Bloom Energy (NYSE:BE) Shares Gap Down After Analyst Downgrade

Bloom Energy Co. (NYSE:BE) gapped down before the market opened on Friday after Susquehanna lowered their price target on the stock from $28.00 to $23.00. The stock had previously closed at $10.87, but opened at $10.52. Susquehanna currently has a positive rating on the stock. Bloom Energy shares last traded at $10.80, with a volume of 1,081,645 shares traded.

BE has been the subject of a number of other research reports. Raymond James lowered their price objective on Bloom Energy from $25.00 to $20.00 and set an “outperform” rating for the company in a research note on Tuesday, October 3rd. HSBC decreased their price target on shares of Bloom Energy from $22.00 to $20.00 and set a “buy” rating for the company in a report on Tuesday, October 24th. KeyCorp decreased their target price on Bloom Energy from $32.00 to $19.00 and set an “overweight” rating for the company in a research note on Thursday, October 5th. Morgan Stanley cut their price target on Bloom Energy from $29.00 to $23.00 and set an “overweight” rating on the stock in a report on Tuesday, October 17th. Finally, JPMorgan Chase & Co. dropped their price objective on shares of Bloom Energy from $22.00 to $19.00 and set an “overweight” rating on the stock in a report on Thursday, October 19th. Four investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat.com, Bloom Energy presently has an average rating of “Moderate Buy” and a consensus price target of $21.87.

Insider Transactions at Bloom Energy

In other news, EVP Guillermo Brooks sold 3,792 shares of Bloom Energy stock in a transaction that occurred on Monday, October 16th. The shares were sold at an average price of $12.47, for a total value of $47,286.24. Following the completion of the transaction, the executive vice president now owns 143,401 shares in the company, valued at $1,788,210.47. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 8.81% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Bloom Energy

Institutional investors have recently modified their holdings of the stock. BlackRock Inc. raised its position in Bloom Energy by 1.3% in the 1st quarter. BlackRock Inc. now owns 21,141,205 shares of the company’s stock valued at $421,344,000 after buying an additional 263,507 shares during the last quarter. Vanguard Group Inc. lifted its stake in Bloom Energy by 12.8% in the third quarter. Vanguard Group Inc. now owns 16,259,631 shares of the company’s stock valued at $325,030,000 after acquiring an additional 1,842,320 shares during the last quarter. Clearbridge Investments LLC grew its position in shares of Bloom Energy by 2.2% in the 1st quarter. Clearbridge Investments LLC now owns 6,137,733 shares of the company’s stock valued at $122,325,000 after acquiring an additional 133,021 shares during the period. Norges Bank acquired a new position in shares of Bloom Energy during the 4th quarter worth about $102,826,000. Finally, State Street Corp lifted its stake in Bloom Energy by 2.8% in the 1st quarter. State Street Corp now owns 4,586,967 shares of the company’s stock valued at $91,417,000 after purchasing an additional 125,720 shares during the last quarter. 82.95% of the stock is currently owned by institutional investors and hedge funds.

Bloom Energy Trading Down 3.1 %

The company has a debt-to-equity ratio of 3.96, a current ratio of 2.14 and a quick ratio of 1.58. The business has a 50-day simple moving average of $12.43 and a two-hundred day simple moving average of $14.63. The stock has a market cap of $2.21 billion, a price-to-earnings ratio of -6.19 and a beta of 2.83.

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.