Bloom Energy (NYSE:BE) Price Target Cut to $7.00 by Analysts at Bank of America

Bloom Energy (NYSE:BE) had its target price reduced by Bank of America from $8.00 to $7.00 in a research note issued to investors on Thursday morning,Benzinga reports. Bank of America currently has an underperform rating on the stock.

Other research analysts also recently issued reports about the stock. JPMorgan Chase & Co. raised their price target on shares of Bloom Energy from $12.00 to $14.00 and gave the company a “neutral” rating in a report on Tuesday, July 16th. Jefferies Financial Group lowered Bloom Energy from a “buy” rating to a “hold” rating and dropped their price target for the stock from $15.00 to $11.00 in a research note on Friday, September 6th. Truist Financial cut their target price on Bloom Energy from $13.00 to $12.00 and set a “hold” rating for the company in a research note on Wednesday, October 16th. UBS Group decreased their price target on shares of Bloom Energy from $25.00 to $23.00 and set a “buy” rating on the stock in a research note on Thursday, August 15th. Finally, Piper Sandler reaffirmed a “neutral” rating and issued a $10.00 price objective (down previously from $11.00) on shares of Bloom Energy in a research note on Tuesday, October 29th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $14.92.

Bloom Energy Stock Performance

BE traded up $2.50 on Thursday, hitting $13.17. The company’s stock had a trading volume of 23,181,596 shares, compared to its average volume of 5,980,025. The company’s 50 day simple moving average is $10.40 and its 200-day simple moving average is $12.07. The company has a quick ratio of 3.33, a current ratio of 4.65 and a debt-to-equity ratio of 3.43. Bloom Energy has a 12 month low of $8.41 and a 12 month high of $18.14. The firm has a market cap of $3.00 billion, a P/E ratio of -9.04 and a beta of 2.71.

Bloom Energy (NYSE:BE) last announced its quarterly earnings results on Thursday, August 8th. The company reported ($0.06) earnings per share for the quarter, meeting the consensus estimate of ($0.06). Bloom Energy had a negative return on equity of 11.90% and a negative net margin of 21.37%. The company had revenue of $335.80 million during the quarter, compared to analysts’ expectations of $307.73 million. During the same period in the previous year, the business earned ($0.32) earnings per share. The firm’s quarterly revenue was up 11.5% compared to the same quarter last year. Analysts forecast that Bloom Energy will post -0.27 EPS for the current year.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. ORG Partners LLC bought a new stake in Bloom Energy in the 2nd quarter worth about $40,000. Quest Partners LLC grew its position 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 purchased a new stake in Bloom Energy during the 2nd quarter valued at $53,000. Mather Group LLC. bought a new position in shares of Bloom Energy during the 2nd quarter valued at $66,000. Finally, Emerald Mutual Fund Advisers Trust purchased a new position in shares of Bloom Energy in the 3rd quarter worth $74,000. 77.04% of the stock is owned by hedge funds and other institutional investors.

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.