Bloom Energy (NYSE:BE) Stock Price Down 5.3% - Here's Why

Shares of Bloom Energy Co. (NYSE:BE - Get Free Report) dropped 5.3% during mid-day trading on Thursday . The stock traded as low as $22.13 and last traded at $22.21. Approximately 2,032,119 shares were traded during mid-day trading, a decline of 69% from the average daily volume of 6,556,809 shares. The stock had previously closed at $23.46.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the stock. BTIG Research raised their target price on shares of Bloom Energy from $20.00 to $30.00 and gave the company a "buy" rating in a research note on Monday. BMO Capital Markets upped their target price on shares of Bloom Energy from $12.00 to $19.50 and gave the company a "market perform" rating in a research note on Friday, November 15th. UBS Group raised their price target 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 upped their price objective on shares of Bloom Energy from $20.00 to $28.00 and gave the company an "overweight" rating in a research report on Monday, November 18th. Finally, Roth Mkm began coverage on Bloom Energy in a research report on Wednesday, December 11th. They set a "neutral" rating and a $25.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, twelve have issued a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $22.45.

Bloom Energy Stock Down 2.5 %

The company's fifty day moving average is $17.76 and its 200-day moving average is $14.18. 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 capitalization of $5.23 billion, a PE ratio of -40.86 and a beta of 3.04.

Insider Transactions at Bloom Energy

In related news, CEO Kr Sridhar sold 46,697 shares of Bloom Energy stock in a transaction dated 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 in the company, valued at $45,562,400. This trade represents a 2.50 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Shawn Marie Soderberg sold 1,289 shares of Bloom Energy stock in a transaction that occurred on Monday, November 18th. The shares were 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. Over the last three months, insiders have sold 122,975 shares of company stock valued at $3,045,019. 8.81% of the stock is currently owned by insiders.

Institutional Trading of Bloom Energy

Hedge funds have recently bought and sold shares of the stock. Millburn Ridgefield Corp increased its position in shares of Bloom Energy by 29.2% during the third quarter. Millburn Ridgefield Corp now owns 2,339 shares of the company's stock worth $25,000 after purchasing an additional 528 shares in the last quarter. Xponance Inc. boosted its holdings in 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 acquiring an additional 903 shares in the last quarter. Kovitz Investment Group Partners LLC increased its holdings in shares of Bloom Energy by 3.9% during the third quarter. Kovitz Investment Group Partners LLC now owns 36,353 shares of the company's stock valued at $374,000 after acquiring an additional 1,349 shares in the last quarter. Arizona State Retirement System raised its position in shares of Bloom Energy by 2.7% in the 2nd quarter. Arizona State Retirement System now owns 56,886 shares of the company's stock valued at $696,000 after purchasing an additional 1,470 shares during the last quarter. Finally, Wilmington Savings Fund Society FSB acquired a new stake in Bloom Energy in the 3rd quarter worth approximately $34,000. Hedge funds and other institutional investors 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.