Bloom Energy (NYSE:BE) Shares Down 3.9% - Here's Why

Key Points

• Bloom Energy Corporation's shares fell by 3.9% during mid-day trading, with a significant drop in trading volume at approximately 3.9 million shares, representing a 44% decline from its average daily volume.
• Analysts have set varied price targets for the stock, ranging from $10.00 to $31.00, resulting in a current consensus rating of "Moderate Buy" with an average target price of $26.39.
• Bloom Energy reported an earnings per share (EPS) of $0.10 in its last quarter, exceeding analyst estimates, while also showing a 19.5% year-over-year increase in revenue.

Bloom Energy Corporation (NYSE:BE - Get Free Report) was down 3.9% during mid-day trading on Monday . The company traded as low as $35.00 and last traded at $35.30. Approximately 3,931,627 shares traded hands during trading, a decline of 44% from the average daily volume of 7,028,206 shares. The stock had previously closed at $36.72.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the stock. Royal Bank Of Canada set a $26.00 target price on shares of Bloom Energy in a research note on Monday, April 14th. Hsbc Global Res raised shares of Bloom Energy from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, April 8th. Piper Sandler reduced their target price 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. Truist Financial reduced their target price on shares of Bloom Energy from $22.00 to $19.00 and set a "hold" rating for the company in a report on Monday, April 21st. Finally, Redburn Atlantic cut shares of Bloom Energy from a "neutral" rating to a "sell" rating and reduced their target price for the stock from $14.50 to $10.00 in a report on Wednesday, April 9th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating, ten have assigned a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $26.39.

Bloom Energy Price Performance

The company has a quick ratio of 3.21, a current ratio of 4.99 and a debt-to-equity ratio of 2.18. The stock has a market cap of $8.38 billion, a P/E ratio of 902.73 and a beta of 3.28. The firm's fifty day moving average price is $24.52 and its 200-day moving average price is $22.46.

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

Insiders Place Their Bets

In other news, insider Satish Chitoori sold 2,038 shares of the stock in a transaction that occurred on Wednesday, May 14th. The stock was sold at an average price of $19.73, for a total transaction of $40,209.74. Following the completion of the transaction, the insider directly owned 176,618 shares in the company, valued at approximately $3,484,673.14. This represents a 1.14% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Kr Sridhar sold 42,383 shares of the firm's stock in a transaction on Tuesday, May 13th. The stock was sold at an average price of $19.14, for a total value of $811,210.62. Following the completion of the sale, the chief executive officer owned 2,724,613 shares of the company's stock, valued at approximately $52,149,092.82. This represents a 1.53% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 63,513 shares of company stock worth $1,261,765 over the last ninety days. 3.60% of the stock is owned by company insiders.

Hedge Funds Weigh In On Bloom Energy

Several institutional investors have recently made changes to their positions in BE. Banque Transatlantique SA raised its holdings in Bloom Energy by 227.6% in the first quarter. Banque Transatlantique SA now owns 1,671 shares of the company's stock worth $30,000 after purchasing an additional 1,161 shares in the last quarter. Harbour Investments Inc. increased its holdings in shares of Bloom Energy by 2,160.0% during the first quarter. Harbour Investments Inc. now owns 1,582 shares of the company's stock valued at $31,000 after acquiring an additional 1,512 shares in the last quarter. Quarry LP acquired a new position in shares of Bloom Energy during the fourth quarter valued at about $35,000. NewEdge Advisors LLC increased its holdings in shares of Bloom Energy by 674.7% during the first quarter. NewEdge Advisors LLC now owns 1,867 shares of the company's stock valued at $37,000 after acquiring an additional 1,626 shares in the last quarter. Finally, Vision Financial Markets LLC acquired a new position in shares of Bloom Energy during the first quarter valued at about $39,000. 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.

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