Bloom Energy (NYSE:BE) Shares Gap Down – What’s Next?

Shares of Bloom Energy Co. (NYSE:BE) gapped down before the market opened on Friday . The stock had previously closed at $21.99, but opened at $21.42. Bloom Energy shares last traded at $21.66, with a volume of 542,298 shares trading hands.

Analysts Set New Price Targets

Several research analysts recently weighed in on the stock. Bank of America dropped their target price on shares of Bloom Energy from $20.00 to $18.00 and set an “underperform” rating for the company in a report on Tuesday, January 28th. Mizuho initiated coverage on Bloom Energy in a research report on Tuesday, March 18th. They set a “neutral” rating and a $28.00 target price for the company. JPMorgan Chase & Co. boosted their price target on Bloom Energy from $14.00 to $16.00 and gave the stock a “neutral” rating in a report on Thursday, January 23rd. BMO Capital Markets reaffirmed a “market perform” rating on shares of Bloom Energy in a report on Friday, February 28th. Finally, Roth Capital raised shares of Bloom Energy to a “hold” rating in a report on Tuesday, December 10th. One research analyst has rated the stock with a sell rating, eleven have given a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $25.06.

Bloom Energy Stock Down 8.0 %

The company has a quick ratio of 2.33, a current ratio of 3.36 and a debt-to-equity ratio of 3.09. The company has a 50 day simple moving average of $24.00 and a two-hundred day simple moving average of $19.77. The company has a market capitalization of $4.66 billion, a P/E ratio of -36.11 and a beta of 3.30.

Insider Transactions at Bloom Energy

In other Bloom Energy news, insider Satish Chitoori sold 1,020 shares of the business’s stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $25.09, for a total transaction of $25,591.80. Following the completion of the transaction, the insider now owns 178,656 shares in the company, valued at $4,482,479.04. The trade was a 0.57 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Shawn Marie Soderberg sold 1,639 shares of the stock in a transaction that occurred on Thursday, January 16th. The stock was sold at an average price of $23.42, for a total value of $38,385.38. Following the completion of the sale, the insider now owns 171,040 shares in the company, valued at approximately $4,005,756.80. The trade was a 0.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 8.81% of the company’s stock.

Hedge Funds Weigh In On Bloom Energy

Large investors have recently bought and sold shares of the business. Millburn Ridgefield Corp lifted its position in shares of Bloom Energy by 29.2% during the third quarter. Millburn Ridgefield Corp now owns 2,339 shares of the company’s stock worth $25,000 after purchasing an additional 528 shares during the last quarter. GAMMA Investing LLC lifted its holdings in Bloom Energy by 26.8% during the 4th quarter. GAMMA Investing LLC now owns 2,690 shares of the company’s stock valued at $60,000 after buying an additional 569 shares in the last quarter. Arizona State Retirement System boosted its position in Bloom Energy by 1.3% in the 4th quarter. Arizona State Retirement System now owns 59,592 shares of the company’s stock valued at $1,324,000 after buying an additional 759 shares during the period. Jones Financial Companies Lllp grew its stake in Bloom Energy by 120.5% in the 4th quarter. Jones Financial Companies Lllp now owns 1,486 shares of the company’s stock worth $33,000 after acquiring an additional 812 shares in the last quarter. Finally, Smartleaf Asset Management LLC increased its position in shares of Bloom Energy by 291.0% during the fourth quarter. Smartleaf Asset Management LLC now owns 1,255 shares of the company’s stock worth $28,000 after acquiring an additional 934 shares during the period. Hedge funds and other institutional investors own 77.04% of the company’s stock.

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.