Bloom Energy (NYSE:BE) Trading 6.2% Higher – What’s Next?

Bloom Energy Co. (NYSE:BE) shares shot up 6.2% during mid-day trading on Tuesday . The stock traded as high as $21.02 and last traded at $20.88. 1,938,163 shares traded hands during mid-day trading, a decline of 70% from the average session volume of 6,521,165 shares. The stock had previously closed at $19.66.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on BE shares. TD Cowen upped their price target on shares of Bloom Energy from $13.00 to $20.00 and gave the company a “hold” rating in a report on Friday, February 28th. Robert W. Baird increased their target price on Bloom Energy from $15.00 to $32.00 and gave the stock an “outperform” rating in a report on Thursday, December 12th. BMO Capital Markets restated a “market perform” rating on shares of Bloom Energy in a report on Friday, February 28th. Piper Sandler lowered their price target on shares of Bloom Energy from $33.00 to $31.00 and set an “overweight” rating on the stock in a research note on Friday, February 28th. Finally, Truist Financial upped their price target on shares of Bloom Energy from $11.00 to $22.00 and gave the stock a “hold” rating in a research report on Thursday, January 16th. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating, eight have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $25.06.

Bloom Energy Price Performance

The company’s 50 day moving average is $23.74 and its 200 day moving average is $19.99. The firm has a market capitalization of $4.50 billion, a price-to-earnings ratio of -34.87 and a beta of 3.30. The company has a quick ratio of 2.33, a current ratio of 3.36 and a debt-to-equity ratio of 3.09.

Insider Buying and Selling

In other Bloom Energy news, insider Shawn Marie Soderberg sold 1,639 shares of the firm’s stock in a transaction on Thursday, January 16th. The stock was sold at an average price of $23.42, for a total value of $38,385.38. Following the sale, the insider now owns 171,040 shares of the company’s stock, valued at approximately $4,005,756.80. This trade represents a 0.95 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Satish Chitoori sold 1,020 shares of Bloom Energy stock in a transaction on Monday, March 17th. The shares were sold at an average price of $25.09, for a total value of $25,591.80. Following the completion of the transaction, the insider now owns 178,656 shares in the company, valued at approximately $4,482,479.04. The trade was a 0.57 % decrease in their position. The disclosure for this sale can be found here. 8.81% of the stock is currently owned by company insiders.

Institutional Trading of Bloom Energy

Several large investors have recently bought and sold shares of BE. Norges Bank acquired a new stake in shares of Bloom Energy in the 4th quarter valued at approximately $93,951,000. Fuller & Thaler Asset Management Inc. bought a new position in shares of Bloom Energy in the 4th quarter valued at $61,968,000. Elemental Capital Partners LLC acquired a new stake in shares of Bloom Energy during the 4th quarter valued at $33,612,000. Trivest Advisors Ltd bought a new stake in Bloom Energy during the 4th quarter worth $30,539,000. Finally, Voloridge Investment Management LLC increased its holdings in Bloom Energy by 323.6% in the 4th quarter. Voloridge Investment Management LLC now owns 1,440,428 shares of the company’s stock worth $31,992,000 after purchasing an additional 1,100,352 shares in the last quarter. 77.04% of the stock is owned by institutional investors and hedge funds.

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.