Bloom Energy (NYSE:BE) Hits New 52-Week High Following Analyst Upgrade

Shares of Bloom Energy Co. (NYSE:BE) hit a new 52-week high during trading on Friday after BTIG Research raised their price target on the stock from $16.00 to $20.00. BTIG Research currently has a buy rating on the stock. Bloom Energy traded as high as $22.50 and last traded at $18.71, with a volume of 11573566 shares trading hands. The stock had previously closed at $13.28.

Other research analysts also recently issued research reports about the stock. Susquehanna raised their target price on shares of Bloom Energy from $13.00 to $16.00 and gave the company a “positive” rating in a research report on Tuesday, November 12th. Truist Financial cut their price objective on Bloom Energy from $13.00 to $12.00 and set a “hold” rating for the company in a research report on Wednesday, October 16th. UBS Group dropped their price target on Bloom Energy from $25.00 to $23.00 and set a “buy” rating on the stock in a research note on Thursday, August 15th. BMO Capital Markets increased their price target on Bloom Energy from $12.00 to $19.50 and gave the company a “market perform” rating in a research note on Friday. Finally, Piper Sandler upgraded Bloom Energy from a “neutral” rating to an “overweight” rating and increased their price target for the company from $10.00 to $20.00 in a research note on Friday. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $16.05.

Hedge Funds Weigh In On Bloom Energy

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its holdings in Bloom Energy by 0.8% during the 1st quarter. Vanguard Group Inc. now owns 19,685,235 shares of the company’s stock valued at $221,262,000 after acquiring an additional 156,434 shares during the period. Electron Capital Partners LLC boosted its holdings in Bloom Energy by 131.5% during the 2nd quarter. Electron Capital Partners LLC now owns 3,152,944 shares of the company’s stock valued at $38,592,000 after acquiring an additional 1,790,733 shares during the period. JAT Capital Mgmt LP raised its position in Bloom Energy by 50.0% during 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. DigitalBridge Group Inc. raised its position in Bloom Energy by 66.3% during the 2nd quarter. DigitalBridge Group Inc. now owns 1,160,389 shares of the company’s stock valued at $14,203,000 after purchasing an additional 462,581 shares during the last quarter. Finally, Pinnacle Associates Ltd. raised its position in Bloom Energy by 48.6% during the 2nd quarter. Pinnacle Associates Ltd. now owns 869,586 shares of the company’s stock valued at $10,644,000 after purchasing an additional 284,298 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 business has a 50-day simple moving average of $10.82 and a 200 day simple moving average of $12.28. The firm has a market cap of $4.81 billion, a P/E ratio of -37.75 and a beta of 2.71. The company has a debt-to-equity ratio of 3.09, a quick ratio of 3.33 and a current ratio of 3.36.

Bloom Energy Company Profile

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.