Bloom Energy (NYSE:BE) Shares Gap Up Following Analyst Upgrade

Bloom Energy Co. (NYSE:BE) gapped up before the market opened on Thursday after Morgan Stanley raised their price target on the stock from $28.00 to $35.00. The stock had previously closed at $24.31, but opened at $25.20. Morgan Stanley currently has an overweight rating on the stock. Bloom Energy shares last traded at $25.62, with a volume of 1,402,072 shares traded.

A number of other equities research analysts have also recently commented on BE. BTIG Research lifted their price target on shares of Bloom Energy from $20.00 to $30.00 and gave the stock a “buy” rating in a report on Monday, December 16th. UBS Group upped their price target on Bloom Energy from $21.00 to $33.00 and gave the company a “buy” rating in a research report on Tuesday, November 26th. JPMorgan Chase & Co. lifted their price objective on Bloom Energy from $14.00 to $16.00 and gave the stock a “neutral” rating in a report on Thursday, January 23rd. Susquehanna upped their price objective on shares of Bloom Energy from $20.00 to $33.00 and gave the company a “positive” rating in a report on Friday, December 6th. Finally, Truist Financial increased their target price on shares of Bloom Energy from $11.00 to $22.00 and gave the stock a “hold” rating in a research report on Thursday, January 16th. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $25.06.

Insider Activity

In other Bloom Energy news, insider Satish Chitoori sold 1,020 shares of the business’s stock in a transaction that occurred on 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 sale, the insider now owns 178,656 shares in the company, valued at approximately $4,482,479.04. The trade was a 0.57 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Shawn Marie Soderberg sold 1,639 shares of Bloom Energy stock in a transaction on Thursday, January 16th. The stock was sold at an average price of $23.42, for a total transaction of $38,385.38. Following the completion of the transaction, the insider now directly owns 171,040 shares in the company, valued at approximately $4,005,756.80. The trade was a 0.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 8.81% of the company’s stock.

Institutional Investors Weigh In On Bloom Energy

Several institutional investors and hedge funds have recently bought and sold shares of BE. Norges Bank bought a new stake in Bloom Energy in the fourth quarter valued at $93,951,000. Fuller & Thaler Asset Management Inc. purchased a new stake in shares of Bloom Energy in the 4th quarter worth about $61,968,000. Elemental Capital Partners LLC bought a new stake in shares of Bloom Energy during the 4th quarter valued at about $33,612,000. Trivest Advisors Ltd purchased a new position in shares of Bloom Energy during the fourth quarter valued at about $30,539,000. Finally, Voloridge Investment Management LLC raised its stake in Bloom Energy by 323.6% in the fourth quarter. Voloridge Investment Management LLC now owns 1,440,428 shares of the company’s stock worth $31,992,000 after buying an additional 1,100,352 shares in the last quarter. Hedge funds and other institutional investors own 77.04% of the company’s stock.

Bloom Energy Stock Up 7.1 %

The company’s fifty day simple moving average is $24.08 and its 200 day simple moving average is $19.18. The company has a quick ratio of 2.33, a current ratio of 3.36 and a debt-to-equity ratio of 3.09. The firm has a market capitalization of $6.00 billion, a PE ratio of -46.48 and a beta of 3.30.

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.