Bloom Energy (NYSE:BE) Hits New 12-Month High Following Analyst Upgrade

Bloom Energy Co. (NYSE:BE) shares reached a new 52-week high on Friday after Piper Sandler raised their price target on the stock from $20.00 to $30.00. Piper Sandler currently has an overweight rating on the stock. Bloom Energy traded as high as $25.24 and last traded at $25.09, with a volume of 2715607 shares. The stock had previously closed at $23.94.

Several other analysts also recently commented on the stock. Jefferies Financial Group downgraded shares of Bloom Energy from a “buy” rating to a “hold” rating and lowered their target price for the company from $15.00 to $11.00 in a report on Friday, September 6th. Marathon Capitl upgraded shares of Bloom Energy from a “hold” rating to a “strong-buy” rating in a research note on Monday, November 11th. Morgan Stanley boosted their target price on Bloom Energy from $20.00 to $28.00 and gave the stock an “overweight” rating in a research note on Monday. Hsbc Global Res raised Bloom Energy to a “hold” rating in a research report on Wednesday. Finally, HSBC cut Bloom Energy from a “buy” rating to a “hold” rating and set a $24.50 price objective on the stock. in a research report on Wednesday. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $18.08.

Insider Buying and Selling at Bloom Energy

In other Bloom Energy news, insider Shawn Marie Soderberg sold 1,289 shares of Bloom Energy stock in a transaction that occurred 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 transaction, the insider now directly owns 168,561 shares of the company’s stock, valued at approximately $4,139,858.16. This trade represents a 0.76 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Company insiders own 8.81% of the company’s stock.

Hedge Funds Weigh In On Bloom Energy

Several institutional investors and hedge funds have recently made changes to their positions in BE. Millburn Ridgefield Corp boosted its position in Bloom Energy by 29.2% during the third quarter. Millburn Ridgefield Corp now owns 2,339 shares of the company’s stock valued at $25,000 after buying an additional 528 shares during the period. Xponance Inc. grew its position in Bloom Energy by 7.8% during the 2nd quarter. Xponance Inc. now owns 12,542 shares of the company’s stock worth $154,000 after acquiring an additional 903 shares during the last quarter. Kovitz Investment Group Partners LLC increased its stake in Bloom Energy by 3.9% in the 3rd quarter. Kovitz Investment Group Partners LLC now owns 36,353 shares of the company’s stock worth $374,000 after purchasing an additional 1,349 shares during the period. Arizona State Retirement System lifted its position in Bloom Energy by 2.7% in the second quarter. Arizona State Retirement System now owns 56,886 shares of the company’s stock valued at $696,000 after purchasing an additional 1,470 shares during the last quarter. Finally, Quest Partners LLC boosted its stake in shares of Bloom Energy by 2,780.0% during the second quarter. Quest Partners LLC now owns 3,600 shares of the company’s stock valued at $44,000 after purchasing an additional 3,475 shares during the period. Institutional investors own 77.04% of the company’s stock.

Bloom Energy Price Performance

The firm’s fifty day moving average price is $11.91 and its 200-day moving average price is $12.61. The company has a quick ratio of 2.33, a current ratio of 3.36 and a debt-to-equity ratio of 3.09. The stock has a market cap of $5.69 billion, a P/E ratio of -44.80 and a beta of 2.71.

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.