Bloom Energy (NYSE:BE) Shares Up 8.9% - Still a Buy?

Key Points

• Bloom Energy's shares surged by 8.9%, reaching a trading price of $68.56, although trading volume saw a 30% decline from its average.
• Recent analyst upgrades have set new price targets for Bloom Energy, with Wells Fargo raising its target from $22 to $38, and UBS upping theirs from $29 to $41.
• The company reported a quarterly revenue increase of 19.5% year-over-year, with earnings per share coming in at $0.10, beating estimates by $0.08.

Shares of Bloom Energy Corporation (NYSE:BE - Get Free Report) shot up 8.9% on Thursday . The company traded as high as $68.60 and last traded at $68.56. 5,352,997 shares traded hands during mid-day trading, a decline of 30% from the average session volume of 7,617,185 shares. The stock had previously closed at $62.96.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on BE. Wells Fargo & Company raised their price objective on Bloom Energy from $22.00 to $38.00 and gave the company an "equal weight" rating in a research note on Friday, August 1st. Roth Capital raised their price objective on Bloom Energy from $20.00 to $25.00 and gave the company a "neutral" rating in a research note on Tuesday, July 22nd. UBS Group raised their price objective on Bloom Energy from $29.00 to $41.00 and gave the company a "buy" rating in a research note on Friday, July 25th. Robert W. Baird raised their target price on Bloom Energy from $45.00 to $61.00 and gave the company an "outperform" rating in a report on Thursday, September 4th. Finally, Morgan Stanley raised their target price on Bloom Energy from $35.00 to $44.00 and gave the company an "overweight" rating in a report on Friday, August 1st. Two equities research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating, seven have issued a Hold rating and two have assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $28.18.

Bloom Energy Price Performance

The stock's 50-day moving average price is $39.10 and its 200 day moving average price is $26.87. The firm has a market cap of $15.94 billion, a price-to-earnings ratio of 1,703.43 and a beta of 3.28. The company has a quick ratio of 3.21, a current ratio of 4.99 and a debt-to-equity ratio of 2.18.

Bloom Energy (NYSE:BE - Get Free Report) last announced its quarterly earnings data on Thursday, July 31st. The company reported $0.10 earnings per share for the quarter, topping 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 return on equity of 6.80% and a net margin of 1.45%.Bloom Energy's revenue for the quarter was up 19.5% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.06) EPS. Bloom Energy has set its FY 2025 guidance at EPS. Equities research analysts predict that Bloom Energy Corporation will post -0.23 earnings per share for the current year.

Insider Buying and Selling

In other Bloom Energy news, insider Aman Joshi sold 4,870 shares of the stock in a transaction dated Thursday, August 14th. The stock was sold at an average price of $43.36, for a total value of $211,163.20. Following the transaction, the insider owned 224,361 shares of the company's stock, valued at approximately $9,728,292.96. This represents a 2.12% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Shawn Marie Soderberg sold 45,000 shares of the stock in a transaction dated Wednesday, August 13th. The shares were sold at an average price of $43.31, for a total value of $1,948,950.00. Following the completion of the transaction, the insider directly owned 229,682 shares in the company, valued at $9,947,527.42. The trade was a 16.38% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 308,477 shares of company stock valued at $14,924,815. Insiders own 3.60% of the company's stock.

Hedge Funds Weigh In On Bloom Energy

Several hedge funds have recently added to or reduced their stakes in the stock. Geode Capital Management LLC lifted its stake in Bloom Energy by 2.1% in the second quarter. Geode Capital Management LLC now owns 4,756,516 shares of the company's stock valued at $113,790,000 after buying an additional 95,990 shares during the period. Public Investment Fund increased its holdings in shares of Bloom Energy by 16.8% in the first quarter. Public Investment Fund now owns 3,803,770 shares of the company's stock worth $74,782,000 after acquiring an additional 546,372 shares in the last quarter. Fuller & Thaler Asset Management Inc. increased its holdings in shares of Bloom Energy by 29.5% in the first quarter. Fuller & Thaler Asset Management Inc. now owns 3,611,925 shares of the company's stock worth $71,010,000 after acquiring an additional 821,814 shares in the last quarter. Goldman Sachs Group Inc. increased its holdings in shares of Bloom Energy by 50.3% in the first quarter. Goldman Sachs Group Inc. now owns 2,498,840 shares of the company's stock worth $49,127,000 after acquiring an additional 836,810 shares in the last quarter. Finally, Norges Bank bought a new stake in shares of Bloom Energy in the second quarter worth about $57,821,000. 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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