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

Bloom Energy Co. (NYSE:BE) shares gapped down prior to trading on Tuesday following insider selling activity. 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.

Specifically, insider Satish Chitoori sold 1,020 shares of the company’s stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $25.09, for a total value of $25,591.80. Following the completion of the transaction, the insider now owns 178,656 shares of the company’s stock, valued at $4,482,479.04. This represents a 0.57 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on BE. TD Cowen upped their target price on Bloom Energy from $13.00 to $20.00 and gave the stock a “hold” rating in a report on Friday, February 28th. Piper Sandler lowered their target price on 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 increased their price target on Bloom Energy from $12.00 to $22.00 and gave the company a “hold” rating in a research note on Friday, November 22nd. JPMorgan Chase & Co. increased their price target on Bloom Energy from $14.00 to $16.00 and gave the company a “neutral” rating in a research note on Thursday, January 23rd. Finally, Mizuho initiated coverage on Bloom Energy in a research note on Tuesday. They issued a “neutral” rating and a $28.00 price target for the company. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $24.67.

Bloom Energy Trading Up 2.3 %

The firm has a fifty day simple moving average of $24.08 and a 200-day simple moving average of $19.18. The firm 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 debt-to-equity ratio of 3.09, a current ratio of 3.36 and a quick ratio of 2.33.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. SPX Gestao de Recursos Ltda bought a new position in Bloom Energy in the fourth quarter worth approximately $4,442,000. Duff & Phelps Investment Management Co. purchased a new position in shares of Bloom Energy during the third quarter valued at approximately $517,000. Mirae Asset Global Investments Co. Ltd. grew its holdings in Bloom Energy by 184.7% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 404,204 shares of the company’s stock worth $9,209,000 after buying an additional 262,247 shares in the last quarter. Edgestream Partners L.P. purchased a new stake in Bloom Energy in the 3rd quarter valued at $3,274,000. Finally, Charles Schwab Investment Management Inc. lifted its stake in Bloom Energy by 0.6% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,654,087 shares of the company’s stock valued at $36,737,000 after acquiring an additional 10,265 shares in the last quarter. Institutional investors own 77.04% of the company’s stock.

About Bloom Energy

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.