Bloom Energy (NYSE:BE) Stock Price Down 4.6% - Here's Why

Bloom Energy Co. (NYSE:BE - Get Free Report) shares were down 4.6% on Friday . The stock traded as low as $23.95 and last traded at $24.23. Approximately 2,396,441 shares traded hands during trading, a decline of 64% from the average daily volume of 6,614,813 shares. The stock had previously closed at $25.41.

Analyst Ratings Changes

Several brokerages have weighed in on BE. UBS Group upped their target price on shares of Bloom Energy from $21.00 to $33.00 and gave the stock a "buy" rating in a research report on Tuesday, November 26th. Morgan Stanley raised their price objective on Bloom Energy from $28.00 to $35.00 and gave the company an "overweight" rating in a research note on Thursday, March 20th. BMO Capital Markets reissued a "market perform" rating on shares of Bloom Energy in a report on Friday, February 28th. TD Cowen lifted their price target on Bloom Energy from $13.00 to $20.00 and gave the stock a "hold" rating in a research note on Friday, February 28th. Finally, JPMorgan Chase & Co. increased their price objective on shares of Bloom Energy from $14.00 to $16.00 and gave the company a "neutral" rating in a research note on Thursday, January 23rd. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Bloom Energy currently has a consensus rating of "Hold" and a consensus price target of $25.06.

Bloom Energy Stock Performance

The company has a debt-to-equity ratio of 3.09, a quick ratio of 2.33 and a current ratio of 3.36. The company has a market cap of $5.42 billion, a price-to-earnings ratio of -42.02 and a beta of 3.30. The firm's 50-day moving average price is $24.10 and its 200 day moving average price is $19.50.

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Insider Transactions at Bloom Energy

In other Bloom Energy news, insider Shawn Marie Soderberg sold 1,639 shares of Bloom Energy stock in a transaction on Thursday, January 16th. The shares were sold at an average price of $23.42, for a total value of $38,385.38. Following the sale, 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 position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, 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 transaction, the insider now directly owns 178,656 shares in the company, valued at $4,482,479.04. This trade represents a 0.57 % decrease in their position. The disclosure for this sale can be found here. 8.81% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Bloom Energy

Several hedge funds have recently bought and sold shares of the stock. Millburn Ridgefield Corp increased its position in Bloom Energy by 29.2% during the 3rd quarter. Millburn Ridgefield Corp now owns 2,339 shares of the company's stock worth $25,000 after buying an additional 528 shares during the period. GAMMA Investing LLC increased its position in Bloom Energy by 26.8% during the fourth quarter. GAMMA Investing LLC now owns 2,690 shares of the company's stock worth $60,000 after acquiring an additional 569 shares during the period. Arizona State Retirement System raised its stake in Bloom Energy by 1.3% in the 4th quarter. Arizona State Retirement System now owns 59,592 shares of the company's stock worth $1,324,000 after purchasing an additional 759 shares in the last quarter. Jones Financial Companies Lllp boosted its holdings in Bloom Energy by 120.5% in the 4th quarter. Jones Financial Companies Lllp now owns 1,486 shares of the company's stock valued at $33,000 after purchasing an additional 812 shares during the period. Finally, Smartleaf Asset Management LLC grew its position in shares of Bloom Energy by 291.0% during the 4th quarter. Smartleaf Asset Management LLC now owns 1,255 shares of the company's stock worth $28,000 after purchasing an additional 934 shares in the last quarter. 77.04% of the stock is currently owned by institutional investors and hedge funds.

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.