Bloom Energy (NYSE:BE) Shares Down 7.8% – Here’s What Happened

Bloom Energy Co. (NYSE:BE)’s share price fell 7.8% during mid-day trading on Tuesday . The company traded as low as $24.28 and last traded at $24.52. 1,015,431 shares were traded during mid-day trading, a decline of 84% from the average session volume of 6,529,957 shares. The stock had previously closed at $26.58.

Wall Street Analysts Forecast Growth

BE has been the subject of several recent research reports. Marathon Capitl raised Bloom Energy from a “hold” rating to a “strong-buy” rating in a report on Monday, November 11th. Susquehanna upped their price target on Bloom Energy from $20.00 to $33.00 and gave the company a “positive” rating in a research note on Friday. Royal Bank of Canada upped their price target on Bloom Energy from $15.00 to $28.00 and gave the company an “outperform” rating in a research note on Monday, November 18th. Jefferies Financial Group boosted their price objective on Bloom Energy from $12.00 to $22.00 and gave the company a “hold” rating in a research report on Friday, November 22nd. Finally, Truist Financial reduced their price target on Bloom Energy from $13.00 to $12.00 and set a “hold” rating for the company in a research report on Wednesday, October 16th. One analyst has rated the stock with a sell rating, ten have issued a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Bloom Energy has an average rating of “Hold” and an average price target of $20.81.

Bloom Energy Trading Down 11.1 %

The business has a 50 day moving average price of $15.79 and a 200-day moving average price of $13.76. The company has a current ratio of 3.36, a quick ratio of 2.33 and a debt-to-equity ratio of 3.09. The company has a market cap of $5.40 billion, a P/E ratio of -43.79 and a beta of 3.04.

Insider Activity at Bloom Energy

In related news, insider Shawn Marie Soderberg sold 1,289 shares of the firm’s stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $24.56, for a total value of $31,657.84. Following the sale, the insider now directly owns 168,561 shares of the company’s stock, valued at $4,139,858.16. This trade represents a 0.76 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO Kr Sridhar sold 46,697 shares of Bloom Energy stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $25.00, for a total value of $1,167,425.00. Following the sale, the chief executive officer now directly owns 1,822,496 shares in the company, valued at $45,562,400. The trade was a 2.50 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 122,975 shares of company stock worth $3,045,019. Company insiders own 8.81% of the company’s stock.

Institutional Investors Weigh In On Bloom Energy

A number of hedge funds have recently added to or reduced their stakes in the business. Franklin Resources Inc. increased its holdings in Bloom Energy by 62.4% in the third quarter. Franklin Resources Inc. now owns 125,598 shares of the company’s stock worth $1,314,000 after purchasing an additional 48,258 shares in the last quarter. Peapack Gladstone Financial Corp increased its holdings in Bloom Energy by 4.4% in the third quarter. Peapack Gladstone Financial Corp now owns 271,924 shares of the company’s stock worth $2,871,000 after purchasing an additional 11,525 shares in the last quarter. Wilmington Savings Fund Society FSB bought a new stake in Bloom Energy in the third quarter worth approximately $34,000. Duff & Phelps Investment Management Co. bought a new stake in Bloom Energy in the third quarter worth approximately $517,000. Finally, Pier Capital LLC increased its holdings in Bloom Energy by 0.9% in the third quarter. Pier Capital LLC now owns 461,744 shares of the company’s stock worth $4,876,000 after purchasing an additional 4,082 shares in the last quarter. 77.04% of the stock is currently owned by institutional investors.

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.