Bloom Energy (NYSE:BE) Sets New 1-Year High Following Analyst Upgrade

Shares of Bloom Energy Co. (NYSE:BE) hit a new 52-week high during trading on Friday after JPMorgan Chase & Co. raised their price target on the stock from $14.00 to $16.00. JPMorgan Chase & Co. currently has a neutral rating on the stock. Bloom Energy traded as high as $28.99 and last traded at $28.82, with a volume of 2260327 shares trading hands. The stock had previously closed at $27.67.

Several other brokerages also recently issued reports on BE. BMO Capital Markets boosted their target price on shares of Bloom Energy from $12.00 to $19.50 and gave the company a “market perform” rating in a research note on Friday, November 15th. Royal Bank of Canada increased their price target on shares of Bloom Energy from $15.00 to $28.00 and gave the stock an “outperform” rating in a research report on Monday, November 18th. Roth Mkm initiated coverage on shares of Bloom Energy in a research note on Wednesday, December 11th. They set a “neutral” rating and a $25.00 price target on the stock. BTIG Research increased their target price on shares of Bloom Energy from $20.00 to $30.00 and gave the stock a “buy” rating in a report on Monday, December 16th. Finally, Roth Capital upgraded shares of Bloom Energy to a “hold” rating in a research note on Tuesday, December 10th. One analyst has rated the stock with a sell rating, twelve have assigned a hold rating, nine have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Bloom Energy presently has an average rating of “Hold” and an average target price of $23.08.

Insider Activity at Bloom Energy

In related 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 transaction of $1,824,033.06. Following the completion of the sale, the chief executive officer now directly owns 1,869,593 shares in the company, valued at $46,777,216.86. This represents a 3.75 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Shawn Marie Soderberg sold 1,639 shares of the business’s stock in a transaction on Thursday, January 16th. The shares were sold at an average price of $23.42, for a total transaction of $38,385.38. Following the transaction, the insider now directly owns 171,040 shares in the company, valued at approximately $4,005,756.80. The trade was a 0.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 122,528 shares of company stock valued at $3,061,501 over the last ninety days. Corporate insiders own 8.81% of the company’s stock.

Institutional Trading of Bloom Energy

Several institutional investors have recently bought and sold shares of BE. State of New Jersey Common Pension Fund D purchased a new stake in Bloom Energy during the 2nd quarter valued at approximately $1,467,000. Sei Investments Co. lifted its position in shares of Bloom Energy by 86.2% during the second quarter. Sei Investments Co. now owns 44,436 shares of the company’s stock worth $544,000 after purchasing an additional 20,565 shares during the last quarter. Ensign Peak Advisors Inc raised its holdings in shares of Bloom Energy by 8.1% in the second quarter. Ensign Peak Advisors Inc now owns 77,417 shares of the company’s stock valued at $948,000 after acquiring an additional 5,800 shares in the last quarter. Xponance Inc. raised its holdings in shares of Bloom Energy by 7.8% in the second quarter. Xponance Inc. now owns 12,542 shares of the company’s stock valued at $154,000 after acquiring an additional 903 shares in the last quarter. Finally, Marshall Wace LLP raised its holdings in shares of Bloom Energy by 30.0% in the second quarter. Marshall Wace LLP now owns 510,315 shares of the company’s stock valued at $6,246,000 after acquiring an additional 117,648 shares in the last quarter. 77.04% of the stock is owned by hedge funds and other institutional investors.

Bloom Energy Price Performance

The firm has a 50 day simple moving average of $24.31 and a 200-day simple moving average of $15.96. 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 company has a market cap of $6.61 billion, a PE ratio of -51.66 and a beta of 3.06.

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.