Bloom Energy (NYSE:BE) Shares Gap Down Following Insider Selling

Bloom Energy Co. (NYSE:BE) gapped down prior to trading on Wednesday following insider selling activity. The stock had previously closed at $23.75, but opened at $23.02. Bloom Energy shares last traded at $24.00, with a volume of 3,323,422 shares trading hands.

Specifically, insider Shawn Marie Soderberg sold 1,289 shares of the 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 sale, the insider now owns 168,561 shares of the company’s stock, valued at $4,139,858.16. This trade represents a 0.76 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.

Analyst Ratings Changes

Several equities analysts recently weighed in on the company. UBS Group reduced their target price on Bloom Energy from $25.00 to $23.00 and set a “buy” rating on the stock in a research report on Thursday, August 15th. Jefferies Financial Group cut shares of Bloom Energy from a “buy” rating to a “hold” rating and decreased their target price for the stock from $15.00 to $11.00 in a research report on Friday, September 6th. Piper Sandler raised shares of Bloom Energy from a “neutral” rating to an “overweight” rating and increased their price target for the stock from $10.00 to $20.00 in a research note on Friday, November 15th. HSBC downgraded Bloom Energy from a “buy” rating to a “hold” rating and set a $24.50 price objective for the company. in a report on Wednesday. Finally, BTIG Research boosted their price target on Bloom Energy from $16.00 to $20.00 and gave the company a “buy” rating in a research report on Friday, November 15th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $17.55.

Bloom Energy Trading Up 4.4 %

The company has a market cap of $5.67 billion, a price-to-earnings ratio of -43.09 and a beta of 2.71. 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 business has a 50 day simple moving average of $11.36 and a 200 day simple moving average of $12.45.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Millburn Ridgefield Corp lifted its stake in Bloom Energy by 29.2% in the third quarter. Millburn Ridgefield Corp now owns 2,339 shares of the company’s stock valued at $25,000 after buying an additional 528 shares in the last quarter. ORG Partners LLC bought a new stake in Bloom Energy in the 2nd quarter valued at $40,000. Quest Partners LLC boosted its stake in Bloom Energy by 2,780.0% in the 2nd quarter. Quest Partners LLC now owns 3,600 shares of the company’s stock worth $44,000 after purchasing an additional 3,475 shares during the period. Gilliland Jeter Wealth Management LLC acquired a new stake in shares of Bloom Energy in the 2nd quarter valued at about $53,000. Finally, Mather Group LLC. bought a new stake in shares of Bloom Energy in the second quarter valued at about $66,000. Institutional investors own 77.04% of the company’s stock.

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.