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

Key Points

• Bloom Energy's shares gapped down before the market opened on Friday, dropping from a previous closing price of $37.39 to an opening price of $32.74.
• Analysts' ratings for Bloom Energy vary, with two sell ratings, seven hold ratings, ten buy ratings, and an average target price of $26.39.
• In the latest quarterly earnings report, Bloom Energy reported $0.10 earnings per share, exceeding analysts' expectations and reflecting a 19.5% year-over-year revenue increase to $401.24 million.

Bloom Energy Corporation (NYSE:BE - Get Free Report)'s share price gapped down before the market opened on Friday . The stock had previously closed at $37.39, but opened at $32.74. Bloom Energy shares last traded at $35.00, with a volume of 4,605,412 shares traded.

Analysts Set New Price Targets

BE has been the subject of several research analyst reports. Susquehanna increased their target price on shares of Bloom Energy from $26.00 to $30.00 and gave the stock a "positive" rating in a research note on Monday, July 21st. Wells Fargo & Company raised their price objective on shares of Bloom Energy from $22.00 to $38.00 and gave the company an "equal weight" rating in a research note on Friday. HSBC raised shares of Bloom Energy from a "hold" rating to a "buy" rating and set a $25.00 price objective for the company in a research note on Tuesday, April 8th. JPMorgan Chase & Co. raised shares of Bloom Energy from a "neutral" rating to an "overweight" rating and raised their price objective for the company from $18.00 to $33.00 in a research note on Wednesday, July 9th. Finally, Truist Financial lowered their price objective on shares of Bloom Energy from $22.00 to $19.00 and set a "hold" rating for the company in a research note on Monday, April 21st. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating, ten have issued a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, Bloom Energy has a consensus rating of "Moderate Buy" and an average target price of $26.39.

Bloom Energy Trading Down 3.9%

The business's 50-day moving average is $23.80 and its two-hundred day moving average is $22.27. 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 stock has a market capitalization of $8.34 billion, a PE ratio of -718.46 and a beta of 3.22.

Bloom Energy (NYSE:BE - Get Free Report) last posted its quarterly earnings data on Thursday, July 31st. The company reported $0.10 earnings per share for the quarter, beating analysts' consensus estimates of $0.02 by $0.08. Bloom Energy had a net margin of 0.29% and a return on equity of 2.51%. The firm had revenue of $401.24 million for the quarter, compared to analyst estimates of $382.23 million. During the same period last year, the firm posted ($0.06) EPS. Bloom Energy's quarterly revenue was up 19.5% on a year-over-year basis. As a group, equities research analysts anticipate that Bloom Energy Corporation will post -0.23 earnings per share for the current year.

Insider Activity at Bloom Energy

In related news, insider Aman Joshi sold 4,658 shares of the business's stock in a transaction dated Wednesday, May 14th. The shares were 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. The trade was a 3.42% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Maciej Kurzymski sold 1,012 shares of the business's stock in a transaction dated Wednesday, July 16th. The stock was sold at an average price of $25.27, for a total transaction of $25,573.24. Following the completion of the sale, the insider owned 108,848 shares in the company, valued at $2,750,588.96. This represents a 0.92% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 63,513 shares of company stock worth $1,261,765. 3.60% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in BE. Thrivent Financial for Lutherans acquired a new position in Bloom Energy in the 4th quarter valued at about $216,000. Teacher Retirement System of Texas acquired a new position in Bloom Energy in the 4th quarter valued at about $214,000. Blair William & Co. IL acquired a new position in Bloom Energy in the 4th quarter valued at about $291,000. Pictet Asset Management Holding SA raised its stake in Bloom Energy by 21.3% in the 4th quarter. Pictet Asset Management Holding SA now owns 106,019 shares of the company's stock valued at $2,355,000 after purchasing an additional 18,603 shares during the last quarter. Finally, Wellington Management Group LLP raised its stake in Bloom Energy by 306.3% in the 4th quarter. Wellington Management Group LLP now owns 1,383,897 shares of the company's stock valued at $30,736,000 after purchasing an additional 1,043,326 shares during the last quarter. Institutional investors and hedge funds 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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