Bloom Energy (NYSE:BE) Shares Gap Down – Time to Sell?

Bloom Energy Co. (NYSE:BE) shares 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.

Wall Street Analyst Weigh In

Several research firms recently weighed in on BE. Jefferies Financial Group boosted their price objective on Bloom Energy from $12.00 to $22.00 and gave the stock a “hold” rating in a research report on Friday, November 22nd. Truist Financial increased their price objective on Bloom Energy from $11.00 to $22.00 and gave the company a “hold” rating in a research report on Thursday, January 16th. Piper Sandler boosted their target price on shares of Bloom Energy from $30.00 to $33.00 and gave the stock an “overweight” rating in a research report on Monday, January 27th. Bank of America decreased their price target on shares of Bloom Energy from $20.00 to $18.00 and set an “underperform” rating on the stock in a research report on Tuesday, January 28th. Finally, BTIG Research upped their price objective on shares of Bloom Energy from $20.00 to $30.00 and gave the company a “buy” rating in a research report on Monday, December 16th. One research analyst has rated the stock with a sell rating, twelve have given a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $23.13.

Bloom Energy Price Performance

The company has a quick ratio of 2.33, a current ratio of 3.36 and a debt-to-equity ratio of 3.09. The stock has a fifty day moving average of $24.49 and a two-hundred day moving average of $16.62.

Insider Activity

In related news, insider Shawn Marie Soderberg sold 1,639 shares of the company’s stock in a transaction dated Thursday, January 16th. The shares were sold at an average price of $23.42, for a total value of $38,385.38. Following the sale, the insider now owns 171,040 shares in the company, valued at $4,005,756.80. This represents a 0.95 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Kr Sridhar sold 72,903 shares of the stock in a transaction that occurred 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 trade represents a 3.75 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 122,528 shares of company stock valued at $3,061,501 in the last ninety days. 3.50% of the stock is owned by company insiders.

Hedge Funds Weigh In On Bloom Energy

A number of hedge funds and other institutional investors have recently modified their holdings of BE. Elemental Capital Partners LLC purchased a new position in Bloom Energy in the fourth quarter valued at about $33,612,000. 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 worth $23,221,000 after purchasing an additional 733,363 shares during the period. Bank of New York Mellon Corp lifted its stake in Bloom Energy by 68.5% in the fourth quarter. Bank of New York Mellon Corp now owns 1,026,488 shares of the company’s stock valued at $22,798,000 after purchasing an additional 417,120 shares during the last quarter. Erste Asset Management GmbH bought a new position in Bloom Energy during the third quarter valued at $3,762,000. Finally, Edgestream Partners L.P. purchased a new stake in Bloom Energy in the third quarter worth $3,274,000. 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.