Bloom Energy (NYSE:BE) Shares Gap Up to $10.14

Bloom Energy Co. (NYSE:BE) shares gapped up before the market opened on Thursday . The stock had previously closed at $10.14, but opened at $10.84. Bloom Energy shares last traded at $10.46, with a volume of 645,515 shares traded.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on BE. Piper Sandler increased their price objective on shares of Bloom Energy from $10.00 to $11.00 and gave the stock a “neutral” rating in a research note on Monday, July 22nd. UBS Group lowered their price target on Bloom Energy from $25.00 to $23.00 and set a “buy” rating for the company in a report on Thursday, August 15th. Truist Financial raised their target price on Bloom Energy from $12.00 to $13.00 and gave the stock a “hold” rating in a research report on Monday, August 12th. Jefferies Financial Group cut Bloom Energy from a “buy” rating to a “hold” rating and decreased their price target for the company from $15.00 to $11.00 in a research note on Friday, September 6th. Finally, BTIG Research raised their price objective on Bloom Energy from $19.00 to $21.00 and gave the stock a “buy” rating in a research report on Thursday, June 6th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and ten have given a buy rating to the company. According to MarketBeat.com, Bloom Energy currently has a consensus rating of “Hold” and a consensus price target of $15.88.

Bloom Energy Price Performance

The business has a 50-day moving average price of $12.06 and a 200 day moving average price of $12.11. The stock has a market cap of $2.37 billion, a PE ratio of -7.51 and a beta of 2.69. The company has a current ratio of 4.65, a quick ratio of 3.33 and a debt-to-equity ratio of 3.43.

Bloom Energy (NYSE:BE) last issued its earnings results on Thursday, August 8th. The company reported ($0.06) EPS for the quarter, hitting the consensus estimate of ($0.06). The business had revenue of $335.80 million during the quarter, compared to the consensus estimate of $307.73 million. Bloom Energy had a negative return on equity of 11.90% and a negative net margin of 21.37%. The firm’s revenue was up 11.5% compared to the same quarter last year. During the same quarter last year, the company earned ($0.32) EPS. As a group, research analysts forecast that Bloom Energy Co. will post -0.25 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, insider Shawn Marie Soderberg sold 2,094 shares of the stock in a transaction dated Tuesday, July 16th. The stock was sold at an average price of $14.53, for a total transaction of $30,425.82. Following the transaction, the insider now directly owns 168,867 shares in the company, valued at approximately $2,453,637.51. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 8.81% of the company’s stock.

Hedge Funds Weigh In On Bloom Energy

A number of hedge funds have recently modified their holdings of BE. Vanguard Group Inc. boosted its stake in Bloom Energy by 1.6% during the fourth quarter. Vanguard Group Inc. now owns 19,528,801 shares of the company’s stock worth $289,026,000 after acquiring an additional 307,627 shares in the last quarter. Electron Capital Partners LLC bought a new position in Bloom Energy during the 4th quarter valued at approximately $27,796,000. Norges Bank bought a new position in Bloom Energy during the 4th quarter valued at approximately $82,678,000. DekaBank Deutsche Girozentrale boosted its holdings in Bloom Energy by 762.3% in the first quarter. DekaBank Deutsche Girozentrale now owns 504,591 shares of the company’s stock worth $5,712,000 after acquiring an additional 446,074 shares in the last quarter. Finally, Russell Investments Group Ltd. grew its stake in shares of Bloom Energy by 99,266.7% in the first quarter. Russell Investments Group Ltd. now owns 146,069 shares of the company’s stock worth $1,642,000 after acquiring an additional 145,922 shares during the last quarter. Hedge funds and other institutional investors 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.