Bloom Energy (NYSE:BE) Stock Price Up 6.9% - Here's What Happened

Key Points

• Bloom Energy's stock price surged 6.9% to $90.44 after trading as high as $91.23, with trading volume increasing by 142% over its average daily volume.
• Various analysts have issued positive ratings on the stock, with price objectives ranging from $31 to $75, signaling optimism about its future performance.
• In its latest earnings report, Bloom Energy exceeded EPS estimates with $0.10 per share and reported a revenue of $401.24 million, which is up 19.5% year-over-year.

Bloom Energy Corporation (NYSE:BE - Get Free Report)'s stock price was up 6.9% on Wednesday . The stock traded as high as $91.23 and last traded at $90.44. Approximately 20,218,923 shares traded hands during mid-day trading, an increase of 142% from the average daily volume of 8,344,896 shares. The stock had previously closed at $84.57.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on BE shares. Morgan Stanley increased their price objective on shares of Bloom Energy from $35.00 to $44.00 and gave the stock an "overweight" rating in a research note on Friday, August 1st. Robert W. Baird increased their price objective on shares of Bloom Energy from $45.00 to $61.00 and gave the stock an "outperform" rating in a research note on Thursday, September 4th. Jefferies Financial Group cut shares of Bloom Energy from a "hold" rating to an "underperform" rating and increased their price objective for the stock from $24.00 to $31.00 in a research note on Wednesday, September 24th. Royal Bank Of Canada set a $75.00 price objective on shares of Bloom Energy in a research note on Tuesday. Finally, Roth Capital increased their price objective on shares of Bloom Energy from $34.00 to $73.00 and gave the stock a "neutral" rating in a research note on Friday, September 19th. Two investment analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating, six have given a Hold rating and four have given a Sell rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $38.29.

Bloom Energy Stock Up 6.9%

The company's fifty day moving average is $53.04 and its 200-day moving average is $31.92. The company has a market capitalization of $21.16 billion, a PE ratio of 2,261.64 and a beta of 3.28. The company has a debt-to-equity ratio of 2.18, a quick ratio of 3.21 and a current ratio of 4.99.

Bloom Energy (NYSE:BE - Get Free Report) last released its earnings results on Thursday, July 31st. The company reported $0.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.02 by $0.08. The company had revenue of $401.24 million during the quarter, compared to analyst estimates of $382.23 million. Bloom Energy had a net margin of 1.45% and a return on equity of 6.80%. The firm's quarterly revenue was up 19.5% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.06) EPS. Bloom Energy has set its FY 2025 guidance at EPS. As a group, analysts predict that Bloom Energy Corporation will post -0.23 EPS for the current fiscal year.

Insider Buying and Selling at Bloom Energy

In other Bloom Energy news, insider Satish Chitoori sold 400 shares of the stock in a transaction that occurred on Tuesday, September 16th. The shares were sold at an average price of $71.16, for a total transaction of $28,464.00. Following the completion of the sale, the insider directly owned 231,965 shares of the company's stock, valued at $16,506,629.40. This trade represents a 0.17% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Maciej Kurzymski sold 2,474 shares of the stock in a transaction that occurred on Tuesday, September 16th. The shares were sold at an average price of $70.47, for a total transaction of $174,342.78. Following the sale, the insider directly owned 106,374 shares of the company's stock, valued at approximately $7,496,175.78. This trade represents a 2.27% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 302,205 shares of company stock worth $14,919,283. Insiders own 3.50% of the company's stock.

Institutional Investors Weigh In On Bloom Energy

A number of institutional investors have recently added to or reduced their stakes in BE. Norges Bank purchased a new position in shares of Bloom Energy in the second quarter valued at $57,821,000. Man Group plc grew its holdings in shares of Bloom Energy by 177.4% in the second quarter. Man Group plc now owns 2,392,915 shares of the company's stock valued at $57,239,000 after purchasing an additional 1,530,167 shares in the last quarter. Tree Line Advisors Hong Kong Ltd. purchased a new position in shares of Bloom Energy in the first quarter valued at $22,609,000. Driehaus Capital Management LLC purchased a new position in shares of Bloom Energy in the first quarter valued at $21,066,000. Finally, Goldman Sachs Group Inc. grew 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 valued at $49,127,000 after purchasing an additional 836,810 shares in the last quarter. 77.04% of the stock is owned by hedge funds and other 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.

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