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Bloom Energy (NYSE:BE) Shares Gap Down - Here's What Happened

Bloom Energy logo with Energy background

Bloom Energy Corporation (NYSE:BE - Get Free Report) shares gapped down before the market opened on Thursday . The stock had previously closed at $28.71, but opened at $26.26. Bloom Energy shares last traded at $26.27, with a volume of 5,919,415 shares trading hands.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on BE. Jefferies Financial Group reduced their price target on shares of Bloom Energy from $25.00 to $19.00 and set a "hold" rating for the company in a report on Wednesday, April 16th. Roth Mkm cut their price objective on shares of Bloom Energy from $26.00 to $20.00 and set a "neutral" rating on the stock in a research note on Wednesday, April 16th. Royal Bank Of Canada set a $26.00 price objective on shares of Bloom Energy in a research note on Monday, April 14th. Mizuho upgraded shares of Bloom Energy from a "neutral" rating to an "outperform" rating and cut their price objective for the company from $28.00 to $26.00 in a research note on Monday, May 5th. Finally, Robert W. Baird cut their price objective on shares of Bloom Energy from $32.00 to $27.00 and set an "outperform" rating on the stock in a research note on Tuesday, April 15th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating, ten have assigned a buy rating and two have given 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 $23.97.

Check Out Our Latest Report on Bloom Energy

Bloom Energy Trading Down 1.6%

The company has a debt-to-equity ratio of 2.07, a quick ratio of 2.39 and a current ratio of 3.44. The company has a 50 day simple moving average of $21.01 and a two-hundred day simple moving average of $21.76. The company has a market cap of $5.91 billion, a PE ratio of -508.70 and a beta of 3.22.

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

Insiders Place Their Bets

In related news, insider Satish Chitoori sold 2,038 shares of the business's stock in a transaction that occurred on Wednesday, May 14th. The stock was sold at an average price of $19.73, for a total value of $40,209.74. Following the completion of the sale, the insider owned 176,618 shares of the company's stock, valued at approximately $3,484,673.14. The trade was a 1.14% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Aman Joshi sold 4,658 shares of the business's stock in a transaction that occurred on Wednesday, May 14th. The shares were sold at an average price of $19.72, for a total value of $91,855.76. Following the completion of the sale, the insider directly owned 131,371 shares of the company's stock, valued at approximately $2,590,636.12. The trade was a 3.42% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 62,501 shares of company stock worth $1,236,191 in the last quarter. Corporate insiders own 3.50% of the company's stock.

Institutional Investors Weigh In On Bloom Energy

Several large investors have recently made changes to their positions in BE. Jones Financial Companies Lllp boosted its holdings in Bloom Energy by 120.5% during the fourth quarter. Jones Financial Companies Lllp now owns 1,486 shares of the company's stock valued at $33,000 after acquiring an additional 812 shares during the period. Quarry LP bought a new stake in Bloom Energy during the 4th quarter valued at approximately $35,000. Harbour Investments Inc. grew its holdings in Bloom Energy by 2,160.0% in the 1st 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 last quarter. Banque Transatlantique SA grew its holdings in Bloom Energy by 227.6% in the 1st quarter. Banque Transatlantique SA now owns 1,671 shares of the company's stock valued at $30,000 after buying an additional 1,161 shares during the last quarter. Finally, NewEdge Advisors LLC increased its position in Bloom Energy by 674.7% in the 1st quarter. NewEdge Advisors LLC now owns 1,867 shares of the company's stock worth $37,000 after buying an additional 1,626 shares during the period. Institutional investors own 77.04% of the company's stock.

About Bloom Energy

(Get Free Report)

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.

Further Reading

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