Bloom Energy (NYSE:BE) Shares Up 7.5% – Here’s What Happened

Bloom Energy Co. (NYSE:BE) shot up 7.5% on Friday . The stock traded as high as $25.30 and last traded at $25.13. 2,027,901 shares changed hands during trading, a decline of 33% from the average session volume of 3,015,760 shares. The stock had previously closed at $23.37.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on BE shares. Truist Financial reduced their target price on Bloom Energy from $13.00 to $12.00 and set a “hold” rating for the company in a report on Wednesday, October 16th. Robert W. Baird increased their price objective on Bloom Energy from $15.00 to $32.00 and gave the stock an “outperform” rating in a research note on Thursday, December 12th. Susquehanna lifted their target price on Bloom Energy from $20.00 to $33.00 and gave the company a “positive” rating in a research note on Friday, December 6th. BMO Capital Markets increased their price target on shares of Bloom Energy from $12.00 to $19.50 and gave the stock a “market perform” rating in a research report on Friday, November 15th. Finally, Piper Sandler boosted 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 investment analyst has rated the stock with a sell rating, twelve have given a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $22.45.

Bloom Energy Price Performance

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 stock’s 50 day moving average price is $20.99 and its two-hundred day moving average price is $14.89. The firm has a market capitalization of $5.56 billion, a price-to-earnings ratio of -43.43 and a beta of 3.06.

Insiders Place Their Bets

In other Bloom Energy news, CEO Kr Sridhar sold 72,903 shares of the stock in a transaction on Wednesday, November 20th. The shares were sold at an average price of $25.02, for a total value of $1,824,033.06. Following the completion of the sale, the chief executive officer now directly owns 1,869,593 shares of the company’s stock, valued at $46,777,216.86. This represents a 3.75 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, 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 transaction, the insider now directly owns 168,561 shares of the company’s stock, valued at $4,139,858.16. This represents a 0.76 % decrease in their position. 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 in the last quarter. Insiders own 8.81% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of BE. Electron Capital Partners LLC grew its stake 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 valued at $38,592,000 after purchasing an additional 1,790,733 shares during the period. JAT Capital Mgmt LP grew its position in Bloom Energy by 50.0% in the third quarter. JAT Capital Mgmt LP now owns 2,198,974 shares of the company’s stock valued at $23,221,000 after acquiring an additional 733,363 shares during the period. DigitalBridge Group Inc. raised its stake in Bloom Energy by 66.3% during the second quarter. DigitalBridge Group Inc. now owns 1,160,389 shares of the company’s stock worth $14,203,000 after acquiring an additional 462,581 shares in the last quarter. Pier Capital LLC bought a new position in shares of Bloom Energy during the second quarter valued at $5,602,000. Finally, Erste Asset Management GmbH acquired a new stake in shares of Bloom Energy in the 3rd quarter valued at $3,762,000. 77.04% of the stock is currently owned by institutional investors and hedge funds.

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.