Bloom Energy (NYSE:BE) Shares Gap Up – Here’s What Happened

Bloom Energy Co. (NYSE:BE)’s stock price gapped up before the market opened on Wednesday . The stock had previously closed at $23.47, but opened at $24.67. Bloom Energy shares last traded at $24.12, with a volume of 707,184 shares.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on BE shares. Piper Sandler lifted their price target on Bloom Energy from $20.00 to $30.00 and gave the stock an “overweight” rating in a research note on Friday, November 22nd. Jefferies Financial Group lifted their target price on shares of Bloom Energy from $12.00 to $22.00 and gave the stock a “hold” rating in a research note on Friday, November 22nd. HSBC cut shares of Bloom Energy from a “buy” rating to a “hold” rating and set a $24.50 target price for the company. in a research report on Wednesday, November 20th. Morgan Stanley boosted their price target on shares of Bloom Energy from $20.00 to $28.00 and gave the stock an “overweight” rating in a research report on Monday, November 18th. Finally, Bank of America increased their price objective on shares of Bloom Energy from $7.00 to $20.00 and gave the company an “underperform” rating in a report on Monday. One investment analyst has rated the stock with a sell rating, twelve have assigned a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Bloom Energy presently has a consensus rating of “Hold” and an average target price of $21.92.

Bloom Energy Price Performance

The company’s 50-day moving average price is $16.60 and its 200-day moving average price is $13.96. The company has a quick ratio of 2.33, a current ratio of 3.36 and a debt-to-equity ratio of 3.09. The firm has a market cap of $5.67 billion, a price-to-earnings ratio of -44.29 and a beta of 3.04.

Insiders Place Their Bets

In related news, CEO Kr Sridhar sold 46,697 shares of Bloom Energy stock in a transaction that occurred on Friday, November 22nd. The shares were sold at an average price of $25.00, for a total value of $1,167,425.00. Following the completion of the transaction, the chief executive officer now owns 1,822,496 shares in the company, valued at $45,562,400. The trade was a 2.50 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Shawn Marie Soderberg sold 1,289 shares of the business’s 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 transaction, the insider now owns 168,561 shares of the company’s stock, valued at approximately $4,139,858.16. The trade was a 0.76 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 122,975 shares of company stock worth $3,045,019 in the last ninety days. 8.81% of the stock is owned by corporate insiders.

Institutional Trading of Bloom Energy

Several institutional investors and hedge funds have recently made changes to their positions in BE. Electron Capital Partners LLC increased its position in Bloom Energy by 131.5% during the second quarter. Electron Capital Partners LLC now owns 3,152,944 shares of the company’s stock worth $38,592,000 after buying an additional 1,790,733 shares during the period. JAT Capital Mgmt LP boosted its stake 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 worth $23,221,000 after purchasing an additional 733,363 shares during the period. DigitalBridge Group Inc. increased its stake in Bloom Energy by 66.3% in the second 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 period. Pinnacle Associates Ltd. boosted its stake in shares of Bloom Energy by 48.6% during the second quarter. Pinnacle Associates Ltd. now owns 869,586 shares of the company’s stock worth $10,644,000 after buying an additional 284,298 shares during the period. Finally, DekaBank Deutsche Girozentrale grew its holdings in shares of Bloom Energy by 64.6% during the second quarter. DekaBank Deutsche Girozentrale now owns 830,405 shares of the company’s stock worth $11,017,000 after buying an additional 325,814 shares during the last quarter. 77.04% of the stock is owned by hedge funds and other institutional investors.

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.