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

Bloom Energy (NYSE:BE) had its price target dropped by analysts at Bank of America from $8.00 to $7.00 in a report released on Thursday, Benzinga reports. The firm presently has an “underperform” rating on the stock. Bank of America‘s price target suggests a potential downside of 36.13% from the company’s current price.

Several other research firms have also commented on BE. JPMorgan Chase & Co. lifted their price target on Bloom Energy from $12.00 to $14.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 16th. Susquehanna dropped their target price on Bloom Energy from $16.00 to $13.00 and set a “positive” rating on the stock in a report on Wednesday, October 16th. Truist Financial dropped their target price on Bloom Energy from $13.00 to $12.00 and set a “hold” rating on the stock in a report on Wednesday, October 16th. Piper Sandler restated a “neutral” rating and issued a $10.00 price target (down from $11.00) on shares of Bloom Energy in a research note on Tuesday, October 29th. Finally, UBS Group decreased their target price on Bloom Energy from $25.00 to $23.00 and set a “buy” rating on the stock in a research report on Thursday, August 15th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $15.29.

Bloom Energy Price Performance

Shares of NYSE BE opened at $10.96 on Thursday. The company has a debt-to-equity ratio of 3.43, a quick ratio of 3.33 and a current ratio of 4.65. Bloom Energy has a fifty-two week low of $8.41 and a fifty-two week high of $18.14. The firm has a market capitalization of $2.49 billion, a PE ratio of -8.43 and a beta of 2.71. The stock’s 50-day simple moving average is $10.42 and its 200-day simple moving average is $12.08.

Bloom Energy (NYSE:BE) last issued its earnings results on Thursday, August 8th. The company reported ($0.06) earnings per share for the quarter, hitting the consensus estimate of ($0.06). The business had revenue of $335.80 million for the quarter, compared to analyst estimates of $307.73 million. Bloom Energy had a negative return on equity of 11.90% and a negative net margin of 21.37%. The business’s quarterly revenue was up 11.5% on a year-over-year basis. During the same quarter last year, the company earned ($0.32) EPS. As a group, equities research analysts forecast that Bloom Energy will post -0.27 EPS for the current fiscal year.

Hedge Funds Weigh In On Bloom Energy

Hedge funds have recently modified their holdings of the company. ORG Partners LLC bought a new stake in shares of Bloom Energy during the 2nd quarter worth $40,000. Quest Partners LLC boosted its stake in shares of Bloom Energy by 2,780.0% during the 2nd quarter. Quest Partners LLC now owns 3,600 shares of the company’s stock worth $44,000 after acquiring an additional 3,475 shares in the last quarter. Gilliland Jeter Wealth Management LLC bought a new stake in shares of Bloom Energy during the 2nd quarter worth $53,000. Mather Group LLC. bought a new stake in shares of Bloom Energy during the 2nd quarter worth $66,000. Finally, Emerald Mutual Fund Advisers Trust bought a new stake in shares of Bloom Energy during the 3rd quarter worth $74,000. 77.04% of the stock is currently owned by institutional investors and hedge funds.

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.