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

Bloom Energy Co. (NYSE:BE)’s share price gapped down before the market opened on Tuesday after an insider sold shares in the company. 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 changing hands.

Specifically, insider Satish Chitoori sold 1,020 shares of the business’s stock in a transaction on Monday, March 17th. The shares were sold at an average price of $25.09, for a total value of $25,591.80. Following the sale, the insider now directly owns 178,656 shares of the company’s stock, valued at approximately $4,482,479.04. The trade was a 0.57 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

Analyst Ratings Changes

Several equities research analysts recently commented on the stock. Roth Mkm assumed coverage on shares of Bloom Energy in a research report on Wednesday, December 11th. They issued a “neutral” rating and a $25.00 price objective on the stock. HSBC lowered shares of Bloom Energy from a “buy” rating to a “hold” rating and set a $24.50 price target on the stock. in a research note on Wednesday, November 20th. Hsbc Global Res upgraded shares of Bloom Energy to a “hold” rating in a research note on Wednesday, November 20th. Susquehanna lifted their price target on shares of Bloom Energy from $20.00 to $33.00 and gave the company a “positive” rating in a research note on Friday, December 6th. Finally, BMO Capital Markets reiterated a “market perform” rating on shares of Bloom Energy in a research note on Friday, February 28th. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Bloom Energy has an average rating of “Hold” and an average price target of $24.67.

Bloom Energy Stock Performance

The firm has a market cap of $5.61 billion, a price-to-earnings ratio of -43.50 and a beta of 3.30. The stock’s 50 day moving average is $24.08 and its 200 day moving average is $19.18. The company has a current ratio of 3.36, a quick ratio of 2.33 and a debt-to-equity ratio of 3.09.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. Millburn Ridgefield Corp boosted its holdings in Bloom Energy by 29.2% in the 3rd quarter. Millburn Ridgefield Corp now owns 2,339 shares of the company’s stock valued at $25,000 after purchasing an additional 528 shares during the period. Mainstream Capital Management LLC bought a new stake in Bloom Energy in the 4th quarter valued at about $28,000. Smartleaf Asset Management LLC boosted its holdings in Bloom Energy by 291.0% in the 4th quarter. Smartleaf Asset Management LLC now owns 1,255 shares of the company’s stock valued at $28,000 after purchasing an additional 934 shares during the period. Jones Financial Companies Lllp boosted its holdings in Bloom Energy by 120.5% in the 4th quarter. Jones Financial Companies Lllp now owns 1,486 shares of the company’s stock valued at $33,000 after purchasing an additional 812 shares during the period. Finally, Wilmington Savings Fund Society FSB bought a new stake in Bloom Energy in the 3rd quarter valued at about $34,000. 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.