Bloom Energy (NYSE:BE) Shares Down 6.3% - Here's Why

Bloom Energy Co. (NYSE:BE - Get Free Report)'s stock price fell 6.3% on Friday . The company traded as low as $22.65 and last traded at $22.79. 2,842,321 shares were traded during trading, a decline of 56% from the average session volume of 6,527,842 shares. The stock had previously closed at $24.33.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on BE. UBS Group lifted their target price on shares of Bloom Energy from $21.00 to $33.00 and gave the company a "buy" rating in a research report on Tuesday, November 26th. BTIG Research lifted 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. BMO Capital Markets boosted their price objective on Bloom Energy from $12.00 to $19.50 and gave the stock a "market perform" rating in a research note on Friday, November 15th. Jefferies Financial Group raised their target price on Bloom Energy from $12.00 to $22.00 and gave the company a "hold" rating in a research report on Friday, November 22nd. Finally, Morgan Stanley boosted their price target on Bloom Energy from $20.00 to $28.00 and gave the stock an "overweight" rating in a research report on Monday, November 18th. One analyst has rated the stock with a sell rating, twelve have assigned a hold rating, nine have given a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Hold" and an average price target of $22.45.

Bloom Energy Trading Down 5.9 %

The company has a 50 day moving average price of $19.39 and a 200 day moving average price of $14.55. 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 cap of $5.23 billion, a price-to-earnings ratio of -40.89 and a beta of 3.02.

Insider Buying and Selling at Bloom Energy

In other Bloom Energy news, insider Shawn Marie Soderberg sold 1,289 shares of the business's stock in a transaction dated 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 in the company, valued at $4,139,858.16. This represents a 0.76 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Kr Sridhar sold 72,903 shares of the stock in a transaction dated Wednesday, November 20th. The stock was sold at an average price of $25.02, for a total transaction of $1,824,033.06. Following the sale, the chief executive officer now directly owns 1,869,593 shares in the company, valued at $46,777,216.86. This represents a 3.75 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 122,975 shares of company stock valued at $3,045,019 over the last 90 days. 3.50% of the stock is owned by insiders.

Institutional Investors Weigh In On Bloom Energy

Large investors have recently bought and sold shares of the stock. Millburn Ridgefield Corp raised its holdings in shares of Bloom Energy by 29.2% in the 3rd quarter. Millburn Ridgefield Corp now owns 2,339 shares of the company's stock valued at $25,000 after purchasing an additional 528 shares in the last quarter. Xponance Inc. raised its stake in Bloom Energy by 7.8% in the second quarter. Xponance Inc. now owns 12,542 shares of the company's stock valued at $154,000 after buying an additional 903 shares in the last quarter. Kovitz Investment Group Partners LLC lifted its holdings in Bloom Energy by 3.9% during the 3rd quarter. Kovitz Investment Group Partners LLC now owns 36,353 shares of the company's stock worth $374,000 after buying an additional 1,349 shares during the last quarter. Arizona State Retirement System boosted its position in shares of Bloom Energy by 2.7% during the 2nd quarter. Arizona State Retirement System now owns 56,886 shares of the company's stock worth $696,000 after acquiring an additional 1,470 shares in the last quarter. Finally, Wilmington Savings Fund Society FSB purchased a new position in shares of Bloom Energy in the 3rd quarter valued at about $34,000. 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.