Bloom Energy (NYSE:BE) Shares Gap Up to $10.82

Bloom Energy Co. (NYSE:BE) shares gapped up prior to trading on Wednesday . The stock had previously closed at $10.82, but opened at $11.19. Bloom Energy shares last traded at $11.32, with a volume of 698,028 shares.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on BE. Susquehanna dropped their price target on Bloom Energy from $18.00 to $16.00 and set a “positive” rating on the stock in a research report on Wednesday, March 27th. Evercore ISI cut their price objective on shares of Bloom Energy from $21.00 to $20.00 and set an “outperform” rating on the stock in a research note on Friday, May 10th. TD Cowen boosted their price target on shares of Bloom Energy from $10.00 to $13.00 and gave the stock a “hold” rating in a research report on Friday, May 10th. Morgan Stanley reiterated an “overweight” rating and set a $22.00 price target on shares of Bloom Energy in a research report on Monday, March 25th. Finally, Truist Financial upgraded shares of Bloom Energy from a “sell” rating to a “hold” rating and boosted their target price for the stock from $9.00 to $11.00 in a report on Wednesday, March 6th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Bloom Energy has a consensus rating of “Hold” and an average price target of $15.69.

Bloom Energy Price Performance

The company’s 50-day simple moving average is $13.42 and its 200 day simple moving average is $12.12. The company has a quick ratio of 2.97, a current ratio of 4.45 and a debt-to-equity ratio of 2.56. The stock has a market capitalization of $2.61 billion, a price-to-earnings ratio of -8.52 and a beta of 2.80.

Bloom Energy (NYSE:BE) last issued its quarterly earnings data on Thursday, May 9th. The company reported ($0.25) EPS for the quarter, missing analysts’ consensus estimates of ($0.16) by ($0.09). Bloom Energy had a negative net margin of 22.27% and a negative return on equity of 19.32%. The company had revenue of $235.30 million for the quarter, compared to analyst estimates of $254.06 million. Equities research analysts forecast that Bloom Energy Co. will post -0.26 EPS for the current year.

Insider Transactions at Bloom Energy

In other Bloom Energy news, insider Shawn Marie Soderberg sold 8,963 shares of the company’s stock in a transaction dated Tuesday, April 16th. The shares were sold at an average price of $9.86, for a total transaction of $88,375.18. Following the completion of the sale, the insider now directly owns 168,003 shares in the company, valued at $1,656,509.58. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, CEO Kr Sridhar sold 40,112 shares of the firm’s stock in a transaction on Monday, May 13th. The shares were sold at an average price of $11.93, for a total value of $478,536.16. Following the sale, the chief executive officer now owns 2,742,496 shares in the company, valued at $32,717,977.28. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Shawn Marie Soderberg sold 8,963 shares of the company’s stock in a transaction on Tuesday, April 16th. The shares were sold at an average price of $9.86, for a total transaction of $88,375.18. Following the transaction, the insider now owns 168,003 shares of the company’s stock, valued at $1,656,509.58. The disclosure for this sale can be found here. Over the last three months, insiders sold 78,385 shares of company stock worth $943,038. 3.50% of the stock is owned by insiders.

Institutional Trading of Bloom Energy

Several hedge funds and other institutional investors have recently bought and sold shares of BE. Tsfg LLC lifted its stake in shares of Bloom Energy by 11.1% in the fourth quarter. Tsfg LLC now owns 10,006 shares of the company’s stock valued at $148,000 after buying an additional 1,000 shares during the period. Millburn Ridgefield Corp raised its holdings in Bloom Energy by 64.0% in the 1st quarter. Millburn Ridgefield Corp now owns 3,296 shares of the company’s stock valued at $37,000 after acquiring an additional 1,286 shares in the last quarter. Steward Partners Investment Advisory LLC lifted its position in shares of Bloom Energy by 9.3% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 15,299 shares of the company’s stock worth $226,000 after acquiring an additional 1,308 shares during the period. Tocqueville Asset Management L.P. grew its holdings in shares of Bloom Energy by 3.1% during the 1st quarter. Tocqueville Asset Management L.P. now owns 59,250 shares of the company’s stock worth $666,000 after purchasing an additional 1,800 shares in the last quarter. Finally, Principal Financial Group Inc. increased its position in shares of Bloom Energy by 10.6% during the fourth quarter. Principal Financial Group Inc. now owns 22,294 shares of the company’s stock valued at $330,000 after purchasing an additional 2,139 shares during the period. 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.