Bloom Energy (NYSE:BE) Stock Falls 8.9% – Here’s What Happened

Bloom Energy Corporation (NYSE:BE)’s stock price traded down 8.9% during trading on Friday. The stock traded as low as $194.15 and last traded at $202.4560. Approximately 16,512,309 shares were traded during trading, an increase of 25% from the average session volume of 13,218,145 shares. The stock had previously closed at $222.30.

Key Bloom Energy News

Here are the key news stories impacting Bloom Energy this week:

• Positive Sentiment: Bloom Energy’s addition to the S&P 500 in September increases its visibility and can create demand from index-tracking funds. Analysts also see substantial long-term opportunity as data centers and artificial-intelligence infrastructure require reliable power. Bloom Energy Just Joined the S&P 500. Here’s What History Says Happens Next.
• Positive Sentiment: A comparison with Plug Power favors BE on earnings growth, profitability and liquidity, supporting the view that Bloom is one of the stronger companies in the fuel-cell sector. Bloom Energy or Plug Power: Which Offers Better Long-Term Upside Now?
• Positive Sentiment: Recent coverage continues to highlight Bloom’s record quarter and explosive growth potential, while a recent analyst upgrade provided additional support for the stock’s investment case. Bloom Energy stock faces cash-flow test after record quarter

Wall Street Analyst Weigh In

BE has been the subject of several analyst reports. Roth Capital set a $230.00 target price on shares of Bloom Energy in a research note on Friday, October 23rd. Wells Fargo & Company upped their price target on shares of Bloom Energy from $176.00 to $182.00 and gave the stock an “equal weight” rating in a research report on Monday. KeyCorp reiterated a “sector weight” rating on shares of Bloom Energy in a report on Friday, October 23rd. Mizuho increased their price objective on shares of Bloom Energy from $242.00 to $351.00 and gave the stock an “outperform” rating in a research report on Monday, September 14th. Finally, Royal Bank Of Canada reissued an “outperform” rating and issued a $335.00 price objective on shares of Bloom Energy in a research report on Friday, October 23rd. One research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, thirteen have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $264.33.

Bloom Energy Trading Down 8.9%

The firm has a market capitalization of $59.63 billion, a price-to-earnings ratio of 124.21, a price-to-earnings-growth ratio of 2.36 and a beta of 3.77. The company has a quick ratio of 3.08, a current ratio of 3.74 and a debt-to-equity ratio of 1.33. The firm’s 50 day moving average is $248.16 and its 200 day moving average is $219.47.

Bloom Energy (NYSE:BE) last announced its earnings results on Thursday, October 22nd. The company reported $0.94 EPS for the quarter, topping the consensus estimate of $0.69 by $0.25. The company had revenue of $1.24 billion during the quarter, compared to analysts’ expectations of $1.07 billion. Bloom Energy had a net margin of 13.53% and a return on equity of 45.29%. The business’s revenue for the quarter was up 138.1% on a year-over-year basis. During the same period last year, the company posted $0.15 earnings per share. Equities analysts forecast that Bloom Energy Corporation will post 2.55 earnings per share for the current year.

Insider Activity at Bloom Energy

In other news, insider Aman Joshi sold 8,437 shares of the firm’s stock in a transaction dated Thursday, October 1st. The shares were sold at an average price of $277.17, for a total transaction of $2,338,483.29. Following the completion of the transaction, the insider directly owned 147,092 shares of the company’s stock, valued at approximately $40,769,489.64. This trade represents a 5.42% 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, CAO Maciej Kurzymski sold 2,295 shares of the company’s stock in a transaction dated Wednesday, September 16th. The stock was sold at an average price of $268.42, for a total transaction of $616,023.90. Following the sale, the chief accounting officer directly owned 77,391 shares in the company, valued at $20,773,292.22. This represents a 2.88% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 89,698 shares of company stock worth $21,780,758 in the last three months. Company insiders own 3.00% of the company’s stock.

Institutional Trading of Bloom Energy

A number of institutional investors have recently modified their holdings of BE. Jennison Associates LLC boosted its stake in shares of Bloom Energy by 20,074.4% during the 1st quarter. Jennison Associates LLC now owns 2,687,029 shares of the company’s stock worth $364,066,000 after buying an additional 2,673,710 shares during the last quarter. Bank of America Corp DE lifted its holdings in shares of Bloom Energy by 6.1% during the first quarter. Bank of America Corp DE now owns 2,211,880 shares of the company’s stock worth $299,688,000 after buying an additional 126,649 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in shares of Bloom Energy by 78.3% during the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,327,549 shares of the company’s stock worth $401,849,000 after purchasing an additional 583,135 shares in the last quarter. Elemental Capital Partners LLC raised its holdings in Bloom Energy by 2.5% in the 3rd quarter. Elemental Capital Partners LLC now owns 1,039,031 shares of the company’s stock valued at $287,791,000 after acquiring an additional 25,625 shares in the last quarter. Finally, Bank of New York Mellon Corp bought a new stake in shares of Bloom Energy during the 2nd quarter worth approximately $296,413,000. 77.04% of the stock is currently owned by institutional investors.

Bloom Energy Company Profile

Bloom Energy Corporation develops and manufactures energy systems designed to generate electricity on-site. Its primary product is the Bloom Energy Server, a solid oxide fuel cell platform that converts fuel into electricity through an electrochemical process rather than combustion. The systems are used by businesses, utilities, data centers and other organizations seeking reliable, distributed power.

The company also develops electrolyzers based on its solid oxide technology. These systems are designed to produce hydrogen from electricity and water and support applications related to industrial operations, energy storage and the emerging hydrogen economy.