CL King Initiates Coverage on Bloom Energy (NYSE:BE)

Equities research analysts at CL King assumed coverage on shares of Bloom Energy (NYSE:BE) in a research note issued on Friday, Briefing.com reports. The brokerage set a “buy” rating and a $15.00 price target on the stock. CL King’s price target points to a potential upside of 20.77% from the company’s current price.

A number of other equities analysts have also recently issued reports on the stock. Susquehanna dropped their price target on shares of Bloom Energy from $28.00 to $23.00 and set a “positive” rating on the stock in a research note on Friday, November 10th. Morgan Stanley cut their price target on shares of Bloom Energy from $29.00 to $23.00 and set an “overweight” rating on the stock in a report on Tuesday, October 17th. BMO Capital Markets decreased their price objective on shares of Bloom Energy from $14.00 to $13.00 and set a “market perform” rating for the company in a report on Thursday, November 9th. Raymond James cut their target price on Bloom Energy from $25.00 to $20.00 and set an “outperform” rating on the stock in a research note on Tuesday, October 3rd. Finally, KeyCorp lowered their target price on shares of Bloom Energy from $32.00 to $19.00 and set an “overweight” rating on the stock in a research note on Thursday, October 5th. Four investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $21.44.

Bloom Energy Stock Performance

Shares of BE opened at $12.42 on Friday. The company has a quick ratio of 2.61, a current ratio of 3.64 and a debt-to-equity ratio of 2.48. The stock has a market cap of $2.78 billion, a P/E ratio of -7.31 and a beta of 2.83. The business’s 50 day moving average price is $12.18 and its 200-day moving average price is $14.50. Bloom Energy has a 52 week low of $9.51 and a 52 week high of $26.55.

Insider Buying and Selling

In related news, EVP Guillermo Brooks sold 3,792 shares of the firm’s stock in a transaction on Monday, October 16th. The shares were 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 owns 143,401 shares of the company’s stock, valued at $1,788,210.47. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 8.81% of the company’s stock.

Institutional Investors Weigh In On Bloom Energy

Hedge funds and other institutional investors have recently made changes to their positions in the company. Norges Bank acquired a new position in shares of Bloom Energy in the fourth quarter worth about $102,826,000. FMR LLC boosted its position in Bloom Energy by 168.8% during the third quarter. FMR LLC now owns 3,524,361 shares of the company’s stock worth $46,733,000 after purchasing an additional 2,213,167 shares in the last quarter. Vanguard Group Inc. grew its holdings in Bloom Energy by 12.8% in the third quarter. Vanguard Group Inc. now owns 16,259,631 shares of the company’s stock valued at $325,030,000 after purchasing an additional 1,842,320 shares during the period. Frontier Capital Management Co. LLC raised its stake in shares of Bloom Energy by 391.5% during the 2nd quarter. Frontier Capital Management Co. LLC now owns 2,252,606 shares of the company’s stock worth $36,830,000 after buying an additional 1,794,303 shares during the period. Finally, Alyeska Investment Group L.P. purchased a new position in shares of Bloom Energy during the 1st quarter valued at approximately $15,759,000. Institutional investors and hedge funds own 82.95% 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.