Bloom Energy (NYSE:BE) Sets New 52-Week High - Here's Why

Key Points

• Bloom Energy's stock reached a new 52-week high of $40.21 during trading, last closing at $40.07 with a significant volume of over 5 million shares.
• Analysts’ ratings for Bloom Energy are mixed, with two sell ratings, seven hold ratings, ten buy ratings, and two strong buy ratings, suggesting a consensus rating of "Moderate Buy."
• In Q2, Bloom Energy reported earnings of $0.10 per share, significantly beating the analyst estimate of $0.02, along with a 19.5% year-over-year revenue increase.

Bloom Energy Corporation (NYSE:BE - Get Free Report)'s stock price reached a new 52-week high during mid-day trading on Tuesday . The company traded as high as $40.21 and last traded at $40.07, with a volume of 5139138 shares changing hands. The stock had previously closed at $37.65.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on BE. Truist Financial lowered their price target on Bloom Energy from $22.00 to $19.00 and set a "hold" rating for the company in a report on Monday, April 21st. Roth Mkm dropped their target price on shares of Bloom Energy from $26.00 to $20.00 and set a "neutral" rating on the stock in a report on Wednesday, April 16th. Robert W. Baird reduced their price target on shares of Bloom Energy from $32.00 to $27.00 and set an "outperform" rating for the company in a report on Tuesday, April 15th. Mizuho raised their price objective on shares of Bloom Energy from $26.00 to $31.00 and gave the stock an "outperform" rating in a report on Monday, July 14th. Finally, Morgan Stanley boosted their price objective on shares of Bloom Energy from $35.00 to $44.00 and gave the company an "overweight" rating in a research report on Friday, August 1st. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating, ten have issued a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, Bloom Energy presently has a consensus rating of "Moderate Buy" and a consensus price target of $26.39.

Bloom Energy Price Performance

The company has a current ratio of 4.99, a quick ratio of 3.21 and a debt-to-equity ratio of 2.18. The company has a market capitalization of $9.62 billion, a P/E ratio of 1,028.26 and a beta of 3.28. The company has a 50 day moving average price of $26.71 and a 200 day moving average price of $22.93.

Bloom Energy (NYSE:BE - Get Free Report) last issued its quarterly earnings data on Thursday, July 31st. The company reported $0.10 earnings per share for the quarter, beating the consensus estimate of $0.02 by $0.08. The company had revenue of $401.24 million for the quarter, compared to analyst estimates of $382.23 million. Bloom Energy had a net margin of 1.45% and a return on equity of 6.80%. The company's revenue was up 19.5% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.06) earnings per share. On average, equities analysts predict that Bloom Energy Corporation will post -0.23 EPS for the current fiscal year.

Insider Activity at Bloom Energy

In other Bloom Energy news, insider Shawn Marie Soderberg sold 1,496 shares of the stock in a transaction that occurred on Friday, May 16th. The shares were sold at an average price of $19.89, for a total transaction of $29,755.44. Following the transaction, the insider owned 229,682 shares in the company, valued at $4,568,374.98. This represents a 0.65% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Aman Joshi sold 4,658 shares of the stock in a transaction that occurred on Wednesday, May 14th. The stock was sold at an average price of $19.72, for a total value of $91,855.76. Following the sale, the insider directly owned 131,371 shares in the company, valued at $2,590,636.12. This represents a 3.42% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 21,130 shares of company stock valued at $450,554. 3.50% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Bloom Energy

Hedge funds and other institutional investors have recently modified their holdings of the business. Sender Co & Partners Inc. bought a new position in Bloom Energy during the fourth quarter valued at $283,000. Select Equity Group L.P. increased its holdings in Bloom Energy by 125.5% during the 4th quarter. Select Equity Group L.P. now owns 278,515 shares of the company's stock worth $6,186,000 after purchasing an additional 154,993 shares during the period. SIR Capital Management L.P. raised its holdings in shares of Bloom Energy by 155.1% in the fourth quarter. SIR Capital Management L.P. now owns 572,798 shares of the company's stock valued at $12,722,000 after acquiring an additional 348,279 shares in the last quarter. Teacher Retirement System of Texas lifted its position in shares of Bloom Energy by 662.4% in the 1st quarter. Teacher Retirement System of Texas now owns 73,518 shares of the company's stock worth $1,445,000 after purchasing an additional 63,875 shares during the period. Finally, Raymond James Financial Inc. purchased a new stake in Bloom Energy during the fourth quarter worth $19,629,000. Institutional investors own 77.04% 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.

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