Bloom Energy (NYSE:BE) Cut to Hold at HSBC

HSBC lowered shares of Bloom Energy (NYSE:BE) from a buy rating to a hold rating in a report released on Wednesday morning, MarketBeat reports. The firm currently has $24.50 target price on the stock.

Several other brokerages have also recently weighed in on BE. Royal Bank of Canada upped their price objective on shares of Bloom Energy from $15.00 to $28.00 and gave the stock an “outperform” rating in a research note on Monday, November 18th. Piper Sandler raised Bloom Energy from a “neutral” rating to an “overweight” rating and raised their price target for the company from $10.00 to $20.00 in a report on Friday, November 15th. BMO Capital Markets lifted their price objective on Bloom Energy from $12.00 to $19.50 and gave the company a “market perform” rating in a research report on Friday, November 15th. Jefferies Financial Group cut Bloom Energy from a “buy” rating to a “hold” rating and decreased their target price for the stock from $15.00 to $11.00 in a report on Friday, September 6th. Finally, Susquehanna lifted their price target on Bloom Energy from $13.00 to $16.00 and gave the company a “positive” rating in a report on Tuesday, November 12th. One analyst has rated the stock with a sell rating, ten have given a hold rating, nine have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $18.66.

Bloom Energy Stock Up 7.6 %

BE opened at $25.77 on Wednesday. The firm has a market cap of $5.89 billion, a price-to-earnings ratio of -46.00 and a beta of 2.71. 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’s 50-day simple moving average is $11.91 and its 200-day simple moving average is $12.61. Bloom Energy has a twelve month low of $8.41 and a twelve month high of $26.26.

Insider Buying and Selling

In related news, CEO Kr Sridhar sold 46,697 shares of the firm’s stock in a transaction 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 approximately $45,562,400. This trade represents a 2.50 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Shawn Marie Soderberg sold 1,289 shares of Bloom Energy 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 approximately $4,139,858.16. This represents a 0.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 122,975 shares of company stock valued at $3,045,019 over the last three months. Company insiders own 8.81% of the company’s stock.

Institutional Investors Weigh In On Bloom Energy

A number of hedge funds have recently modified their holdings of the business. Mizuho Markets Americas LLC increased its stake in Bloom Energy by 8.2% during the 3rd quarter. Mizuho Markets Americas LLC now owns 410,555 shares of the company’s stock worth $4,335,000 after purchasing an additional 31,189 shares in the last quarter. Parametrica Management Ltd bought a new stake in shares of Bloom Energy during the third quarter worth $785,000. International Assets Investment Management LLC raised its holdings in shares of Bloom Energy by 1,490.8% during the third quarter. International Assets Investment Management LLC now owns 185,328 shares of the company’s stock worth $19,570,000 after acquiring an additional 173,678 shares during the period. Oppenheimer & Co. Inc. lifted its position in Bloom Energy by 148.8% in the 3rd quarter. Oppenheimer & Co. Inc. now owns 130,418 shares of the company’s stock valued at $1,377,000 after acquiring an additional 78,009 shares in the last quarter. Finally, Van ECK Associates Corp boosted its stake in Bloom Energy by 13.1% in the 3rd quarter. Van ECK Associates Corp now owns 661,932 shares of the company’s stock worth $6,990,000 after purchasing an additional 76,536 shares during the period. 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.