Bloom Energy (NYSE:BE) Shares Gap Down Following Insider Selling

Bloom Energy Co. (NYSE:BE)’s stock price gapped down before the market opened on Tuesday after an insider sold shares in the company. The stock had previously closed at $24.19, but opened at $23.25. Bloom Energy shares last traded at $22.77, with a volume of 674,243 shares changing hands.

Specifically, insider Satish Chitoori sold 1,020 shares of the stock in a transaction that occurred 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 sale, the insider now owns 178,656 shares in the company, valued at approximately $4,482,479.04. This trade represents a 0.57 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link.

Analyst Upgrades and Downgrades

BE has been the topic of several analyst reports. UBS Group increased their price target on shares of Bloom Energy from $21.00 to $33.00 and gave the stock a “buy” rating in a research report on Tuesday, November 26th. BTIG Research increased their price target on shares of Bloom Energy from $20.00 to $30.00 and gave the stock a “buy” rating in a research report on Monday, December 16th. Hsbc Global Res upgraded shares of Bloom Energy to a “hold” rating in a research report on Wednesday, November 20th. Piper Sandler cut their target price on shares of Bloom Energy from $33.00 to $31.00 and set an “overweight” rating on the stock in a research report on Friday, February 28th. Finally, Susquehanna raised their target price on shares of Bloom Energy from $20.00 to $33.00 and gave the company a “positive” rating in a research report on Friday, December 6th. One analyst has rated the stock with a sell rating, eleven have issued a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Bloom Energy has a consensus rating of “Hold” and a consensus target price of $24.67.

Bloom Energy Price Performance

The company’s 50 day moving average price is $24.08 and its 200-day moving average price is $19.18. The stock has a market cap of $5.61 billion, a P/E ratio of -43.50 and a beta of 3.30. The company has a quick ratio of 2.33, a current ratio of 3.36 and a debt-to-equity ratio of 3.09.

Hedge Funds Weigh In On Bloom Energy

A number of hedge funds have recently bought and sold shares of BE. Millburn Ridgefield Corp raised its stake in Bloom Energy by 29.2% during the third quarter. Millburn Ridgefield Corp now owns 2,339 shares of the company’s stock worth $25,000 after buying an additional 528 shares during the last quarter. Mainstream Capital Management LLC bought a new position in Bloom Energy during the fourth quarter worth $28,000. Smartleaf Asset Management LLC raised its stake in Bloom Energy by 291.0% during 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 last quarter. Jones Financial Companies Lllp raised its stake 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 last quarter. Finally, Wilmington Savings Fund Society FSB bought a new position in Bloom Energy during the third quarter worth $34,000. Institutional investors own 77.04% of the company’s stock.

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.