Bloom Energy (NYSE:BE) Price Target Lowered to $18.00 at Bank of America

Bloom Energy (NYSE:BE - Get Free Report) had its price objective reduced by Bank of America from $20.00 to $18.00 in a research report issued on Tuesday,Benzinga reports. The brokerage currently has an "underperform" rating on the stock. Bank of America's price target indicates a potential downside of 23.66% from the company's current price.

Several other analysts have also recently commented on the stock. Hsbc Global Res upgraded shares of Bloom Energy to a "hold" rating in a research note on Wednesday, November 20th. Susquehanna boosted their target price on Bloom Energy from $20.00 to $33.00 and gave the stock a "positive" rating in a research report on Friday, December 6th. BTIG Research raised their price target on Bloom Energy from $20.00 to $30.00 and gave the company a "buy" rating in a report on Monday, December 16th. Truist Financial upped their price objective on Bloom Energy from $11.00 to $22.00 and gave the stock a "hold" rating in a report on Thursday, January 16th. Finally, Roth Mkm began coverage on shares of Bloom Energy in a report on Wednesday, December 11th. They issued a "neutral" rating and a $25.00 target price for the company. One equities research analyst has rated the stock with a sell rating, twelve have issued a hold rating, nine have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Bloom Energy presently has an average rating of "Hold" and an average price target of $23.13.

Bloom Energy Price Performance

BE stock traded up $0.06 during midday trading on Tuesday, hitting $23.58. The company's stock had a trading volume of 6,080,240 shares, compared to its average volume of 7,707,756. The firm has a market capitalization of $5.39 billion, a price-to-earnings ratio of -42.11 and a beta of 3.06. The company has a quick ratio of 2.33, a current ratio of 3.36 and a debt-to-equity ratio of 3.09. Bloom Energy has a 12 month low of $8.41 and a 12 month high of $29.83. The company has a 50 day moving average of $24.64 and a two-hundred day moving average of $16.41.

Insider Activity

In related news, CEO Kr Sridhar sold 46,697 shares of the company's stock in a transaction on Friday, November 22nd. The stock was sold at an average price of $25.00, for a total transaction of $1,167,425.00. Following the completion of the sale, the chief executive officer now directly owns 1,822,496 shares in the company, valued at $45,562,400. This represents a 2.50 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, insider Shawn Marie Soderberg sold 1,289 shares of Bloom Energy stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $24.56, for a total value of $31,657.84. Following the completion of the transaction, the insider now owns 168,561 shares in the company, valued at $4,139,858.16. This trade represents a 0.76 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 122,528 shares of company stock valued at $3,061,501. Corporate insiders own 8.81% of the company's stock.

Institutional Trading of Bloom Energy

A number of institutional investors have recently modified their holdings of the company. Sei Investments Co. raised its position in shares of Bloom Energy by 86.2% in the 2nd quarter. Sei Investments Co. now owns 44,436 shares of the company's stock valued at $544,000 after purchasing an additional 20,565 shares during the last quarter. Xponance Inc. raised its holdings in shares of Bloom Energy by 7.8% in the second quarter. Xponance Inc. now owns 12,542 shares of the company's stock worth $154,000 after buying an additional 903 shares during the last quarter. Marshall Wace LLP increased its position in shares of Bloom Energy by 30.0% in the 2nd quarter. Marshall Wace LLP now owns 510,315 shares of the company's stock valued at $6,246,000 after acquiring an additional 117,648 shares during the period. The Manufacturers Life Insurance Company raised its stake in Bloom Energy by 6.7% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 114,705 shares of the company's stock worth $1,404,000 after acquiring an additional 7,205 shares during the last quarter. Finally, Algert Global LLC acquired a new stake in Bloom Energy during the 2nd quarter worth about $251,000. 77.04% of the stock is currently owned by institutional investors.

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.