Bloom Energy (NYSE:BE) Trading Down 3.4% – Here’s What Happened

Bloom Energy Co. (NYSE:BE) shares were down 3.4% during mid-day trading on Monday . The stock traded as low as $10.28 and last traded at $10.38. Approximately 362,762 shares were traded during trading, a decline of 94% from the average daily volume of 5,822,400 shares. The stock had previously closed at $10.74.

Analyst Ratings Changes

A number of brokerages have recently commented on BE. Jefferies Financial Group lowered shares of Bloom Energy from a “buy” rating to a “hold” rating and reduced their price target for the stock from $15.00 to $11.00 in a research note on Friday, September 6th. Bank of America raised their target price on shares of Bloom Energy from $8.00 to $9.00 and gave the stock an “underperform” rating in a report on Wednesday, July 17th. Piper Sandler boosted their target price on shares of Bloom Energy from $10.00 to $11.00 and gave the company a “neutral” rating in a research note on Monday, July 22nd. Royal Bank of Canada reissued an “outperform” rating and set a $15.00 price target on shares of Bloom Energy in a report on Thursday, June 20th. Finally, UBS Group cut their price objective on Bloom Energy from $25.00 to $23.00 and set a “buy” rating for the company in a report on Thursday, August 15th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $15.88.

Bloom Energy Price Performance

The firm has a market cap of $2.38 billion, a PE ratio of -7.75 and a beta of 2.69. The firm’s fifty day simple moving average is $10.86 and its two-hundred day simple moving average is $12.19. The company has a quick ratio of 3.33, a current ratio of 4.65 and a debt-to-equity ratio of 3.43.

Bloom Energy (NYSE:BE) last announced its quarterly earnings data on Thursday, August 8th. The company reported ($0.06) EPS for the quarter, meeting the consensus estimate of ($0.06). Bloom Energy had a negative net margin of 21.37% and a negative return on equity of 11.90%. The firm had revenue of $335.80 million for the quarter, compared to the consensus estimate of $307.73 million. During the same period last year, the firm earned ($0.32) EPS. The company’s revenue was up 11.5% on a year-over-year basis. As a group, research analysts expect that Bloom Energy Co. will post -0.25 EPS for the current year.

Institutional Trading of Bloom Energy

Several institutional investors have recently made changes to their positions in BE. Vanguard Group Inc. boosted its stake in Bloom Energy by 1.6% in the 4th quarter. Vanguard Group Inc. now owns 19,528,801 shares of the company’s stock worth $289,026,000 after purchasing an additional 307,627 shares during the period. DekaBank Deutsche Girozentrale lifted its holdings in shares of Bloom Energy by 762.3% in the first quarter. DekaBank Deutsche Girozentrale now owns 504,591 shares of the company’s stock worth $5,712,000 after buying an additional 446,074 shares in the last quarter. Russell Investments Group Ltd. boosted its position in shares of Bloom Energy by 99,266.7% during the first quarter. Russell Investments Group Ltd. now owns 146,069 shares of the company’s stock worth $1,642,000 after acquiring an additional 145,922 shares during the last quarter. DigitalBridge Group Inc. grew 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 valued at $14,203,000 after acquiring an additional 462,581 shares in the last quarter. Finally, Artemis Investment Management LLP increased its holdings in Bloom Energy by 20.5% in the 3rd quarter. Artemis Investment Management LLP now owns 738,673 shares of the company’s stock valued at $7,800,000 after acquiring an additional 125,757 shares during the last quarter. Hedge funds and other institutional investors own 77.04% of the company’s stock.

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.