Bank of America Cuts Bloom Energy (NYSE:BE) Price Target to $18.00

Bloom Energy (NYSE:BE) had its target price cut by Bank of America from $20.00 to $18.00 in a report released on Tuesday,Benzinga reports. They currently have an underperform rating on the stock.

BE has been the subject of a number of other reports. Roth Capital upgraded shares of Bloom Energy to a “hold” rating in a report on Tuesday, December 10th. Susquehanna upped their price target on Bloom Energy from $20.00 to $33.00 and gave the stock a “positive” rating in a research note on Friday, December 6th. Morgan Stanley raised their price objective on Bloom Energy from $20.00 to $28.00 and gave the company 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 target price for the company. in a research report on Wednesday, November 20th. Finally, Truist Financial lifted their price target on shares of Bloom Energy from $11.00 to $22.00 and gave the company a “hold” rating in a research report on Thursday, January 16th. One equities research analyst has rated the stock with a sell rating, twelve have issued a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Bloom Energy currently has a consensus rating of “Hold” and a consensus target price of $23.13.

Bloom Energy Price Performance

Shares of NYSE:BE opened at $23.63 on Tuesday. The firm has a market cap of $5.40 billion, a price-to-earnings ratio of -42.20 and a beta of 3.06. Bloom Energy has a 1 year low of $8.41 and a 1 year high of $29.83. 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 business has a fifty day simple moving average of $24.64 and a 200 day simple moving average of $16.41.

Insider Activity

In related news, insider Shawn Marie Soderberg sold 1,639 shares of Bloom Energy stock in a transaction dated Thursday, January 16th. The shares were sold at an average price of $23.42, for a total transaction of $38,385.38. Following the completion of the transaction, the insider now directly owns 171,040 shares of the company’s stock, valued at $4,005,756.80. This trade represents a 0.95 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Kr Sridhar sold 72,903 shares of the company’s stock in a transaction dated 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 sale, the chief executive officer now directly owns 1,869,593 shares in the company, valued at $46,777,216.86. This represents a 3.75 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 122,528 shares of company stock worth $3,061,501. 8.81% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. Sei Investments Co. increased its stake in shares of Bloom Energy by 86.2% in the 2nd quarter. Sei Investments Co. now owns 44,436 shares of the company’s stock valued at $544,000 after acquiring an additional 20,565 shares during the last quarter. Xponance Inc. grew its holdings in shares of Bloom Energy by 7.8% in the 2nd quarter. Xponance Inc. now owns 12,542 shares of the company’s stock valued at $154,000 after buying an additional 903 shares during the period. Marshall Wace LLP increased its position in shares of Bloom Energy by 30.0% in the 2nd quarter. Marshall Wace LLP now owns 510,315 shares of the company’s stock valued at $6,246,000 after buying an additional 117,648 shares in the last quarter. The Manufacturers Life Insurance Company raised its stake in Bloom Energy by 6.7% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 114,705 shares of the company’s stock worth $1,404,000 after buying an additional 7,205 shares during the period. Finally, Algert Global LLC acquired a new position in Bloom Energy in the second quarter valued at about $251,000. 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.