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

Bloom Energy Co. (NYSE:BE - Get Free Report) gapped down prior to trading on Thursday . The stock had previously closed at $18.21, but opened at $17.68. Bloom Energy shares last traded at $17.62, with a volume of 1,203,097 shares trading hands.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on BE shares. Jefferies Financial Group reduced their target price on shares of Bloom Energy from $25.00 to $19.00 and set a "hold" rating for the company in a research note on Wednesday, April 16th. HSBC upgraded shares of Bloom Energy from a "hold" rating to a "buy" rating and set a $25.00 target price for the company in a research note on Tuesday, April 8th. Redburn Atlantic cut shares of Bloom Energy from a "neutral" rating to a "sell" rating and reduced their target price for the company from $14.50 to $10.00 in a research note on Wednesday, April 9th. Morgan Stanley reduced their target price on shares of Bloom Energy from $35.00 to $30.00 and set an "overweight" rating for the company in a research note on Thursday, May 1st. Finally, Hsbc Global Res upgraded shares of Bloom Energy from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, April 8th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating, nine have issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $22.97.

Bloom Energy Price Performance

The stock's 50-day moving average is $18.82 and its 200-day moving average is $22.12. The firm has a market cap of $4.56 billion, a P/E ratio of -35.05 and a beta of 3.25. The company has a quick ratio of 2.33, a current ratio of 3.36 and a debt-to-equity ratio of 3.09.

Bloom Energy (NYSE:BE - Get Free Report) last announced its quarterly earnings results on Wednesday, April 30th. The company reported $0.03 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.07) by $0.10. Bloom Energy had a negative net margin of 10.29% and a negative return on equity of 20.32%. The firm had revenue of $326.02 million for the quarter, compared to analyst estimates of $294.27 million. During the same quarter in the previous year, the firm posted ($0.17) EPS. The business's revenue for the quarter was up 38.5% on a year-over-year basis. As a group, equities analysts anticipate that Bloom Energy Co. will post -0.23 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, insider Satish Chitoori sold 1,020 shares of the stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $25.09, for a total value of $25,591.80. Following the sale, the insider now directly owns 178,656 shares in the company, valued at $4,482,479.04. This trade represents a 0.57% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, 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 completion of the sale, the insider now owns 229,682 shares in the company, valued at $4,568,374.98. This represents a 0.65% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 54,375 shares of company stock valued at $1,053,445 in the last 90 days. 3.60% of the stock is currently owned by insiders.

Institutional Trading of Bloom Energy

Large investors have recently bought and sold shares of the business. Avior Wealth Management LLC bought a new position in shares of Bloom Energy in the fourth quarter valued at $40,000. SeaBridge Investment Advisors LLC acquired a new stake in shares of Bloom Energy during the fourth quarter worth $251,000. Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of Bloom Energy by 184.7% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 404,204 shares of the company's stock worth $9,209,000 after buying an additional 262,247 shares in the last quarter. Elemental Capital Partners LLC acquired a new stake in shares of Bloom Energy during the fourth quarter worth $33,612,000. Finally, Strategic Financial Concepts LLC acquired a new position in Bloom Energy in the fourth quarter valued at about $495,000. 77.04% of the stock is owned by institutional investors.

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.