Bloom Energy (BE) Raised to “Neutral” at Credit Suisse Group

Bloom Energy (NYSE:BE) was upgraded by analysts at Credit Suisse Group from an “underperform” rating to a “neutral” rating in a research note issued on Wednesday, October 31st, Marketbeat Ratings reports. The brokerage presently has a $24.00 price objective on the stock. Credit Suisse Group’s target price would suggest a potential upside of 63.60% from the stock’s previous close.

A number of other brokerages have also commented on BE. Robert W. Baird initiated coverage on shares of Bloom Energy in a research report on Monday, August 20th. They set a “neutral” rating and a $24.00 price objective for the company. JPMorgan Chase & Co. initiated coverage on shares of Bloom Energy in a research report on Monday, August 20th. They set an “overweight” rating and a $32.00 price objective for the company. KeyCorp initiated coverage on shares of Bloom Energy in a research report on Monday, August 20th. They set an “overweight” rating and a $27.00 price objective for the company. Oppenheimer initiated coverage on shares of Bloom Energy in a research report on Monday, August 20th. They set a “market perform” rating for the company. Finally, Cowen started coverage on shares of Bloom Energy in a research report on Monday, August 20th. They set a “hold” rating and a $24.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and three have issued a buy rating to the company. The stock currently has an average rating of “Hold” and an average target price of $24.86.

NYSE:BE traded up $0.12 during trading hours on Wednesday, reaching $14.67. The company’s stock had a trading volume of 359,903 shares, compared to its average volume of 687,428. Bloom Energy has a one year low of $13.36 and a one year high of $38.00. The company has a current ratio of 2.57, a quick ratio of 2.07 and a debt-to-equity ratio of 6.76.

Bloom Energy (NYSE:BE) last released its earnings results on Monday, November 5th. The company reported ($1.05) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.56) by ($0.49). The business had revenue of $190.20 million for the quarter, compared to analysts’ expectations of $185.05 million. Bloom Energy’s revenue for the quarter was up 102.8% on a year-over-year basis. As a group, research analysts anticipate that Bloom Energy will post -2.11 earnings per share for the current year.

A number of institutional investors have recently modified their holdings of BE. Victory Capital Management Inc. bought a new stake in Bloom Energy during the third quarter worth about $108,000. PNC Financial Services Group Inc. bought a new stake in shares of Bloom Energy during the third quarter valued at approximately $116,000. Cambridge Investment Research Advisors Inc. bought a new stake in shares of Bloom Energy during the third quarter valued at approximately $303,000. Krane Funds Advisors LLC bought a new stake in shares of Bloom Energy during the third quarter valued at approximately $429,000. Finally, Bank of New York Mellon Corp bought a new stake in shares of Bloom Energy during the third quarter valued at approximately $555,000. 8.17% of the stock is currently owned by hedge funds and other institutional investors.

About Bloom Energy

Bloom Energy Corporation designs, manufactures, and sells solid-oxide fuel cell systems. It offers Bloom Energy Server, a stationary power generation platform that converts standard low-pressure natural gas or biogas into electricity through an electrochemical process without combustion. The company was formerly known as Ion America Corp.

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