Bloom Energy (NYSE:BE) Shares Gap Down – What’s Next?

Bloom Energy Co. (NYSE:BE) gapped down prior to trading on Tuesday . The stock had previously closed at $24.19, but opened at $23.25. Bloom Energy shares last traded at $22.77, with a volume of 674,243 shares trading hands.

Analysts Set New Price Targets

Several equities analysts have weighed in on BE shares. BMO Capital Markets reissued a “market perform” rating on shares of Bloom Energy in a research note on Friday, February 28th. HSBC cut shares of Bloom Energy from a “buy” rating to a “hold” rating and set a $24.50 price target for the company. in a research note on Wednesday, November 20th. Piper Sandler cut their price objective on shares of Bloom Energy from $33.00 to $31.00 and set an “overweight” rating on the stock in a research report on Friday, February 28th. Bank of America lowered their price target on shares of Bloom Energy from $20.00 to $18.00 and set an “underperform” rating on the stock in a research note on Tuesday, January 28th. Finally, Mizuho assumed coverage on Bloom Energy in a report on Tuesday. They issued a “neutral” rating and a $28.00 price objective for the company. One analyst has rated the stock with a sell rating, eleven have given a hold rating, eight have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Bloom Energy presently has a consensus rating of “Hold” and a consensus target price of $24.67.

Bloom Energy Price Performance

The company has a debt-to-equity ratio of 3.09, a current ratio of 3.36 and a quick ratio of 2.33. The firm has a market cap of $5.39 billion, a PE ratio of -41.80 and a beta of 3.30. The business’s fifty day moving average is $24.10 and its 200-day moving average is $19.06.

Insider Buying and Selling at Bloom Energy

In other Bloom Energy news, insider Shawn Marie Soderberg sold 1,639 shares of the stock in a transaction on Thursday, January 16th. The stock was sold at an average price of $23.42, for a total transaction of $38,385.38. Following the sale, the insider now owns 171,040 shares in the company, valued at $4,005,756.80. This represents a 0.95 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 8.81% of the company’s stock.

Institutional Trading of Bloom Energy

A number of institutional investors have recently added to or reduced their stakes in the stock. State of New Jersey Common Pension Fund D raised its position in Bloom Energy by 39.4% during the third quarter. State of New Jersey Common Pension Fund D now owns 167,108 shares of the company’s stock valued at $1,765,000 after purchasing an additional 47,272 shares in the last quarter. GSA Capital Partners LLP purchased a new position in shares of Bloom Energy during the third quarter worth approximately $268,000. Oppenheimer & Co. Inc. lifted its holdings in shares of Bloom Energy by 148.8% in the 3rd quarter. Oppenheimer & Co. Inc. now owns 130,418 shares of the company’s stock worth $1,377,000 after acquiring an additional 78,009 shares during the last quarter. Quest Partners LLC boosted its stake in shares of Bloom Energy by 493.2% in the 3rd quarter. Quest Partners LLC now owns 21,356 shares of the company’s stock valued at $226,000 after purchasing an additional 17,756 shares in the last quarter. Finally, SCP Investment LP purchased a new position in Bloom Energy in the 3rd quarter worth $410,000. 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.