Bloom Energy (NYSE:BE) Announces Earnings Results, Hits Expectations

Bloom Energy (NYSE:BE) posted its quarterly earnings data on Thursday. The company reported ($0.06) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.06), Briefing.com reports. The firm had revenue of $335.80 million for the quarter, compared to the consensus estimate of $307.73 million. Bloom Energy had a negative net margin of 22.27% and a negative return on equity of 19.32%. The business’s revenue for the quarter was up 11.5% compared to the same quarter last year. During the same period in the previous year, the firm earned ($0.32) EPS. Bloom Energy updated its FY 2024 guidance to EPS.

Bloom Energy Stock Performance

BE stock traded up $0.95 during midday trading on Friday, reaching $11.49. 9,401,232 shares of the company’s stock traded hands, compared to its average volume of 6,248,928. The company has a current ratio of 4.45, a quick ratio of 2.97 and a debt-to-equity ratio of 2.56. Bloom Energy has a 52-week low of $8.41 and a 52-week high of $18.14. The stock has a market cap of $2.61 billion, a P/E ratio of -8.51 and a beta of 2.80. The stock’s 50-day moving average is $13.43 and its 200 day moving average is $12.02.

Insider Activity at Bloom Energy

In other Bloom Energy news, insider Shawn Marie Soderberg sold 2,094 shares of the stock in a transaction on Tuesday, July 16th. The stock was sold at an average price of $14.53, for a total value of $30,425.82. Following the completion of the sale, the insider now owns 168,867 shares in the company, valued at approximately $2,453,637.51. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, insider Shawn Marie Soderberg sold 2,094 shares of the business’s stock in a transaction on Tuesday, July 16th. The shares were sold at an average price of $14.53, for a total value of $30,425.82. Following the transaction, the insider now owns 168,867 shares of the company’s stock, valued at $2,453,637.51. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Kr Sridhar sold 40,112 shares of Bloom Energy stock in a transaction on Monday, May 13th. The shares were sold at an average price of $11.93, for a total transaction of $478,536.16. Following the completion of the sale, the chief executive officer now owns 2,742,496 shares in the company, valued at $32,717,977.28. The disclosure for this sale can be found here. Over the last three months, insiders have sold 71,516 shares of company stock worth $885,088. Corporate insiders own 8.81% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on BE shares. Jefferies Financial Group lowered their target price on Bloom Energy from $16.00 to $15.00 and set a “buy” rating on the stock in a research note on Friday. Piper Sandler boosted their target price on shares of Bloom Energy from $10.00 to $11.00 and gave the company a “neutral” rating in a research note on Monday, July 22nd. TD Cowen raised their price target on shares of Bloom Energy from $10.00 to $13.00 and gave the stock a “hold” rating in a research note on Friday, May 10th. Bank of America lifted their price target on shares of Bloom Energy from $8.00 to $9.00 and gave the stock an “underperform” rating in a report on Wednesday, July 17th. Finally, JPMorgan Chase & Co. increased their price objective on Bloom Energy from $12.00 to $14.00 and gave the company a “neutral” rating in a report on Tuesday, July 16th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $15.61.

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.