Bloom Energy (NYSE:BE) Hits New 1-Year High Following Better-Than-Expected Earnings

Bloom Energy Corporation (NYSE:BE)’s share price hit a new 52-week high on Wednesday after the company announced better than expected quarterly earnings. The company traded as high as $129.86 and last traded at $128.2570, with a volume of 899245 shares. The stock had previously closed at $113.28.

The company reported $0.15 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.08 by $0.07. The business had revenue of $519.05 million for the quarter, compared to the consensus estimate of $425.18 million. Bloom Energy had a return on equity of 9.02% and a net margin of 0.84%.The business’s revenue was up 57.1% on a year-over-year basis. During the same period in the prior year, the business earned ($0.01) earnings per share.

Wall Street Analyst Weigh In

BE has been the subject of a number of recent research reports. HSBC upgraded shares of Bloom Energy from a “hold” rating to a “buy” rating and set a $150.00 price target for the company in a report on Wednesday. UBS Group lifted their target price on shares of Bloom Energy to $115.00 and gave the stock a “buy” rating in a research note on Tuesday, October 14th. Zacks Research upgraded Bloom Energy from a “hold” rating to a “strong-buy” rating in a report on Friday, October 3rd. JPMorgan Chase & Co. increased their price target on Bloom Energy to $129.00 and gave the stock an “overweight” rating in a research note on Wednesday. Finally, Wells Fargo & Company lifted their price objective on Bloom Energy to $95.00 and gave the company an “equal weight” rating in a research report on Tuesday, October 21st. Two analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating, eleven have issued a Hold rating and three have issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $94.55.

Insider Transactions at Bloom Energy

In other Bloom Energy news, CEO Kr Sridhar sold 60,000 shares of the business’s stock in a transaction dated Monday, August 25th. The stock was sold at an average price of $48.97, for a total transaction of $2,938,200.00. Following the completion of the sale, the chief executive officer owned 2,324,613 shares of the company’s stock, valued at approximately $113,836,298.61. The trade was a 2.52% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Aman Joshi sold 4,870 shares of the firm’s stock in a transaction dated Thursday, August 14th. The stock was sold at an average price of $43.36, for a total value of $211,163.20. Following the completion of the transaction, the insider owned 224,361 shares in the company, valued at approximately $9,728,292.96. This trade represents a 2.12% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 301,193 shares of company stock valued at $14,893,710 in the last ninety days. Company insiders own 3.60% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of BE. Advisors Asset Management Inc. increased its holdings in Bloom Energy by 43.0% in the 1st quarter. Advisors Asset Management Inc. now owns 86,665 shares of the company’s stock valued at $1,704,000 after purchasing an additional 26,077 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. lifted its stake in shares of Bloom Energy by 634.2% during the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 598,327 shares of the company’s stock worth $11,763,000 after purchasing an additional 516,833 shares in the last quarter. Mizuho Markets Americas LLC boosted its position in shares of Bloom Energy by 29.9% in the second quarter. Mizuho Markets Americas LLC now owns 395,490 shares of the company’s stock worth $9,460,000 after buying an additional 90,980 shares during the period. Teacher Retirement System of Texas grew its stake in shares of Bloom Energy by 662.4% in the first quarter. Teacher Retirement System of Texas now owns 73,518 shares of the company’s stock valued at $1,445,000 after buying an additional 63,875 shares in the last quarter. Finally, Comerica Bank grew its stake in shares of Bloom Energy by 5.8% in the first quarter. Comerica Bank now owns 88,554 shares of the company’s stock valued at $1,741,000 after buying an additional 4,885 shares in the last quarter. 77.04% of the stock is owned by institutional investors and hedge funds.

Bloom Energy Trading Up 17.1%

The firm has a fifty day moving average of $79.75 and a 200 day moving average of $43.98. The firm has a market capitalization of $31.04 billion, a PE ratio of 3,316.53, a P/E/G ratio of 179.68 and a beta of 3.48. The company has a debt-to-equity ratio of 2.18, a quick ratio of 3.21 and a current ratio of 4.99.

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.