Bloom Energy (NYSE:BE) Given New $20.00 Price Target at Bank of America

Bloom Energy (NYSE:BE) had its target price hoisted by Bank of America from $7.00 to $20.00 in a research report issued on Monday,Benzinga reports. The brokerage currently has an “underperform” rating on the stock. Bank of America‘s price target suggests a potential downside of 14.78% from the company’s current price.

Other analysts have also issued research reports about the company. BMO Capital Markets boosted their price target on Bloom Energy from $12.00 to $19.50 and gave the company a “market perform” rating in a report on Friday, November 15th. Hsbc Global Res upgraded Bloom Energy to a “hold” rating in a research note on Wednesday, November 20th. Morgan Stanley raised their target price on shares of Bloom Energy from $20.00 to $28.00 and gave the stock an “overweight” rating in a research note on Monday, November 18th. UBS Group upped their price target on shares of Bloom Energy from $21.00 to $33.00 and gave the stock a “buy” rating in a research report on Tuesday, November 26th. Finally, Piper Sandler raised their price objective on shares of Bloom Energy from $20.00 to $30.00 and gave the company an “overweight” rating in a research report on Friday, November 22nd. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $20.81.

Bloom Energy Trading Down 11.7 %

Shares of BE stock opened at $23.47 on Monday. 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 company has a market cap of $5.36 billion, a price-to-earnings ratio of -41.91 and a beta of 3.04. Bloom Energy has a 1 year low of $8.41 and a 1 year high of $28.70. The firm has a fifty day moving average price of $16.06 and a 200-day moving average price of $13.81.

Insider Buying and Selling

In other Bloom Energy news, CEO Kr Sridhar sold 46,697 shares of Bloom Energy stock in a transaction on Friday, November 22nd. The shares were sold at an average price of $25.00, for a total value of $1,167,425.00. Following the completion of the transaction, the chief executive officer now directly owns 1,822,496 shares of the company’s stock, valued at $45,562,400. This trade represents a 2.50 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Shawn Marie Soderberg sold 1,289 shares of the company’s stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $24.56, for a total transaction of $31,657.84. Following the sale, the insider now owns 168,561 shares in the company, valued at $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. Over the last three months, insiders have sold 122,975 shares of company stock worth $3,045,019. Corporate insiders own 8.81% of the company’s stock.

Hedge Funds Weigh In On Bloom Energy

Institutional investors and hedge funds have recently modified their holdings of the stock. Electron Capital Partners LLC lifted its holdings in shares of Bloom Energy by 131.5% in the 2nd quarter. Electron Capital Partners LLC now owns 3,152,944 shares of the company’s stock worth $38,592,000 after acquiring an additional 1,790,733 shares during the last quarter. JAT Capital Mgmt LP raised its position in Bloom Energy by 50.0% in the 3rd quarter. JAT Capital Mgmt LP now owns 2,198,974 shares of the company’s stock worth $23,221,000 after purchasing an additional 733,363 shares during the period. DigitalBridge Group Inc. lifted its stake in Bloom Energy by 66.3% in the second quarter. DigitalBridge Group Inc. now owns 1,160,389 shares of the company’s stock worth $14,203,000 after purchasing an additional 462,581 shares during the last quarter. Pinnacle Associates Ltd. boosted its position in shares of Bloom Energy by 48.6% during the second quarter. Pinnacle Associates Ltd. now owns 869,586 shares of the company’s stock valued at $10,644,000 after buying an additional 284,298 shares during the period. Finally, DekaBank Deutsche Girozentrale raised its holdings in shares of Bloom Energy by 64.6% in the second quarter. DekaBank Deutsche Girozentrale now owns 830,405 shares of the company’s stock worth $11,017,000 after buying an additional 325,814 shares during the period. 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.