Bloom Energy (NYSE:BE) Trading Up 17.1% After Strong Earnings

Bloom Energy Corporation (NYSE:BE) was up 17.1% during trading on Wednesday after the company announced better than expected quarterly earnings. The company traded as high as $144.20 and last traded at $132.6610. Approximately 26,712,685 shares traded hands during trading, an increase of 202% from the average daily volume of 8,837,637 shares. The stock had previously closed at $113.28.

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

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on BE shares. Mizuho set a $89.00 target price on shares of Bloom Energy in a research report on Wednesday. Zacks Research raised Bloom Energy from a “hold” rating to a “strong-buy” rating in a report on Friday, October 3rd. Hsbc Global Res lowered shares of Bloom Energy from a “strong-buy” rating to a “hold” rating in a research note on Thursday, October 9th. Susquehanna increased their price target on shares of Bloom Energy to $157.00 and gave the company a “positive” rating in a research report on Wednesday. Finally, BMO Capital Markets set a $136.00 price target on shares of Bloom Energy in a research report on Wednesday. Two equities research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating, eleven have assigned a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $94.55.

Insider Transactions at Bloom Energy

In other news, insider Maciej Kurzymski sold 2,474 shares of the stock in a transaction dated Tuesday, September 16th. The shares were sold at an average price of $70.47, for a total value of $174,342.78. Following the sale, the insider directly owned 106,374 shares of the company’s stock, valued at approximately $7,496,175.78. This represents a 2.27% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Shawn Marie Soderberg sold 25,000 shares of the stock in a transaction dated Thursday, August 28th. The stock was sold at an average price of $52.00, for a total transaction of $1,300,000.00. Following the completion of the sale, the insider directly owned 225,949 shares in the company, valued at approximately $11,749,348. The trade was a 9.96% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 301,193 shares of company stock valued at $14,893,710. Company insiders own 3.60% of the company’s stock.

Institutional Investors Weigh In On Bloom Energy

A number of institutional investors and hedge funds have recently modified their holdings of BE. Banque Transatlantique SA raised its stake in Bloom Energy by 227.6% in the first quarter. Banque Transatlantique SA now owns 1,671 shares of the company’s stock valued at $30,000 after purchasing an additional 1,161 shares in the last quarter. Harbour Investments Inc. raised its stake in shares of Bloom Energy by 2,160.0% during the first quarter. Harbour Investments Inc. now owns 1,582 shares of the company’s stock worth $31,000 after acquiring an additional 1,512 shares in the last quarter. N.E.W. Advisory Services LLC purchased a new position in shares of Bloom Energy during the third quarter worth approximately $32,000. Elevation Point Wealth Partners LLC bought a new position in shares of Bloom Energy in the second quarter worth approximately $36,000. Finally, NewEdge Advisors LLC grew its holdings in shares of Bloom Energy by 674.7% in the first quarter. NewEdge Advisors LLC now owns 1,867 shares of the company’s stock worth $37,000 after purchasing an additional 1,626 shares during the last quarter. 77.04% of the stock is owned by hedge funds and other institutional investors.

Bloom Energy Price Performance

The company has a quick ratio of 3.21, a current ratio of 4.99 and a debt-to-equity ratio of 2.18. The stock has a market cap of $31.04 billion, a P/E ratio of 3,316.53, a PEG ratio of 179.68 and a beta of 3.48. The firm’s fifty day moving average price is $79.75 and its 200-day moving average price is $43.98.

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.