Bloom Energy (NYSE:BE) Shares Down 2.4% on Analyst Downgrade

Shares of Bloom Energy Corporation (NYSE:BE) dropped 2.4% on Thursday after Mizuho downgraded the stock from an outperform rating to a neutral rating. Mizuho now has a $79.00 price target on the stock, up from their previous price target of $48.00. Bloom Energy traded as low as $85.03 and last traded at $87.99. Approximately 15,330,876 shares traded hands during trading, an increase of 83% from the average daily volume of 8,390,859 shares. The stock had previously closed at $90.19.

A number of other research firms have also commented on BE. Jefferies Financial Group lowered Bloom Energy from a “hold” rating to an “underperform” rating and upped their price target for the company from $24.00 to $31.00 in a research report on Wednesday, September 24th. BTIG Research upped their price target on Bloom Energy from $42.00 to $80.00 and gave the company a “buy” rating in a research report on Monday. UBS Group reissued an “underperform” rating on shares of Bloom Energy in a research note on Wednesday. Morgan Stanley boosted their price objective on Bloom Energy from $35.00 to $44.00 and gave the company an “overweight” rating in a research note on Friday, August 1st. Finally, Susquehanna boosted their price objective on Bloom Energy from $26.00 to $30.00 and gave the company a “positive” rating in a research note on Monday, July 21st. Two analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, seven have assigned a Hold rating and four have assigned a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $43.82.

Insider Buying and Selling at Bloom Energy

In related news, insider Satish Chitoori sold 20,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 13th. The stock was sold at an average price of $45.00, for a total transaction of $900,000.00. Following the transaction, the insider directly owned 234,493 shares of the company’s stock, valued at approximately $10,552,185. This represents a 7.86% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Kr Sridhar sold 60,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 27th. The stock was sold at an average price of $49.70, for a total value of $2,982,000.00. Following the transaction, the chief executive officer directly owned 2,368,951 shares in the company, valued at approximately $117,736,864.70. This trade represents a 2.47% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 302,205 shares of company stock worth $14,919,283 in the last quarter. Company insiders own 3.60% of the company’s stock.

Institutional Trading of Bloom Energy

Several institutional investors and hedge funds have recently modified their holdings of the stock. GAMMA Investing LLC raised its stake in shares of Bloom Energy by 14.1% in the third quarter. GAMMA Investing LLC now owns 2,708 shares of the company’s stock worth $229,000 after purchasing an additional 335 shares during the last quarter. Praxis Investment Management Inc. purchased a new stake in shares of Bloom Energy in the third quarter worth approximately $465,000. Corient Private Wealth LLC purchased a new stake in shares of Bloom Energy in the second quarter worth approximately $235,000. State of Wyoming purchased a new stake in shares of Bloom Energy in the second quarter worth approximately $138,000. Finally, Castleark Management LLC purchased a new stake in shares of Bloom Energy in the second quarter worth approximately $177,000. 77.04% of the stock is owned by hedge funds and other institutional investors.

Bloom Energy Trading Down 2.4%

The stock has a market capitalization of $20.59 billion, a PE ratio of 2,200.30 and a beta of 3.48. The firm has a 50 day moving average price of $55.41 and a 200 day moving average price of $32.76. The company has a quick ratio of 3.21, a current ratio of 4.99 and a debt-to-equity ratio of 2.18.

Bloom Energy (NYSE:BE) last issued its quarterly earnings data on Thursday, July 31st. The company reported $0.10 EPS for the quarter, topping the consensus estimate of $0.02 by $0.08. The firm had revenue of $401.24 million during the quarter, compared to the consensus estimate of $382.23 million. Bloom Energy had a return on equity of 6.80% and a net margin of 1.45%.The company’s quarterly revenue was up 19.5% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.06) earnings per share. Bloom Energy has set its FY 2025 guidance at EPS. Equities analysts expect that Bloom Energy Corporation will post -0.23 EPS for the current fiscal year.

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.