Bloom Energy (NYSE:BE) Stock Price Up 8% – Here’s What Happened

Bloom Energy Co. (NYSE:BE) shot up 8% during trading on Tuesday . The stock traded as high as $24.56 and last traded at $24.44. 2,119,781 shares changed hands during mid-day trading, a decline of 68% from the average session volume of 6,711,593 shares. The stock had previously closed at $22.62.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on BE shares. Piper Sandler reduced their target price on shares of Bloom Energy from $33.00 to $31.00 and set an “overweight” rating for the company in a report on Friday, February 28th. Jefferies Financial Group raised their price objective on shares of Bloom Energy from $12.00 to $22.00 and gave the company a “hold” rating in a research report on Friday, November 22nd. BTIG Research increased their price target on Bloom Energy from $20.00 to $30.00 and gave the stock a “buy” rating in a research note on Monday, December 16th. UBS Group lifted their target price on Bloom Energy from $21.00 to $33.00 and gave the company a “buy” rating in a research note on Tuesday, November 26th. Finally, Susquehanna increased their price objective on shares of Bloom Energy from $20.00 to $33.00 and gave the company a “positive” rating in a report on Friday, December 6th. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $24.47.

Bloom Energy Stock Performance

The company has a debt-to-equity ratio of 3.09, a current ratio of 3.36 and a quick ratio of 2.33. The stock has a market capitalization of $5.77 billion, a PE ratio of -44.71 and a beta of 3.30. The firm has a fifty day moving average price of $24.01 and a two-hundred day moving average price of $18.61.

Insider Activity

In other Bloom Energy news, insider Shawn Marie Soderberg sold 1,639 shares of the company’s stock in a transaction on 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 approximately $4,005,756.80. This represents a 0.95 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 8.81% of the company’s stock.

Institutional Trading of Bloom Energy

Institutional investors and hedge funds have recently made changes to their positions in the company. Millburn Ridgefield Corp increased its position in Bloom Energy by 29.2% during 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. GAMMA Investing LLC increased its holdings in Bloom Energy by 26.8% during the fourth quarter. GAMMA Investing LLC now owns 2,690 shares of the company’s stock valued at $60,000 after buying an additional 569 shares during the period. Arizona State Retirement System raised its stake in Bloom Energy by 1.3% in the fourth quarter. Arizona State Retirement System now owns 59,592 shares of the company’s stock worth $1,324,000 after buying an additional 759 shares in the last quarter. Jones Financial Companies Lllp lifted its holdings in Bloom Energy by 120.5% during the fourth quarter. Jones Financial Companies Lllp now owns 1,486 shares of the company’s stock worth $33,000 after buying an additional 812 shares during the period. Finally, Smartleaf Asset Management LLC boosted its position in Bloom Energy by 291.0% during the 4th quarter. Smartleaf Asset Management LLC now owns 1,255 shares of the company’s stock valued at $28,000 after acquiring an additional 934 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.