Bloom Energy (NYSE:BE) Shares Down 4.3% – Here’s What Happened

Bloom Energy Co. (NYSE:BE) traded down 4.3% during trading on Wednesday . The company traded as low as $9.23 and last traded at $9.31. 1,412,807 shares were traded during trading, a decline of 75% from the average session volume of 5,765,178 shares. The stock had previously closed at $9.73.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the company. Truist Financial reduced their target price on Bloom Energy from $13.00 to $12.00 and set a “hold” rating for the company in a report on Wednesday, October 16th. Bank of America boosted their price objective on shares of Bloom Energy from $8.00 to $9.00 and gave the stock an “underperform” rating in a research note on Wednesday, July 17th. Jefferies Financial Group lowered shares of Bloom Energy from a “buy” rating to a “hold” rating and cut their target price for the stock from $15.00 to $11.00 in a research report on Friday, September 6th. Susquehanna lowered their price target on Bloom Energy from $16.00 to $13.00 and set a “positive” rating on the stock in a research report on Wednesday, October 16th. Finally, Piper Sandler increased their target price on Bloom Energy from $10.00 to $11.00 and gave the company a “neutral” rating in a research note on Monday, July 22nd. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat.com, Bloom Energy has a consensus rating of “Hold” and a consensus target price of $15.68.

Bloom Energy Trading Down 6.2 %

The firm has a market cap of $2.07 billion, a P/E ratio of -6.84 and a beta of 2.69. The company has a current ratio of 4.65, a quick ratio of 3.33 and a debt-to-equity ratio of 3.43. The company’s fifty day moving average price is $10.76 and its two-hundred day moving average price is $12.13.

Bloom Energy (NYSE:BE) last issued its quarterly earnings data on Thursday, August 8th. The company reported ($0.06) earnings per share for the quarter, hitting the consensus estimate of ($0.06). Bloom Energy had a negative net margin of 21.37% and a negative return on equity of 11.90%. The firm had revenue of $335.80 million for the quarter, compared to analysts’ expectations of $307.73 million. During the same period in the prior year, the firm earned ($0.32) earnings per share. The company’s quarterly revenue was up 11.5% compared to the same quarter last year. As a group, sell-side analysts predict that Bloom Energy Co. will post -0.25 EPS for the current fiscal year.

Institutional Investors Weigh In On Bloom Energy

A number of hedge funds have recently added to or reduced their stakes in the stock. Xponance Inc. lifted its position in shares of Bloom Energy by 7.8% during the second quarter. Xponance Inc. now owns 12,542 shares of the company’s stock worth $154,000 after purchasing an additional 903 shares in the last quarter. Arizona State Retirement System increased its stake in shares of Bloom Energy by 2.7% in the 2nd quarter. Arizona State Retirement System now owns 56,886 shares of the company’s stock valued at $696,000 after acquiring an additional 1,470 shares during the last quarter. Tocqueville Asset Management L.P. raised its holdings in Bloom Energy by 3.1% in the first quarter. Tocqueville Asset Management L.P. now owns 59,250 shares of the company’s stock worth $666,000 after purchasing an additional 1,800 shares during the period. ProShare Advisors LLC boosted its position in shares of Bloom Energy by 6.2% during the first quarter. ProShare Advisors LLC now owns 46,518 shares of the company’s stock worth $523,000 after purchasing an additional 2,719 shares in the last quarter. Finally, BNP Paribas acquired a new stake in Bloom Energy during the 1st quarter worth $38,000. Institutional investors own 77.04% of the company’s stock.

Bloom Energy Company Profile

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.