Bloom Energy (NYSE:BE) Sees Large Volume Increase After Analyst Upgrade

Bloom Energy Co. (NYSE:BE) shares saw unusually-high trading volume on Monday after Royal Bank of Canada raised their price target on the stock from $15.00 to $28.00. Royal Bank of Canada currently has an outperform rating on the stock. Approximately 6,819,066 shares changed hands during trading, an increase of 9% from the previous session’s volume of 6,247,839 shares.The stock last traded at $23.17 and had previously closed at $21.14.

Other equities analysts have also recently issued reports about the company. Piper Sandler upgraded Bloom Energy from a “neutral” rating to an “overweight” rating and raised their price objective for the company from $10.00 to $20.00 in a research note on Friday, November 15th. UBS Group dropped their target price on Bloom Energy from $25.00 to $23.00 and set a “buy” rating on the stock in a research report on Thursday, August 15th. Morgan Stanley lifted their price target on Bloom Energy from $20.00 to $28.00 and gave the company an “overweight” rating in a research report on Monday. Bank of America dropped their price objective on shares of Bloom Energy from $8.00 to $7.00 and set an “underperform” rating for the company in a report on Thursday, November 7th. Finally, Truist Financial lowered their price target on Bloom Energy from $13.00 to $12.00 and set a “hold” rating on the stock in a research report on Wednesday, October 16th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Bloom Energy currently has a consensus rating of “Moderate Buy” and a consensus target price of $17.17.

Insider Transactions at Bloom Energy

In related news, insider Shawn Marie Soderberg sold 1,289 shares of the stock in a transaction on Monday, November 18th. The stock was 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 approximately $4,139,858.16. This represents a 0.76 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 3.50% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Millburn Ridgefield Corp increased its position in shares of Bloom Energy by 29.2% in the third quarter. Millburn Ridgefield Corp now owns 2,339 shares of the company’s stock valued at $25,000 after buying an additional 528 shares in the last quarter. ORG Partners LLC purchased a new stake in shares of Bloom Energy during the 2nd quarter valued at approximately $40,000. Quest Partners LLC lifted its holdings in Bloom Energy by 2,780.0% in the second quarter. Quest Partners LLC now owns 3,600 shares of the company’s stock valued at $44,000 after acquiring an additional 3,475 shares during the last quarter. Gilliland Jeter Wealth Management LLC purchased a new position in shares of Bloom Energy during the 2nd quarter worth $53,000. Finally, Mather Group LLC. acquired a new position in shares of Bloom Energy in the 2nd quarter worth approximately $66,000. 77.04% of the stock is currently owned by institutional investors and hedge funds.

Bloom Energy Stock Performance

The company has a market capitalization of $5.43 billion, a price-to-earnings ratio of -42.41 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 has a 50-day simple moving average of $11.08 and a two-hundred day simple moving average of $12.36.

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.