Research Analysts Issue Forecasts for Bloom Energy Co.’s Q2 2023 Earnings (NYSE:BE)

Bloom Energy Co. (NYSE:BE – Get Rating) – KeyCorp dropped their Q2 2023 earnings per share estimates for shares of Bloom Energy in a note issued to investors on Tuesday, May 23rd. KeyCorp analyst S. Jain now forecasts that the company will earn ($0.23) per share for the quarter, down from their previous estimate of ($0.20). KeyCorp has a “Overweight” rating and a $32.00 price target on the stock. The consensus estimate for Bloom Energy’s current full-year earnings is ($0.76) per share. KeyCorp also issued estimates for Bloom Energy’s Q3 2023 earnings at ($0.13) EPS, Q4 2023 earnings at ($0.13) EPS, FY2023 earnings at ($0.84) EPS and FY2024 earnings at ($0.06) EPS.

Other equities analysts have also issued research reports about the company. Piper Sandler raised their price target on Bloom Energy from $21.00 to $22.00 and gave the company a “neutral” rating in a research note on Monday, April 17th. Truist Financial cut their price target on Bloom Energy from $26.00 to $20.00 in a research note on Wednesday, May 10th. JPMorgan Chase & Co. upgraded Bloom Energy from a “neutral” rating to an “overweight” rating and cut their price target for the company from $22.00 to $20.00 in a research note on Friday, May 19th. BMO Capital Markets cut their price target on Bloom Energy from $22.00 to $18.50 in a research note on Wednesday. Finally, Robert W. Baird dropped their price objective on Bloom Energy from $25.00 to $21.00 in a research report on Thursday, May 11th. Four research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $27.91.

Bloom Energy Stock Performance

BE stock opened at $13.99 on Friday. The company has a quick ratio of 1.10, a current ratio of 1.61 and a debt-to-equity ratio of 1.88. The business’s fifty day simple moving average is $16.83 and its two-hundred day simple moving average is $20.06. Bloom Energy has a twelve month low of $12.33 and a twelve month high of $31.47. The firm has a market cap of $2.92 billion, a price-to-earnings ratio of -8.97 and a beta of 2.85.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in BE. ProShare Advisors LLC grew its holdings in Bloom Energy by 45.4% in the 1st quarter. ProShare Advisors LLC now owns 33,652 shares of the company’s stock valued at $671,000 after buying an additional 10,503 shares in the last quarter. Rockefeller Capital Management L.P. grew its holdings in Bloom Energy by 0.9% in the 1st quarter. Rockefeller Capital Management L.P. now owns 122,476 shares of the company’s stock valued at $2,440,000 after buying an additional 1,034 shares in the last quarter. Chilton Capital Management LLC purchased a new stake in Bloom Energy in the 1st quarter valued at $159,000. SIR Capital Management L.P. grew its holdings in Bloom Energy by 17.6% in the 1st quarter. SIR Capital Management L.P. now owns 121,661 shares of the company’s stock valued at $2,425,000 after buying an additional 18,226 shares in the last quarter. Finally, State Street Corp grew its holdings in shares of Bloom Energy by 2.8% during the 1st quarter. State Street Corp now owns 4,586,967 shares of the company’s stock worth $91,417,000 after purchasing an additional 125,720 shares during the period. 79.55% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Bloom Energy

In other Bloom Energy news, Director Eddy Zervigon sold 22,797 shares of the business’s stock in a transaction that occurred on Monday, February 27th. The stock was sold at an average price of $21.57, for a total value of $491,731.29. Following the completion of the transaction, the director now directly owns 124,808 shares of the company’s stock, valued at $2,692,108.56. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, insider Sharelynn Faye Moore sold 6,002 shares of the company’s stock in a transaction that occurred on Tuesday, May 16th. The stock was sold at an average price of $13.21, for a total transaction of $79,286.42. Following the completion of the transaction, the insider now directly owns 167,269 shares of the company’s stock, valued at approximately $2,209,623.49. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Eddy Zervigon sold 22,797 shares of the company’s stock in a transaction that occurred on Monday, February 27th. The stock was sold at an average price of $21.57, for a total value of $491,731.29. Following the transaction, the director now directly owns 124,808 shares of the company’s stock, valued at $2,692,108.56. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 271,361 shares of company stock valued at $4,715,532. 8.81% of the stock is owned by company insiders.

About Bloom Energy

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Bloom Energy Corp. engages in the manufacture and installation of a solid oxide fuel-cell based power generation platform. Its product, Bloom Energy Server, converts standard low-pressure natural gas or biogas into electricity through an electrochemical process without combustion. The company was founded by K.