LLC acquired a new stake in shares of Bloom Energy in the second quarter worth about $40,000. Quest Partners LLC boosted its stake in shares of Bloom Energy by 2,780.0% during the 2nd quarter. Quest Partners LLC now owns 3,600 shares of the company’s stock worth $44,000 after acquiring an additional 3,475 shares in the last quarter. Finally, Gilliland Jeter Wealth Management LLC acquired a new position in shares of Bloom Energy during the 2nd quarter valued at about $53,000. 77.04% of the stock is currently owned by hedge funds and other institutional investors.

Bloom Energy Price Performance

The stock has a 50 day moving average of $12.87 and a two-hundred day moving average of $12.93. The company has a debt-to-equity ratio of 3.09, a quick ratio of 2.33 and a current ratio of 3.36. The firm has a market capitalization of $6.22 billion, a P/E ratio of -50.20 and a beta of 2.71.

Bloom Energy Company Profile

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.