Bloom Energy (NYSE:BE) Shares Gap Down on Insider Selling

Bloom Energy Co. (NYSE:BE - Get Free Report)'s stock price gapped down prior to trading on Tuesday following insider selling activity. The stock had previously closed at $24.19, but opened at $23.25. Bloom Energy shares last traded at $22.77, with a volume of 674,243 shares trading hands.

Specifically, insider Satish Chitoori sold 1,020 shares of Bloom Energy stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $25.09, for a total transaction of $25,591.80. Following the completion of the transaction, the insider now directly owns 178,656 shares of the company's stock, valued at approximately $4,482,479.04. The trade was a 0.57 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

Analyst Upgrades and Downgrades

BE has been the topic of several research analyst reports. UBS Group increased their price objective on Bloom Energy from $21.00 to $33.00 and gave the stock a "buy" rating in a research note on Tuesday, November 26th. Susquehanna increased their price objective on Bloom Energy from $20.00 to $33.00 and gave the stock a "positive" rating in a research note on Friday, December 6th. JPMorgan Chase & Co. increased their price objective on Bloom Energy from $14.00 to $16.00 and gave the stock a "neutral" rating in a research note on Thursday, January 23rd. Piper Sandler dropped their target price on Bloom Energy from $33.00 to $31.00 and set an "overweight" rating on the stock in a research report on Friday, February 28th. Finally, Mizuho started coverage on Bloom Energy in a research report on Tuesday. They set a "neutral" rating and a $28.00 target price on the stock. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $25.06.

Remove Ads

Bloom Energy Price Performance

The company has a current ratio of 3.36, a quick ratio of 2.33 and a debt-to-equity ratio of 3.09. The stock has a market cap of $5.51 billion, a price-to-earnings ratio of -42.68 and a beta of 3.30. The stock has a 50-day moving average price of $24.10 and a two-hundred day moving average price of $19.36.

Hedge Funds Weigh In On Bloom Energy

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Millburn Ridgefield Corp raised its stake in Bloom Energy by 29.2% in the 3rd quarter. Millburn Ridgefield Corp now owns 2,339 shares of the company's stock worth $25,000 after acquiring an additional 528 shares during the last quarter. GAMMA Investing LLC raised its stake in Bloom Energy by 26.8% in the 4th 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 last quarter. 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 acquiring an additional 759 shares during the last quarter. Jones Financial Companies Lllp raised its stake in Bloom Energy by 120.5% in the 4th quarter. Jones Financial Companies Lllp now owns 1,486 shares of the company's stock worth $33,000 after acquiring an additional 812 shares during the last quarter. Finally, Smartleaf Asset Management LLC raised its stake in Bloom Energy by 291.0% in the 4th quarter. Smartleaf Asset Management LLC now owns 1,255 shares of the company's stock worth $28,000 after acquiring an additional 934 shares during the last quarter. Hedge funds and other institutional investors own 77.04% of the company's stock.

Bloom Energy Company Profile

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.