Bloom Energy (NYSE:BE) Upgraded to Overweight at Barclays

Key Points

• Barclays upgraded Bloom Energy to “overweight” from “equal weight” and set a $289 price target, implying 47.33% upside from the prior close.
• Analyst sentiment remains mixed: Bloom Energy has a consensus “hold” rating and an average target price of $263.05, despite several firms maintaining outperform or buy ratings.
• The company reported stronger-than-expected quarterly results, with $0.94 in earnings per share and $1.24 billion in revenue, representing 138.1% year-over-year growth.

Bloom Energy (NYSE:BE - Get Free Report) was upgraded by research analysts at Barclays from an "equal weight" rating to an "overweight" rating in a research note issued to investors on Tuesday, Briefing.com reports. The firm currently has a $289.00 price objective on the stock. Barclays's price objective points to a potential upside of 47.33% from the company's previous close.

A number of other equities research analysts have also weighed in on the company. Citigroup boosted their price objective on Bloom Energy from $281.00 to $284.00 and gave the stock a "neutral" rating in a research report on Thursday. Royal Bank Of Canada reiterated an "outperform" rating and issued a $335.00 target price on shares of Bloom Energy in a research report on Friday, October 23rd. Susquehanna increased their target price on Bloom Energy from $293.00 to $298.00 and gave the company a "positive" rating in a research report on Friday, July 10th. Mizuho lifted their price target on Bloom Energy from $242.00 to $351.00 and gave the company an "outperform" rating in a research note on Monday, September 14th. Finally, Jefferies Financial Group restated a "hold" rating and set a $242.00 price target on shares of Bloom Energy in a report on Friday, October 23rd. One research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, thirteen have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, Bloom Energy presently has a consensus rating of "Hold" and a consensus target price of $263.05.

Bloom Energy Price Performance

Shares of NYSE:BE opened at $196.15 on Tuesday. The company has a market cap of $57.77 billion, a price-to-earnings ratio of 120.34, a PEG ratio of 2.36 and a beta of 3.77. The company has a debt-to-equity ratio of 1.33, a current ratio of 3.74 and a quick ratio of 3.08. The firm has a 50 day simple moving average of $248.07 and a 200 day simple moving average of $220.08. Bloom Energy has a one year low of $75.70 and a one year high of $351.28.

Bloom Energy (NYSE:BE - Get Free Report) last posted its earnings results on Thursday, October 22nd. The company reported $0.94 earnings per share for the quarter, topping analysts' consensus estimates of $0.69 by $0.25. The firm had revenue of $1.24 billion for the quarter, compared to analysts' expectations of $1.07 billion. Bloom Energy had a net margin of 13.53% and a return on equity of 45.29%. The company's revenue was up 138.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.15 earnings per share. Research analysts predict that Bloom Energy will post 2.61 earnings per share for the current fiscal year.

Insider Activity at Bloom Energy

In related news, insider Aman Joshi sold 8,437 shares of the firm's stock in a transaction on Thursday, October 1st. The stock was sold at an average price of $277.17, for a total transaction of $2,338,483.29. Following the completion of the transaction, the insider directly owned 147,092 shares of the company's stock, valued at $40,769,489.64. This trade represents a 5.42% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Satish Chitoori sold 2,870 shares of Bloom Energy stock in a transaction dated Wednesday, September 16th. The stock was sold at an average price of $270.06, for a total value of $775,072.20. Following the transaction, the insider directly owned 202,494 shares in the company, valued at $54,685,529.64. The trade was a 1.40% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 74,698 shares of company stock valued at $18,697,058 in the last quarter. Insiders own 3.00% of the company's stock.

Institutional Investors Weigh In On Bloom Energy

Several institutional investors and hedge funds have recently made changes to their positions in BE. Jennison Associates LLC increased its position in shares of Bloom Energy by 20,074.4% during the 1st quarter. Jennison Associates LLC now owns 2,687,029 shares of the company's stock valued at $364,066,000 after purchasing an additional 2,673,710 shares during the last quarter. Bank of America Corp DE raised its stake in shares of Bloom Energy by 6.1% during the 1st quarter. Bank of America Corp DE now owns 2,211,880 shares of the company's stock worth $299,688,000 after purchasing an additional 126,649 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in shares of Bloom Energy by 78.3% in the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,327,549 shares of the company's stock worth $401,849,000 after buying an additional 583,135 shares during the last quarter. Elemental Capital Partners LLC boosted its holdings in shares of Bloom Energy by 2.5% in the 3rd quarter. Elemental Capital Partners LLC now owns 1,039,031 shares of the company's stock worth $287,791,000 after buying an additional 25,625 shares during the last quarter. Finally, Bank of New York Mellon Corp bought a new position in Bloom Energy during the second quarter valued at about $296,413,000. Institutional investors and hedge funds own 77.04% of the company's stock.

About Bloom Energy

Bloom Energy Corporation develops and manufactures energy systems designed to generate electricity on-site. Its primary product is the Bloom Energy Server, a solid oxide fuel cell platform that converts fuel into electricity through an electrochemical process rather than combustion. The systems are used by businesses, utilities, data centers and other organizations seeking reliable, distributed power.

The company also develops electrolyzers based on its solid oxide technology. These systems are designed to produce hydrogen from electricity and water and support applications related to industrial operations, energy storage and the emerging hydrogen economy.

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