Bloom Energy (NYSE:BE) Shares Down 7.2% Following Analyst Downgrade

Shares of Bloom Energy Co. (NYSE:BEGet Free Report) traded down 7.2% during trading on Tuesday after Bank of America lowered their price target on the stock from $20.00 to $18.00. Bank of America currently has an underperform rating on the stock. Bloom Energy traded as low as $20.73 and last traded at $20.80. 4,502,055 shares changed hands during mid-day trading, a decline of 35% from the average session volume of 6,893,055 shares. The stock had previously closed at $22.42.

BE has been the topic of a number of other reports. Morgan Stanley upped their price target on Bloom Energy from $20.00 to $28.00 and gave the stock an “overweight” rating in a research note on Monday, November 18th. Roth Capital raised Bloom Energy to a “hold” rating in a research note on Tuesday, December 10th. BMO Capital Markets lifted their target price 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. UBS Group boosted their price target on shares of Bloom Energy from $21.00 to $33.00 and gave the stock a “buy” rating in a research note on Tuesday, November 26th. Finally, Hsbc Global Res raised shares of Bloom Energy to a “hold” rating in a research note on Wednesday, November 20th. One research analyst has rated the stock with a sell rating, twelve have assigned a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Bloom Energy presently has a consensus rating of “Hold” and an average target price of $23.13.

Read Our Latest Research Report on Bloom Energy

Insider Buying and Selling at Bloom Energy

In other Bloom Energy news, insider Shawn Marie Soderberg sold 1,289 shares of the firm’s stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $24.56, for a total transaction of $31,657.84. Following the transaction, the insider now owns 168,561 shares of the company’s stock, valued at approximately $4,139,858.16. This trade represents a 0.76 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Kr Sridhar sold 46,697 shares of the business’s stock in a transaction dated 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 sale, the chief executive officer now directly owns 1,822,496 shares of the company’s stock, valued at $45,562,400. The trade was a 2.50 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 122,528 shares of company stock worth $3,061,501 over the last ninety days. 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 the business. 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 valued at $23,221,000 after purchasing an additional 733,363 shares during the last quarter. Elemental Capital Partners LLC acquired a new position in Bloom Energy in the fourth quarter valued at $33,612,000. Artemis Investment Management LLP raised its holdings in shares of Bloom Energy by 20.5% in the third quarter. Artemis Investment Management LLP now owns 738,673 shares of the company’s stock valued at $7,800,000 after buying an additional 125,757 shares during the last quarter. Van ECK Associates Corp boosted its stake in shares of Bloom Energy by 13.1% during the third quarter. Van ECK Associates Corp now owns 661,932 shares of the company’s stock worth $6,990,000 after buying an additional 76,536 shares during the period. Finally, Pier Capital LLC grew its holdings in shares of Bloom Energy by 0.9% during the third quarter. Pier Capital LLC now owns 461,744 shares of the company’s stock worth $4,876,000 after buying an additional 4,082 shares during the last quarter. 77.04% of the stock is currently owned by hedge funds and other institutional investors.

Bloom Energy Price Performance

The company has a 50-day moving average of $24.65 and a 200-day moving average of $16.36. 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 stock has a market cap of $5.12 billion, a price-to-earnings ratio of -40.00 and a beta of 3.06.

Bloom Energy Company Profile

(Get Free Report)

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.

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