Bloom Energy (NYSE:BE) Shares Down 9.1% – Should You Sell?

Bloom Energy Corporation (NYSE:BE) dropped 9.1% during mid-day trading on Tuesday . The stock traded as low as $21.65 and last traded at $21.74. Approximately 1,969,564 shares were traded during mid-day trading, a decline of 68% from the average daily volume of 6,215,908 shares. The stock had previously closed at $23.92.

Analyst Ratings Changes

BE has been the topic of several analyst reports. Mizuho upgraded shares of Bloom Energy from a “neutral” rating to an “outperform” rating and cut their price target for the stock from $28.00 to $26.00 in a report on Monday, May 5th. Truist Financial dropped their price objective on Bloom Energy from $22.00 to $19.00 and set a “hold” rating on the stock in a research note on Monday, April 21st. Susquehanna decreased their target price on Bloom Energy from $33.00 to $26.00 and set a “positive” rating for the company in a research report on Monday, April 14th. Morgan Stanley lowered their target price on Bloom Energy from $35.00 to $30.00 and set an “overweight” rating on the stock in a research note on Thursday, May 1st. Finally, Piper Sandler dropped their price objective on shares of Bloom Energy from $31.00 to $26.00 and set an “overweight” rating on the stock in a report on Monday, May 5th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating, nine have assigned a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $22.97.

Bloom Energy Price Performance

The company has a current ratio of 3.44, a quick ratio of 2.39 and a debt-to-equity ratio of 2.07. The firm has a fifty day moving average of $19.79 and a two-hundred day moving average of $21.74. The company has a market capitalization of $5.19 billion, a PE ratio of -447.11 and a beta of 3.21.

Bloom Energy (NYSE:BE) last posted its quarterly earnings data on Wednesday, April 30th. The company reported $0.03 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.10. Bloom Energy had a return on equity of 2.51% and a net margin of 0.29%. The company had revenue of $326.02 million during the quarter, compared to analyst estimates of $294.27 million. During the same quarter last year, the company earned ($0.17) EPS. The firm’s revenue for the quarter was up 38.5% on a year-over-year basis. Research analysts anticipate that Bloom Energy Corporation will post -0.23 EPS for the current fiscal year.

Insider Transactions at Bloom Energy

In related news, CEO Kr Sridhar sold 42,383 shares of the stock in a transaction on Tuesday, May 13th. The stock was sold at an average price of $19.14, for a total transaction of $811,210.62. Following the sale, the chief executive officer directly owned 2,724,613 shares of the company’s stock, valued at $52,149,092.82. This trade represents a 1.53% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Shawn Marie Soderberg sold 2,780 shares of the company’s stock in a transaction dated Wednesday, May 14th. The shares were sold at an average price of $19.72, for a total transaction of $54,821.60. Following the transaction, the insider owned 152,890 shares in the company, valued at $3,014,990.80. This represents a 1.79% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 62,501 shares of company stock valued at $1,236,191. Insiders own 3.50% of the company’s stock.

Institutional Trading of Bloom Energy

Large investors have recently modified their holdings of the company. IFP Advisors Inc increased its holdings in Bloom Energy by 130.2% during the fourth quarter. IFP Advisors Inc now owns 3,914 shares of the company’s stock valued at $87,000 after buying an additional 2,214 shares during the last quarter. Bank of New York Mellon Corp grew its position in shares of Bloom Energy by 68.5% during the 4th quarter. Bank of New York Mellon Corp now owns 1,026,488 shares of the company’s stock valued at $22,798,000 after acquiring an additional 417,120 shares during the period. Los Angeles Capital Management LLC bought a new position in Bloom Energy in the 4th quarter worth $637,000. Proficio Capital Partners LLC bought a new position in Bloom Energy in the 4th quarter worth $787,000. Finally, Smartleaf Asset Management LLC lifted its position in Bloom Energy by 291.0% during the fourth quarter. Smartleaf Asset Management LLC now owns 1,255 shares of the company’s stock valued at $28,000 after purchasing an additional 934 shares in the last quarter. Institutional investors 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.