Bloom Energy (NYSE:BE) Shares Gap Down on Insider Selling

Shares of Bloom Energy Co. (NYSE:BE) gapped down before the market opened on Tuesday following insider selling activity. The stock had previously closed at $24.19, but opened at $23.25. Bloom Energy shares last traded at $22.77, with a volume of 674,243 shares.

Specifically, insider Satish Chitoori sold 1,020 shares of the stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $25.09, for a total value of $25,591.80. Following the transaction, the insider now owns 178,656 shares of the company’s stock, valued at approximately $4,482,479.04. This represents a 0.57 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website.

Analyst Ratings Changes

Several equities analysts have weighed in on the company. Truist Financial increased their target price on Bloom Energy from $11.00 to $22.00 and gave the company a “hold” rating in a research note on Thursday, January 16th. UBS Group increased their price target on Bloom Energy from $21.00 to $33.00 and gave the stock a “buy” rating in a report on Tuesday, November 26th. Hsbc Global Res upgraded Bloom Energy to a “hold” rating in a report on Wednesday, November 20th. Piper Sandler lowered their price target on Bloom Energy from $33.00 to $31.00 and set an “overweight” rating for the company in a report on Friday, February 28th. Finally, Jefferies Financial Group increased their price target on Bloom Energy from $12.00 to $22.00 and gave the stock a “hold” rating in a report on Friday, November 22nd. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $24.67.

Bloom Energy Price Performance

The stock has a market capitalization of $5.61 billion, a price-to-earnings ratio of -43.50 and a beta of 3.30. The company has a debt-to-equity ratio of 3.09, a quick ratio of 2.33 and a current ratio of 3.36. The company has a fifty day simple moving average of $24.08 and a two-hundred day simple moving average of $19.18.

Hedge Funds Weigh In On Bloom Energy

A number of institutional investors have recently modified their holdings of BE. GSA Capital Partners LLP acquired a new position in shares of Bloom Energy during the 3rd quarter worth $268,000. Quest Partners LLC raised its holdings in shares of Bloom Energy by 493.2% during the 3rd quarter. Quest Partners LLC now owns 21,356 shares of the company’s stock worth $226,000 after buying an additional 17,756 shares in the last quarter. SCP Investment LP acquired a new position in shares of Bloom Energy during the 3rd quarter worth $410,000. Advisors Asset Management Inc. raised its holdings in shares of Bloom Energy by 45.7% during the 3rd quarter. Advisors Asset Management Inc. now owns 54,140 shares of the company’s stock worth $572,000 after buying an additional 16,993 shares in the last quarter. Finally, Intech Investment Management LLC acquired a new position in shares of Bloom Energy during the 3rd quarter worth $600,000. Institutional investors and hedge funds 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.