Bloom Energy (NYSE:BE) Shares Gap Up – Here’s Why

Bloom Energy Co. (NYSE:BE) shares gapped up prior to trading on Friday . The stock had previously closed at $22.39, but opened at $22.96. Bloom Energy shares last traded at $22.82, with a volume of 470,801 shares traded.

Analysts Set New Price Targets

Several research firms have recently commented on BE. 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. JPMorgan Chase & Co. raised their price objective on Bloom Energy from $14.00 to $16.00 and gave the stock a “neutral” rating in a research report on Thursday, January 23rd. Robert W. Baird boosted 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. Roth Capital upgraded Bloom Energy to a “hold” rating in a research note on Tuesday, December 10th. Finally, Hsbc Global Res upgraded Bloom Energy to a “hold” rating in a research note on Wednesday, November 20th. One analyst has rated the stock with a sell rating, ten have given a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Bloom Energy presently has a consensus rating of “Hold” and an average target price of $24.47.

Bloom Energy Stock Performance

The stock has a market capitalization of $5.04 billion, a price-to-earnings ratio of -39.39 and a beta of 3.30. The firm has a fifty day moving average of $24.00 and a 200 day moving average of $18.36. The company has a debt-to-equity ratio of 3.09, a current ratio of 3.36 and a quick ratio of 2.33.

Insider Activity

In other news, insider Shawn Marie Soderberg sold 1,639 shares of the stock in a transaction dated Thursday, January 16th. The shares were sold at an average price of $23.42, for a total transaction of $38,385.38. Following the sale, the insider now directly owns 171,040 shares of the company’s stock, 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 through this link. Insiders own 3.50% of the company’s stock.

Hedge Funds Weigh In On Bloom Energy

A number of large investors have recently bought and sold shares of the business. Vanguard Group Inc. increased its position in shares of Bloom Energy by 1.9% in the fourth quarter. Vanguard Group Inc. now owns 19,234,329 shares of the company’s stock valued at $427,194,000 after buying an additional 356,317 shares in the last quarter. Norges Bank acquired a new stake in Bloom Energy in the 4th quarter valued at $93,951,000. Fuller & Thaler Asset Management Inc. purchased a new stake in Bloom Energy in the 4th quarter worth $61,968,000. JAT Capital Mgmt LP raised its position in Bloom Energy by 50.0% during the third quarter. JAT Capital Mgmt LP now owns 2,198,974 shares of the company’s stock worth $23,221,000 after acquiring an additional 733,363 shares during the period. Finally, Legal & General Group Plc lifted its holdings in Bloom Energy by 7.3% during the fourth quarter. Legal & General Group Plc now owns 2,133,318 shares of the company’s stock valued at $47,381,000 after purchasing an additional 144,616 shares in the last quarter. Institutional investors and hedge funds 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.