Bloom Energy (NYSE:BE) Shares Gap Down on Insider Selling

Shares of Bloom Energy Corporation (NYSE:BE) gapped down prior to trading on Tuesday following insider selling activity. The stock had previously closed at $22.91, but opened at $21.61. Bloom Energy shares last traded at $21.81, with a volume of 413,958 shares.

Specifically, insider Maciej Kurzymski sold 8,733 shares of the firm’s stock in a transaction on Monday, June 16th. The stock was sold at an average price of $22.79, for a total transaction of $199,025.07. Following the sale, the insider now owns 109,860 shares in the company, valued at $2,503,709.40. This trade represents a 7.36% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link.

Wall Street Analyst Weigh In

Several research firms recently weighed in on BE. Piper Sandler reduced their price objective on shares of Bloom Energy from $31.00 to $26.00 and set an “overweight” rating for the company in a report on Monday, May 5th. Mizuho raised shares of Bloom Energy from a “neutral” rating to an “outperform” rating and reduced their price target for the stock from $28.00 to $26.00 in a research note on Monday, May 5th. Jefferies Financial Group lowered their price objective on shares of Bloom Energy from $25.00 to $19.00 and set a “hold” rating on the stock in a research note on Wednesday, April 16th. Morgan Stanley dropped their target price on Bloom Energy from $35.00 to $30.00 and set an “overweight” rating on the stock in a report on Thursday, May 1st. Finally, HSBC upgraded Bloom Energy from a “hold” rating to a “buy” rating and set a $25.00 target price for the company in a research report on Tuesday, April 8th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating, nine have given a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, Bloom Energy currently has an average rating of “Moderate Buy” and a consensus target price of $22.97.

Bloom Energy Trading Up 1.1%

The company’s 50-day moving average is $18.99 and its 200 day moving average is $21.97. The company has a current ratio of 3.44, a quick ratio of 2.39 and a debt-to-equity ratio of 2.07. The firm has a market cap of $5.01 billion, a PE ratio of -431.31 and a beta of 3.20.

Bloom Energy (NYSE:BE) last announced its earnings results on Wednesday, April 30th. The company reported $0.03 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.07) by $0.10. Bloom Energy had a net margin of 0.29% and a return on equity of 2.51%. The company had revenue of $326.02 million for the quarter, compared to the consensus estimate of $294.27 million. During the same period in the previous year, the business earned ($0.17) EPS. The company’s revenue was up 38.5% on a year-over-year basis. As a group, sell-side analysts predict that Bloom Energy Corporation will post -0.23 EPS for the current year.

Institutional Trading of Bloom Energy

Several hedge funds have recently modified their holdings of the company. Smartleaf Asset Management LLC increased its position in Bloom Energy by 291.0% in the 4th quarter. Smartleaf Asset Management LLC now owns 1,255 shares of the company’s stock valued at $28,000 after acquiring an additional 934 shares in the last quarter. Mainstream Capital Management LLC bought a new position in Bloom Energy in the 4th quarter valued at $28,000. Jones Financial Companies Lllp increased its stake in shares of Bloom Energy by 120.5% in the 4th quarter. Jones Financial Companies Lllp now owns 1,486 shares of the company’s stock valued at $33,000 after buying an additional 812 shares during the period. Quarry LP bought a new stake in shares of Bloom Energy during the fourth quarter worth approximately $35,000. Finally, Harbour Investments Inc. lifted its holdings in Bloom Energy by 2,160.0% in the first quarter. Harbour Investments Inc. now owns 1,582 shares of the company’s stock valued at $31,000 after buying an additional 1,512 shares during the period. Institutional investors and hedge funds 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.