Bloom Energy (NYSE:BE) Stock Price Down 6.3% – Here’s What Happened

Bloom Energy Co. (NYSE:BE) shares were down 6.3% during mid-day trading on Friday . The stock traded as low as $22.65 and last traded at $22.79. Approximately 2,842,321 shares were traded during trading, a decline of 56% from the average daily volume of 6,527,842 shares. The stock had previously closed at $24.33.

Wall Street Analyst Weigh In

Several analysts recently commented on BE shares. Bank of America boosted their price target on Bloom Energy from $7.00 to $20.00 and gave the stock an “underperform” rating in a research report on Monday, December 9th. Robert W. Baird upped their price target on Bloom Energy from $15.00 to $32.00 and gave the company an “outperform” rating in a research report on Thursday, December 12th. Marathon Capitl upgraded Bloom Energy from a “hold” rating to a “strong-buy” rating in a research report on Monday, November 11th. BMO Capital Markets raised their target price on Bloom Energy from $12.00 to $19.50 and gave the stock a “market perform” rating in a research note on Friday, November 15th. Finally, Morgan Stanley raised their price objective on shares of Bloom Energy from $20.00 to $28.00 and gave the stock an “overweight” rating in a research report on Monday, November 18th. One research analyst has rated the stock with a sell rating, twelve have issued a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Bloom Energy presently has an average rating of “Hold” and a consensus price target of $22.45.

Bloom Energy Stock Down 6.0 %

The business has a 50-day simple moving average of $19.39 and a two-hundred day simple moving average of $14.55. The company has a market capitalization of $5.23 billion, a price-to-earnings ratio of -40.82 and a beta of 3.02. The company has a debt-to-equity ratio of 3.09, a quick ratio of 2.33 and a current ratio of 3.36.

Insider Buying and Selling

In related news, CEO Kr Sridhar sold 72,903 shares of the firm’s stock in a transaction dated Wednesday, November 20th. The shares were sold at an average price of $25.02, for a total value of $1,824,033.06. Following the completion of the sale, the chief executive officer now owns 1,869,593 shares in the company, valued at $46,777,216.86. This trade represents a 3.75 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Shawn Marie Soderberg sold 1,289 shares of the firm’s stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $24.56, for a total value of $31,657.84. Following the completion of the sale, the insider now directly owns 168,561 shares of the company’s stock, valued at $4,139,858.16. This represents a 0.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 122,975 shares of company stock valued at $3,045,019 over the last three months. 3.50% of the stock is currently owned by company insiders.

Institutional Trading of Bloom Energy

Several large investors have recently bought and sold shares of BE. Mizuho Markets Americas LLC grew its stake in Bloom Energy by 8.2% in the 3rd quarter. Mizuho Markets Americas LLC now owns 410,555 shares of the company’s stock valued at $4,335,000 after acquiring an additional 31,189 shares during the last quarter. Duff & Phelps Investment Management Co. acquired a new stake in shares of Bloom Energy in the third quarter valued at approximately $517,000. Parametrica Management Ltd purchased a new position in shares of Bloom Energy during the 3rd quarter worth approximately $785,000. Edgestream Partners L.P. acquired a new position in shares of Bloom Energy during the 3rd quarter worth approximately $3,274,000. Finally, Penserra Capital Management LLC lifted its stake in Bloom Energy by 20.7% in the 3rd quarter. Penserra Capital Management LLC now owns 165,660 shares of the company’s stock valued at $1,749,000 after buying an additional 28,416 shares in the last quarter. Institutional investors and hedge funds own 77.04% of the company’s stock.

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.