Truist Financial Raises Bloom Energy (NYSE:BE) Price Target to $22.00

Bloom Energy (NYSE:BE - Free Report) had its target price increased by Truist Financial from $11.00 to $22.00 in a report published on Thursday morning,Benzinga reports. Truist Financial currently has a hold rating on the stock.

A number of other research analysts have also recently commented on the stock. Robert W. Baird raised their price target on shares of Bloom Energy from $15.00 to $32.00 and gave the stock an "outperform" rating in a research note on Thursday, December 12th. UBS Group lifted their target price on shares of Bloom Energy from $21.00 to $33.00 and gave the company a "buy" rating in a research note on Tuesday, November 26th. Piper Sandler lifted their target price on shares of Bloom Energy from $20.00 to $30.00 and gave the company an "overweight" rating in a research note on Friday, November 22nd. Bank of America lifted their target price on shares of Bloom Energy from $7.00 to $20.00 and gave the company an "underperform" rating in a research note on Monday, December 9th. Finally, Hsbc Global Res upgraded shares of Bloom Energy to a "hold" rating in a research note on Wednesday, November 20th. One equities research analyst has rated the stock with a sell rating, twelve have given a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $22.97.

Bloom Energy Price Performance

BE traded up $0.84 during midday trading on Thursday, reaching $23.49. 3,007,789 shares of the company's stock were exchanged, compared to its average volume of 5,011,688. The firm has a market capitalization of $5.37 billion, a price-to-earnings ratio of -41.95 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 one year low of $8.41 and a one year high of $28.70. The business has a 50-day simple moving average of $23.15 and a two-hundred day simple moving average of $15.50.

Insiders Place Their Bets

In other Bloom Energy news, CEO Kr Sridhar sold 46,697 shares of Bloom Energy stock in a transaction on Friday, November 22nd. The shares were 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 owns 1,822,496 shares of the company's stock, valued at approximately $45,562,400. The trade was a 2.50 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Shawn Marie Soderberg sold 1,289 shares of Bloom Energy stock in a transaction on Monday, November 18th. The stock was sold at an average price of $24.56, for a total transaction of $31,657.84. Following the sale, the insider now directly owns 168,561 shares of the company's stock, valued at $4,139,858.16. This represents a 0.76 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 120,889 shares of company stock valued at $3,023,116. Company insiders own 3.50% of the company's stock.

Hedge Funds Weigh In On Bloom Energy

Several institutional investors and hedge funds have recently made changes to their positions in the company. Millburn Ridgefield Corp grew its holdings in shares of Bloom Energy by 29.2% in the 3rd quarter. Millburn Ridgefield Corp now owns 2,339 shares of the company's stock valued at $25,000 after buying an additional 528 shares during the period. GAMMA Investing LLC grew its holdings in shares of Bloom Energy by 26.8% in the 4th quarter. GAMMA Investing LLC now owns 2,690 shares of the company's stock valued at $60,000 after buying an additional 569 shares during the period. Xponance Inc. grew its holdings in shares of Bloom Energy by 7.8% in the 2nd quarter. Xponance Inc. now owns 12,542 shares of the company's stock valued at $154,000 after buying an additional 903 shares during the period. Wealth Enhancement Advisory Services LLC grew its holdings in shares of Bloom Energy by 2.2% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 47,400 shares of the company's stock valued at $1,053,000 after buying an additional 1,000 shares during the period. Finally, Kovitz Investment Group Partners LLC grew its holdings in shares of Bloom Energy by 3.9% in the 3rd quarter. Kovitz Investment Group Partners LLC now owns 36,353 shares of the company's stock valued at $374,000 after buying an additional 1,349 shares during the period. Institutional investors and hedge funds 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.