Bloom Energy (NYSE:BE) Trading 10.1% Higher - Still a Buy?

Key Points

• Bloom Energy's shares surged by 10.1% to $45.42 on Wednesday, with over 6.3 million shares traded, despite a decline in trading volume compared to previous averages.
• Research analysts have shown increased optimism, with Morgan Stanley raising its price target from $35 to $44 and several other firms adjusting their targets upward, indicating a generally positive outlook for the company's stock.
• Bloom Energy reported earnings of $0.10 per share for the last quarter, exceeding expectations and reflecting a 19.5% increase in year-over-year revenue.

Bloom Energy Corporation (NYSE:BE - Get Free Report) was up 10.1% on Wednesday . The company traded as high as $46.50 and last traded at $45.42. Approximately 6,347,540 shares were traded during mid-day trading, a decline of 11% from the average daily volume of 7,131,949 shares. The stock had previously closed at $41.25.

Analyst Ratings Changes

Several research firms have recently commented on BE. Truist Financial cut their price target on Bloom Energy from $22.00 to $19.00 and set a "hold" rating for the company in a research note on Monday, April 21st. Susquehanna upped their price objective on Bloom Energy from $26.00 to $30.00 and gave the stock a "positive" rating in a report on Monday, July 21st. Mizuho upped their price objective on Bloom Energy from $26.00 to $31.00 and gave the stock an "outperform" rating in a report on Monday, July 14th. Wells Fargo & Company upped their price objective on Bloom Energy from $22.00 to $38.00 and gave the stock an "equal weight" rating in a report on Friday, August 1st. Finally, JPMorgan Chase & Co. raised Bloom Energy from a "neutral" rating to an "overweight" rating and upped their target price for the company from $18.00 to $33.00 in a report on Wednesday, July 9th. Two analysts have rated the stock with a sell rating, seven have given a hold rating, ten have given a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $26.39.

Bloom Energy Stock Down 0.5%

The firm has a market capitalization of $10.54 billion, a price-to-earnings ratio of 1,126.53 and a beta of 3.28. The company has a current ratio of 4.99, a quick ratio of 3.21 and a debt-to-equity ratio of 2.18. The firm has a fifty day moving average price of $28.57 and a 200 day moving average price of $23.54.

Bloom Energy (NYSE:BE - Get Free Report) last posted its quarterly earnings results 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. The company had revenue of $401.24 million for the quarter, compared to the consensus estimate of $382.23 million. Bloom Energy had a return on equity of 6.80% and a net margin of 1.45%. The firm's quarterly revenue was up 19.5% on a year-over-year basis. During the same quarter in the prior year, the business posted ($0.06) EPS. Sell-side analysts anticipate that Bloom Energy Corporation will post -0.23 EPS for the current fiscal year.

Insider Activity

In other Bloom Energy news, insider Aman Joshi sold 4,870 shares of Bloom Energy 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 sale, the insider owned 224,361 shares of the company's stock, valued at $9,728,292.96. This trade represents a 2.12% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Maciej Kurzymski sold 1,012 shares of Bloom Energy stock in a transaction dated Wednesday, July 16th. The shares were sold at an average price of $25.27, for a total value of $25,573.24. Following the completion of the sale, the insider directly owned 108,848 shares in the company, valued at $2,750,588.96. This represents a 0.92% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 85,057 shares of company stock worth $3,512,484 in the last 90 days. Corporate insiders own 3.50% of the company's stock.

Hedge Funds Weigh In On Bloom Energy

A number of hedge funds and other institutional investors have recently bought and sold shares of BE. Banque Transatlantique SA raised its position in shares of Bloom Energy by 227.6% in the first 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 in the last quarter. Harbour Investments Inc. grew its stake in shares of Bloom Energy by 2,160.0% during the first quarter. Harbour Investments Inc. now owns 1,582 shares of the company's stock worth $31,000 after buying an additional 1,512 shares during the last quarter. Quarry LP acquired a new position in shares of Bloom Energy during the fourth quarter worth $35,000. Elevation Point Wealth Partners LLC acquired a new position in shares of Bloom Energy during the second quarter worth $36,000. Finally, NewEdge Advisors LLC lifted its holdings in shares of Bloom Energy by 674.7% during the first quarter. NewEdge Advisors LLC now owns 1,867 shares of the company's stock worth $37,000 after purchasing an additional 1,626 shares during the period. Institutional investors 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.