Bloom Energy (NYSE:BE) Trading Down 3.6% – What’s Next?

Bloom Energy Co. (NYSE:BE)’s stock price traded down 3.6% during trading on Thursday . The stock traded as low as $23.51 and last traded at $23.90. 998,771 shares were traded during mid-day trading, a decline of 85% from the average session volume of 6,447,089 shares. The stock had previously closed at $24.80.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the stock. Truist Financial reduced their price target on shares of Bloom Energy from $13.00 to $12.00 and set a “hold” rating for the company in a report on Wednesday, October 16th. Hsbc Global Res upgraded shares of Bloom Energy to a “hold” rating in a report on Wednesday. Bank of America reduced their price target on shares of Bloom Energy from $8.00 to $7.00 and set an “underperform” rating for the company in a report on Thursday, November 7th. BMO Capital Markets boosted their price objective on shares of 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, Marathon Capitl upgraded shares of Bloom Energy from a “hold” rating to a “strong-buy” rating in a research note on Monday, November 11th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $18.66.

Bloom Energy Stock Performance

The company has a market cap of $5.89 billion, a PE ratio of -46.01 and a beta of 2.71. The company has a current ratio of 3.36, a quick ratio of 2.33 and a debt-to-equity ratio of 3.09. The firm’s 50-day simple moving average is $11.91 and its two-hundred day simple moving average is $12.61.

Insider Activity

In other news, CEO Kr Sridhar sold 72,903 shares of the company’s stock in a transaction on 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 sale, the chief executive officer now directly owns 1,869,593 shares of the company’s stock, valued at $46,777,216.86. This represents a 3.75 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Shawn Marie Soderberg sold 1,289 shares of the company’s stock in a transaction on Monday, November 18th. The shares were sold at an average price of $24.56, for a total transaction of $31,657.84. Following the completion of the sale, the insider now directly owns 168,561 shares in the company, valued at $4,139,858.16. This trade represents a 0.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 122,975 shares of company stock valued at $3,045,019 in the last ninety days. Insiders own 8.81% of the company’s stock.

Institutional Trading of Bloom Energy

Hedge funds have recently added to or reduced their stakes in the company. Millburn Ridgefield Corp boosted its holdings in Bloom Energy by 29.2% during the third quarter. Millburn Ridgefield Corp now owns 2,339 shares of the company’s stock worth $25,000 after buying an additional 528 shares in the last quarter. ORG Partners LLC purchased a new stake in Bloom Energy during the second quarter worth $40,000. Quest Partners LLC boosted its holdings in Bloom Energy by 2,780.0% during the second quarter. Quest Partners LLC now owns 3,600 shares of the company’s stock worth $44,000 after buying an additional 3,475 shares in the last quarter. Gilliland Jeter Wealth Management LLC purchased a new stake in Bloom Energy during the second quarter worth $53,000. Finally, Mather Group LLC. purchased a new stake in Bloom Energy during the second quarter worth $66,000. 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.