Bloom Energy (NYSE:BE) Shares Up 7.1% – Here’s Why

Bloom Energy Corporation (NYSE:BE)’s stock price shot up 7.1% on Friday . The company traded as high as $118.65 and last traded at $110.8690. 23,775,780 shares traded hands during trading, an increase of 157% from the average session volume of 9,248,685 shares. The stock had previously closed at $103.55.

Analyst Ratings Changes

Several research analysts have issued reports on BE shares. Morgan Stanley upped their price target on Bloom Energy to $155.00 and gave the company an “overweight” rating in a report on Wednesday, October 29th. HSBC raised Bloom Energy from a “hold” rating to a “buy” rating and set a $150.00 target price on the stock in a research report on Wednesday, October 29th. Robert W. Baird set a $157.00 price target on Bloom Energy in a research report on Wednesday, October 29th. Jefferies Financial Group restated an “underperform” rating and set a $53.00 price objective on shares of Bloom Energy in a report on Friday, October 31st. Finally, Oppenheimer reaffirmed a “market perform” rating on shares of Bloom Energy in a research note on Wednesday, October 29th. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, eleven have assigned a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat.com, Bloom Energy has a consensus rating of “Hold” and an average price target of $95.65.

Bloom Energy Stock Performance

The stock’s 50-day moving average price is $97.32 and its 200 day moving average price is $52.47. The company has a quick ratio of 2.88, a current ratio of 4.40 and a debt-to-equity ratio of 1.98. The company has a market cap of $26.22 billion, a P/E ratio of 704.00, a price-to-earnings-growth ratio of 71.41 and a beta of 3.43.

Bloom Energy (NYSE:BE) last issued its quarterly earnings results on Tuesday, October 28th. The company reported $0.15 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.08 by $0.07. The company had revenue of $508.69 million for the quarter, compared to the consensus estimate of $425.18 million. Bloom Energy had a return on equity of 8.74% and a net margin of 0.84%.The firm’s revenue was up 57.1% compared to the same quarter last year. During the same period last year, the business posted ($0.01) earnings per share. As a group, research analysts expect that Bloom Energy Corporation will post -0.23 EPS for the current fiscal year.

Insider Activity

In related news, CEO Kr Sridhar sold 60,000 shares of the stock in a transaction that occurred on Monday, August 25th. The stock was sold at an average price of $48.97, for a total transaction of $2,938,200.00. Following the sale, the chief executive officer directly owned 2,324,613 shares in the company, valued at $113,836,298.61. This represents a 2.52% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Mary K. Bush sold 36,000 shares of the stock in a transaction on Wednesday, November 5th. The stock was sold at an average price of $142.82, for a total value of $5,141,520.00. Following the sale, the director owned 133,524 shares in the company, valued at $19,069,897.68. The trade was a 21.24% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 332,065 shares of company stock worth $26,675,662 over the last ninety days. Corporate insiders own 3.60% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Advisors Asset Management Inc. boosted its stake in Bloom Energy by 43.0% during the 1st quarter. Advisors Asset Management Inc. now owns 86,665 shares of the company’s stock worth $1,704,000 after acquiring an additional 26,077 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. raised its holdings in Bloom Energy by 634.2% in the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 598,327 shares of the company’s stock worth $11,763,000 after purchasing an additional 516,833 shares during the period. Resona Asset Management Co. Ltd. bought a new position in shares of Bloom Energy during the second quarter worth $108,000. Mizuho Markets Americas LLC grew its holdings in shares of Bloom Energy by 29.9% in the 2nd quarter. Mizuho Markets Americas LLC now owns 395,490 shares of the company’s stock valued at $9,460,000 after buying an additional 90,980 shares during the period. Finally, Comerica Bank increased its position in shares of Bloom Energy by 5.8% in the 1st quarter. Comerica Bank now owns 88,554 shares of the company’s stock valued at $1,741,000 after buying an additional 4,885 shares in the last quarter. 77.04% of the stock is currently owned by institutional investors.

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.