Bank of America Issues Positive Forecast for Bloom Energy (NYSE:BE) Stock Price

Bloom Energy (NYSE:BE) had its price target raised by Bank of America from $7.00 to $20.00 in a research note issued on Monday,Benzinga reports. The brokerage currently has an “underperform” rating on the stock. Bank of America‘s target price would suggest a potential downside of 28.37% from the stock’s previous close.

BE has been the subject of several other research reports. BTIG Research boosted their price target on shares of Bloom Energy from $16.00 to $20.00 and gave the stock a “buy” rating in a report on Friday, November 15th. BMO Capital Markets raised their price objective on shares of Bloom Energy from $12.00 to $19.50 and gave the stock a “market perform” rating in a research report on Friday, November 15th. Royal Bank of Canada boosted their target price on shares of Bloom Energy from $15.00 to $28.00 and gave the company an “outperform” rating in a report on Monday, November 18th. Hsbc Global Res raised shares of Bloom Energy to a “hold” rating in a research report on Wednesday, November 20th. Finally, Truist Financial decreased their target price on Bloom Energy from $13.00 to $12.00 and set a “hold” rating on the stock in a research note on Wednesday, October 16th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $20.81.

Bloom Energy Stock Up 3.1 %

Bloom Energy stock opened at $27.92 on Monday. The firm has a market cap of $6.38 billion, a price-to-earnings ratio of -49.96 and a beta of 3.04. Bloom Energy has a 52 week low of $8.41 and a 52 week high of $28.70. The business’s 50-day moving average price is $15.47 and its 200 day moving average price is $13.68. The company has a quick ratio of 2.33, a current ratio of 3.36 and a debt-to-equity ratio of 3.09.

Insider Transactions at Bloom Energy

In related news, CEO Kr Sridhar sold 72,903 shares of the firm’s stock in a transaction dated Wednesday, November 20th. The stock was sold at an average price of $25.02, for a total transaction of $1,824,033.06. Following the sale, the chief executive officer now directly owns 1,869,593 shares in the company, valued at approximately $46,777,216.86. This trade represents a 3.75 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Shawn Marie Soderberg sold 1,289 shares of the company’s stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $24.56, for a total value of $31,657.84. Following the completion of the transaction, the insider now owns 168,561 shares of the company’s stock, valued at approximately $4,139,858.16. This represents a 0.76 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 122,975 shares of company stock valued at $3,045,019 over the last 90 days. Corporate insiders own 8.81% of the company’s stock.

Institutional Trading of Bloom Energy

Large investors have recently added to or reduced their stakes in the business. Comerica Bank lifted its holdings in Bloom Energy by 222.8% in the first quarter. Comerica Bank now owns 23,884 shares of the company’s stock worth $268,000 after purchasing an additional 16,484 shares during the period. Cetera Advisors LLC lifted its stake in Bloom Energy by 201.2% during the first quarter. Cetera Advisors LLC now owns 37,019 shares of the company’s stock valued at $416,000 after purchasing an additional 24,730 shares during the last quarter. ORG Partners LLC bought a new stake in Bloom Energy during the second quarter worth approximately $40,000. Raymond James & Associates grew its position in Bloom Energy by 10.7% in the second quarter. Raymond James & Associates now owns 424,892 shares of the company’s stock worth $5,201,000 after buying an additional 41,202 shares during the last quarter. Finally, Canton Hathaway LLC acquired a new stake in shares of Bloom Energy during the second quarter worth $159,000. 77.04% of the stock is currently owned by institutional investors and hedge funds.

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.