Bloom Energy (NYSE:BE) Trading Down 2.4% – Here’s What Happened

Bloom Energy Corporation (NYSE:BE)’s stock price traded down 2.4% during mid-day trading on Tuesday . The company traded as low as $108.08 and last traded at $109.0590. 6,944,768 shares traded hands during mid-day trading, a decline of 28% from the average session volume of 9,673,661 shares. The stock had previously closed at $111.79.

Analysts Set New Price Targets

Several equities analysts have commented on the stock. Morgan Stanley raised their target price on Bloom Energy to $155.00 and gave the company an “overweight” rating in a report on Wednesday, October 29th. Wedbush set a $39.00 price objective on Bloom Energy in a report on Tuesday, November 25th. BTIG Research raised their price objective on Bloom Energy to $145.00 and gave the company a “buy” rating in a research note on Wednesday, October 29th. Jefferies Financial Group reaffirmed an “underperform” rating and set a $53.00 target price on shares of Bloom Energy in a research report on Friday, October 31st. Finally, Bank of America increased their price target on Bloom Energy from $26.00 to $39.00 and gave the company an “underperform” rating in a report on Tuesday, November 25th. One research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, twelve have assigned a Hold rating and three have assigned a Sell rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $93.77.

Bloom Energy Stock Performance

The stock has a market cap of $25.79 billion, a P/E ratio of 662.11, a P/E/G ratio of 75.27 and a beta of 3.00. The firm has a 50 day moving average of $108.89 and a two-hundred day moving average of $63.25. The company has a debt-to-equity ratio of 1.98, a quick ratio of 2.88 and a current ratio of 4.40.

Bloom Energy (NYSE:BE) last issued its quarterly earnings results on Tuesday, October 28th. The company reported $0.15 EPS for the quarter, topping analysts’ consensus estimates of $0.08 by $0.07. Bloom Energy had a return on equity of 8.74% and a net margin of 0.84%.The company had revenue of $519.05 million during the quarter, compared to analyst estimates of $425.18 million. During the same period in the previous year, the company earned ($0.01) earnings per share. The company’s quarterly revenue was up 57.1% compared to the same quarter last year. On average, research analysts predict that Bloom Energy Corporation will post -0.23 EPS for the current fiscal year.

Insider Transactions at Bloom Energy

In other news, insider Satish Chitoori sold 2,085 shares of the company’s stock in a transaction dated Friday, November 14th. The shares were sold at an average price of $104.08, for a total transaction of $217,006.80. Following the completion of the transaction, the insider owned 229,880 shares of the company’s stock, valued at approximately $23,925,910.40. This represents a 0.90% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Maciej Kurzymski sold 13,105 shares of the stock in a transaction dated Wednesday, November 5th. The shares were sold at an average price of $144.09, for a total transaction of $1,888,299.45. Following the completion of the sale, the insider owned 93,269 shares of the company’s stock, valued at approximately $13,439,130.21. The trade was a 12.32% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 119,589 shares of company stock worth $16,439,742. 3.50% of the stock is currently owned by insiders.

Institutional Trading of Bloom Energy

Hedge funds have recently modified their holdings of the company. Graticule Asia Macro Advisors LLC acquired a new stake in shares of Bloom Energy during the 3rd quarter worth approximately $402,494,000. Trivest Advisors Ltd boosted its stake in Bloom Energy by 1,461.6% during the third quarter. Trivest Advisors Ltd now owns 3,420,000 shares of the company’s stock worth $289,229,000 after buying an additional 3,201,000 shares in the last quarter. Norges Bank acquired a new stake in Bloom Energy during the second quarter worth $57,821,000. Westfield Capital Management Co. LP bought a new stake in Bloom Energy in the 3rd quarter valued at $141,679,000. Finally, Man Group plc raised its stake in shares of Bloom Energy by 177.4% in the 2nd quarter. Man Group plc now owns 2,392,915 shares of the company’s stock valued at $57,239,000 after buying an additional 1,530,167 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.