Bloom Energy (NYSE:BE) Sees Unusually-High Trading Volume Following Analyst Upgrade

Shares of Bloom Energy Co. (NYSE:BE - Get Free Report) saw unusually-strong trading volume on Monday after Royal Bank of Canada raised their price target on the stock from $15.00 to $28.00. Royal Bank of Canada currently has an outperform rating on the stock. Approximately 6,819,066 shares traded hands during trading, an increase of 9% from the previous session's volume of 6,247,839 shares.The stock last traded at $23.17 and had previously closed at $21.14.

Several other research firms also recently weighed in on BE. Piper Sandler upgraded shares of Bloom Energy from a "neutral" rating to an "overweight" rating and increased their price target for the stock from $10.00 to $20.00 in a research report on Friday. BTIG Research lifted their target price on Bloom Energy from $16.00 to $20.00 and gave the stock a "buy" rating in a report on Friday. Jefferies Financial Group cut Bloom Energy from a "buy" rating to a "hold" rating and reduced their price objective for the stock from $15.00 to $11.00 in a research note on Friday, September 6th. Robert W. Baird cut their target price on Bloom Energy from $18.00 to $15.00 and set an "outperform" rating on the stock in a research note on Friday, November 8th. Finally, Truist Financial reduced their price objective on Bloom Energy from $13.00 to $12.00 and set a "hold" rating on the stock in a report on Wednesday, October 16th. One research analyst has rated the stock with a sell rating, eight have given a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Bloom Energy currently has an average rating of "Moderate Buy" and a consensus target price of $17.17.

Hedge Funds Weigh In On Bloom Energy

A number of institutional investors have recently made changes to their positions in the stock. Duff & Phelps Investment Management Co. acquired a new position in shares of Bloom Energy in the 3rd quarter valued at $517,000. Pier Capital LLC grew its position in Bloom Energy by 0.9% during the third quarter. Pier Capital LLC now owns 461,744 shares of the company's stock valued at $4,876,000 after acquiring an additional 4,082 shares during the period. Main Management ETF Advisors LLC acquired a new stake in Bloom Energy during the third quarter worth about $615,000. Kovitz Investment Group Partners LLC raised 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 worth $374,000 after purchasing an additional 1,349 shares during the period. Finally, Temasek Holdings Private Ltd acquired a new position in shares of Bloom Energy in the 3rd quarter valued at about $3,249,000. 77.04% of the stock is owned by institutional investors and hedge funds.

Bloom Energy Stock Up 7.9 %

The stock has a fifty day moving average price of $10.82 and a 200-day moving average price of $12.28. The firm has a market cap of $5.21 billion, a PE ratio of -42.09 and a beta of 2.71. The company has a debt-to-equity ratio of 3.09, a quick ratio of 3.33 and a current ratio of 3.36.

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.