Bloom Energy (NYSE:BE) Trading 7.9% Higher – Here’s Why
by Teresa Graham · The Cerbat GemBloom Energy Corporation (NYSE:BE – Get Free Report) shares were up 7.9% during mid-day trading on Thursday . The company traded as high as $143.10 and last traded at $143.9910. Approximately 5,418,568 shares changed hands during trading, a decline of 59% from the average daily volume of 13,124,610 shares. The stock had previously closed at $133.46.
Analyst Upgrades and Downgrades
BE has been the topic of several research analyst reports. Royal Bank Of Canada reissued an “outperform” rating and issued a $123.00 target price on shares of Bloom Energy in a report on Monday, October 20th. Jefferies Financial Group reiterated an “underperform” rating and issued a $53.00 price target on shares of Bloom Energy in a report on Friday, October 31st. Wedbush set a $39.00 price objective on shares of Bloom Energy in a report on Tuesday, November 25th. Weiss Ratings restated a “hold (c)” rating on shares of Bloom Energy in a research report on Thursday, October 30th. Finally, Oppenheimer reaffirmed a “market perform” rating on shares of Bloom Energy in a report on Wednesday, October 29th. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, twelve have issued a Hold rating and three have issued a Sell rating to the company’s stock. According to data from MarketBeat, Bloom Energy currently has an average rating of “Hold” and an average price target of $96.00.
Read Our Latest Stock Analysis on BE
Bloom Energy Price Performance
The company has a current ratio of 4.40, a quick ratio of 2.88 and a debt-to-equity ratio of 1.98. The firm’s 50-day moving average price is $105.62 and its 200-day moving average price is $79.32. The stock has a market capitalization of $35.31 billion, a PE ratio of 773.17, a PEG ratio of 11.72 and a beta of 3.01.
Bloom Energy (NYSE:BE – Get Free Report) last released its quarterly earnings results on Tuesday, October 28th. The company reported $0.15 EPS for the quarter, topping the consensus estimate of $0.08 by $0.07. Bloom Energy had a return on equity of 8.74% and a net margin of 0.84%.The company had revenue of $519.05 million during the quarter, compared to analyst estimates of $425.18 million. During the same quarter last year, the business posted ($0.01) earnings per share. The firm’s revenue was up 57.1% on a year-over-year basis. On average, equities analysts forecast that Bloom Energy Corporation will post -0.23 EPS for the current fiscal year.
Insider Activity
In other Bloom Energy news, insider Aman Joshi sold 4,543 shares of the business’s stock in a transaction on Friday, November 14th. The shares were sold at an average price of $109.13, for a total transaction of $495,777.59. Following the transaction, the insider owned 219,818 shares in the company, valued at $23,988,738.34. The trade was a 2.02% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Mary K. Bush sold 36,000 shares of the stock in a transaction on Wednesday, November 5th. The shares were sold at an average price of $142.82, for a total transaction of $5,141,520.00. Following the completion of the sale, the director directly owned 133,524 shares in the company, valued at approximately $19,069,897.68. This represents a 21.24% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 120,410 shares of company stock worth $16,557,185. Company insiders own 3.60% of the company’s stock.
Institutional Investors Weigh In On Bloom Energy
Several large investors have recently added to or reduced their stakes in BE. Graticule Asia Macro Advisors LLC purchased a new position in shares of Bloom Energy during the third quarter worth approximately $402,494,000. Trivest Advisors Ltd grew its stake in Bloom Energy by 1,461.6% in the third quarter. Trivest Advisors Ltd now owns 3,420,000 shares of the company’s stock worth $289,229,000 after purchasing an additional 3,201,000 shares in the last quarter. Norges Bank purchased a new position in Bloom Energy during the 2nd quarter worth $57,821,000. Westfield Capital Management Co. LP bought a new stake in Bloom Energy during the 3rd quarter valued at $141,679,000. Finally, Man Group plc lifted its holdings in shares of Bloom Energy by 177.4% in the 2nd quarter. Man Group plc now owns 2,392,915 shares of the company’s stock worth $57,239,000 after buying an additional 1,530,167 shares during the period. 77.04% of the stock is owned by hedge funds and other institutional investors.
About Bloom Energy
Bloom Energy is a clean energy technology company that designs, manufactures and deploys solid oxide fuel cell systems for on-site power generation. Its flagship product, the Bloom Energy Server, converts natural gas, biogas or hydrogen into electricity through an electrochemical reaction, offering customers a reliable, low-carbon alternative to grid power. The company also provides a suite of services that includes system installation, remote monitoring and preventative maintenance to ensure long-term performance and uptime.
Founded in 2001 by Dr.
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