Bloom Energy (NYSE:BE) Trading 11.5% Higher

Bloom Energy Co. (NYSE:BE) shares shot up 11.5% during mid-day trading on Tuesday . The stock traded as high as $11.84 and last traded at $11.83. Approximately 783,017 shares traded hands during mid-day trading, a decline of 80% from the average session volume of 3,880,306 shares. The stock had previously closed at $10.61.

Analysts Set New Price Targets

BE has been the subject of a number of recent analyst reports. Truist Financial lowered their target price on shares of Bloom Energy from $18.00 to $12.00 and set a “hold” rating for the company in a report on Monday, November 6th. BMO Capital Markets cut their target price on Bloom Energy from $14.00 to $13.00 and set a “market perform” rating on the stock in a research report on Thursday, November 9th. Raymond James reduced their target price on Bloom Energy from $25.00 to $20.00 and set an “outperform” rating on the stock in a report on Tuesday, October 3rd. KeyCorp dropped their price target on Bloom Energy from $32.00 to $19.00 and set an “overweight” rating for the company in a research note on Thursday, October 5th. Finally, Susquehanna reduced their price objective on Bloom Energy from $28.00 to $23.00 and set a “positive” rating on the stock in a research note on Friday, November 10th. Four investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat, Bloom Energy currently has a consensus rating of “Moderate Buy” and a consensus price target of $21.87.

Bloom Energy Price Performance

The company has a debt-to-equity ratio of 2.48, a quick ratio of 2.61 and a current ratio of 3.64. The business’s fifty day simple moving average is $12.28 and its 200 day simple moving average is $14.53. The stock has a market cap of $2.63 billion, a price-to-earnings ratio of -7.38 and a beta of 2.83.

Insider Buying and Selling

In other news, EVP Guillermo Brooks sold 3,792 shares of the stock in a transaction that occurred on Monday, October 16th. The stock was sold at an average price of $12.47, for a total transaction of $47,286.24. Following the completion of the transaction, the executive vice president now directly owns 143,401 shares in the company, valued at approximately $1,788,210.47. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Insiders own 8.81% of the company’s stock.

Hedge Funds Weigh In On Bloom Energy

A number of hedge funds have recently bought and sold shares of BE. Bank of New York Mellon Corp lifted its holdings in Bloom Energy by 13.0% during the 1st quarter. Bank of New York Mellon Corp now owns 566,033 shares of the company’s stock worth $13,669,000 after buying an additional 64,919 shares during the last quarter. AlphaCrest Capital Management LLC bought a new position in Bloom Energy during the first quarter worth $337,000. Bank of Montreal Can boosted its holdings in Bloom Energy by 8.1% in the first quarter. Bank of Montreal Can now owns 63,498 shares of the company’s stock worth $1,559,000 after purchasing an additional 4,781 shares during the period. MetLife Investment Management LLC increased its stake in Bloom Energy by 53.5% during the first quarter. MetLife Investment Management LLC now owns 76,115 shares of the company’s stock valued at $1,838,000 after purchasing an additional 26,537 shares during the last quarter. Finally, Panagora Asset Management Inc. acquired a new stake in shares of Bloom Energy during the first quarter worth $1,016,000. 82.95% of the stock is currently owned by institutional investors and hedge funds.

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.