Bloom Energy (NYSE:BE) Shares Gap Down – Here’s Why

Bloom Energy Co. (NYSE:BE) gapped down prior to trading on Friday . The stock had previously closed at $21.99, but opened at $21.42. Bloom Energy shares last traded at $21.66, with a volume of 542,298 shares.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on BE shares. Piper Sandler decreased their price target on Bloom Energy from $33.00 to $31.00 and set an “overweight” rating on the stock in a research report on Friday, February 28th. Robert W. Baird upped their target price on shares of Bloom Energy from $15.00 to $32.00 and gave the stock an “outperform” rating in a report on Thursday, December 12th. Truist Financial raised their price target on shares of Bloom Energy from $11.00 to $22.00 and gave the company a “hold” rating in a report on Thursday, January 16th. BTIG Research upped their price target on shares of Bloom Energy from $20.00 to $30.00 and gave the stock a “buy” rating in a report on Monday, December 16th. Finally, Roth Capital raised Bloom Energy to a “hold” rating in a research note on Tuesday, December 10th. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating, eight have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $25.06.

Bloom Energy Stock Down 5.3 %

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 stock’s 50 day moving average price is $24.08 and its 200-day moving average price is $19.63. The company has a market cap of $4.80 billion, a PE ratio of -37.18 and a beta of 3.30.

Insider Buying and Selling at Bloom Energy

In other Bloom Energy news, insider Satish Chitoori sold 1,020 shares of the stock in a transaction on Monday, March 17th. The shares were sold at an average price of $25.09, for a total transaction of $25,591.80. Following the completion of the sale, the insider now owns 178,656 shares of the company’s stock, valued at $4,482,479.04. This represents a 0.57 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Shawn Marie Soderberg sold 1,639 shares of the firm’s stock in a transaction dated Thursday, January 16th. The stock was sold at an average price of $23.42, for a total value of $38,385.38. Following the completion of the sale, the insider now directly owns 171,040 shares in the company, valued at $4,005,756.80. The trade was a 0.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 8.81% of the company’s stock.

Institutional Trading of Bloom Energy

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Millburn Ridgefield Corp raised 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 worth $25,000 after purchasing an additional 528 shares in the last quarter. Mainstream Capital Management LLC bought a new position in Bloom Energy in the fourth quarter worth about $28,000. Smartleaf Asset Management LLC lifted its holdings in Bloom Energy by 291.0% in the fourth quarter. Smartleaf Asset Management LLC now owns 1,255 shares of the company’s stock worth $28,000 after buying an additional 934 shares during the period. Jones Financial Companies Lllp boosted its position in Bloom Energy by 120.5% during the 4th quarter. Jones Financial Companies Lllp now owns 1,486 shares of the company’s stock valued at $33,000 after acquiring an additional 812 shares in the last quarter. Finally, Wilmington Savings Fund Society FSB purchased a new position in shares of Bloom Energy during the 3rd quarter worth approximately $34,000. Hedge funds and other institutional investors 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.