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

Bloom Energy Co. (NYSE:BE - Get Free Report) shares gapped up before the market opened on Wednesday . The stock had previously closed at $20.40, but opened at $21.10. Bloom Energy shares last traded at $22.10, with a volume of 1,972,719 shares.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the stock. BMO Capital Markets boosted their target price on shares of Bloom Energy from $12.00 to $19.50 and gave the stock a "market perform" rating in a research report on Friday, November 15th. UBS Group boosted their price objective on Bloom Energy from $21.00 to $33.00 and gave the stock a "buy" rating in a report on Tuesday, November 26th. HSBC lowered Bloom Energy from a "buy" rating to a "hold" rating and set a $24.50 target price on the stock. in a report on Wednesday, November 20th. Marathon Capitl raised Bloom Energy from a "hold" rating to a "strong-buy" rating in a research report on Monday, November 11th. Finally, Hsbc Global Res raised shares of Bloom Energy to a "hold" rating in a report on Wednesday, November 20th. One investment analyst has rated the stock with a sell rating, twelve have assigned a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $23.13.

Bloom Energy Stock Down 1.6 %

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 firm has a market capitalization of $5.30 billion, a P/E ratio of -41.43 and a beta of 3.06. The stock has a 50 day moving average of $24.55 and a 200-day moving average of $16.56.

Insider Activity at Bloom Energy

In other news, insider Shawn Marie Soderberg sold 1,639 shares of the company's 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 transaction, the insider now owns 171,040 shares of the company's stock, valued at approximately $4,005,756.80. This represents a 0.95 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Kr Sridhar sold 72,903 shares of Bloom Energy stock in a transaction on Wednesday, November 20th. The shares were sold at an average price of $25.02, for a total value of $1,824,033.06. Following the sale, the chief executive officer now directly owns 1,869,593 shares of the company's stock, valued at $46,777,216.86. This represents a 3.75 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 122,528 shares of company stock worth $3,061,501. 3.50% of the stock is owned by corporate insiders.

Institutional Trading of Bloom Energy

Several institutional investors and hedge funds have recently modified their holdings of the business. JAT Capital Mgmt LP raised its holdings in shares of Bloom Energy by 50.0% in the 3rd quarter. JAT Capital Mgmt LP now owns 2,198,974 shares of the company's stock valued at $23,221,000 after acquiring an additional 733,363 shares in the last quarter. Elemental Capital Partners LLC purchased a new position in shares of Bloom Energy during the 4th quarter valued at about $33,612,000. Bank of New York Mellon Corp lifted its position in Bloom Energy by 68.5% in the 4th quarter. Bank of New York Mellon Corp now owns 1,026,488 shares of the company's stock worth $22,798,000 after buying an additional 417,120 shares during the last quarter. Artemis Investment Management LLP grew its position in Bloom Energy by 20.5% during the third quarter. Artemis Investment Management LLP now owns 738,673 shares of the company's stock valued at $7,800,000 after acquiring an additional 125,757 shares during the last quarter. Finally, Van ECK Associates Corp lifted its holdings in shares of Bloom Energy by 13.1% in the 3rd quarter. Van ECK Associates Corp now owns 661,932 shares of the company's stock worth $6,990,000 after acquiring an additional 76,536 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.