Bloom Energy (NYSE:BE) Shares Gap Down - Here's What Happened

Bloom Energy Co. (NYSE:BE - Get Free Report)'s share price gapped down before the market opened on Monday . The stock had previously closed at $23.58, but opened at $22.00. Bloom Energy shares last traded at $23.09, with a volume of 723,745 shares changing hands.

Analysts Set New Price Targets

BE has been the topic of several research reports. Bank of America decreased their price objective on shares of Bloom Energy from $20.00 to $18.00 and set an "underperform" rating on the stock in a report on Tuesday, January 28th. Marathon Capitl raised shares of Bloom Energy from a "hold" rating to a "strong-buy" rating in a report on Monday, November 11th. BTIG Research boosted their price objective on Bloom Energy from $20.00 to $30.00 and gave the stock a "buy" rating in a report on Monday, December 16th. Robert W. Baird increased their target price on Bloom Energy from $15.00 to $32.00 and gave the stock an "outperform" rating in a research note on Thursday, December 12th. Finally, HSBC downgraded Bloom Energy from a "buy" rating to a "hold" rating and set a $24.50 price target for the company. in a research note on Wednesday, November 20th. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Bloom Energy has a consensus rating of "Hold" and a consensus price target of $23.72.

Bloom Energy Trading Down 0.3 %

The firm's 50 day moving average is $24.33 and its two-hundred day moving average is $16.80. The company has a quick ratio of 2.33, a current ratio of 3.36 and a debt-to-equity ratio of 3.09.

Insider Buying and Selling

In related news, CEO Kr Sridhar sold 72,903 shares of the stock in a transaction on Wednesday, November 20th. The stock was sold at an average price of $25.02, for a total value of $1,824,033.06. Following the completion of the sale, the chief executive officer now directly owns 1,869,593 shares of the company's stock, valued at approximately $46,777,216.86. This represents a 3.75 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Shawn Marie Soderberg sold 1,639 shares of Bloom Energy stock in a transaction on Thursday, January 16th. The stock was sold at an average price of $23.42, for a total transaction of $38,385.38. Following the transaction, the insider now directly owns 171,040 shares in the company, valued at $4,005,756.80. This represents a 0.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 122,528 shares of company stock valued at $3,061,501 over the last ninety days. 8.81% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Bloom Energy

Institutional investors have recently added to or reduced their stakes in the company. SPX Gestao de Recursos Ltda bought a new position in Bloom Energy in the 4th quarter valued at $4,442,000. Raymond James Financial Inc. bought a new position in Bloom Energy during the fourth quarter valued at about $19,629,000. Arizona State Retirement System grew its position in Bloom Energy by 1.3% during the fourth quarter. Arizona State Retirement System now owns 59,592 shares of the company's stock valued at $1,324,000 after buying an additional 759 shares during the period. Proficio Capital Partners LLC purchased a new stake in Bloom Energy during the fourth quarter worth about $787,000. Finally, M&T Bank Corp raised its position in Bloom Energy by 14.7% in the fourth quarter. M&T Bank Corp now owns 47,899 shares of the company's stock worth $1,064,000 after acquiring an additional 6,122 shares during the period. 77.04% of the stock is 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.