Bloom Energy (NYSE:BE) Shares Gap Up on Analyst Upgrade

Key Points

• Barclays upgraded Bloom Energy to overweight, sending shares from a prior close of $196.25 to an opening price of $210.33. Barclays set a $289 price target, reduced from $316.
• Analyst sentiment remains mixed, with a consensus “Hold” rating and an average price target of $263.05; ratings include one Strong Buy, 11 Buys, 13 Holds and one Sell.
• Bloom Energy’s latest quarterly results exceeded expectations, with earnings per share of $0.94 versus a $0.69 consensus estimate and revenue of $1.24 billion, up 138.1% year over year.

Bloom Energy Corporation (NYSE:BE - Get Free Report)'s share price gapped up prior to trading on Tuesday after Barclays upgraded the stock from an equal weight rating to an overweight rating. The stock had previously closed at $196.25, but opened at $210.33. Barclays now has a $289.00 price target on the stock, down from their previous price target of $316.00. Bloom Energy shares last traded at $218.0820, with a volume of 3,727,605 shares.

Other equities research analysts have also issued reports about the stock. KeyCorp reiterated a "sector weight" rating on shares of Bloom Energy in a report on Friday, October 23rd. BMO Capital Markets reissued an "outperform" rating and issued a $260.00 price target on shares of Bloom Energy in a report on Wednesday, October 21st. Roth Capital set a $230.00 price objective on shares of Bloom Energy in a research report on Friday, October 23rd. Wells Fargo & Company boosted their price objective on shares of Bloom Energy from $176.00 to $182.00 and gave the company an "equal weight" rating in a research report on Monday, October 26th. Finally, Wall Street Zen downgraded shares of Bloom Energy from a "buy" rating to a "hold" rating in a research note on Saturday, October 24th. One research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, thirteen have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $263.05.

Insider Activity

In related news, Director John T. Chambers sold 15,000 shares of the firm's stock in a transaction on Thursday, August 13th. The stock was sold at an average price of $250.00, for a total value of $3,750,000.00. Following the completion of the sale, the director owned 208,333 shares of the company's stock, valued at $52,083,250. This trade represents a 6.72% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Satish Chitoori sold 2,870 shares of the firm's stock in a transaction on Wednesday, September 16th. The stock was sold at an average price of $270.06, for a total value of $775,072.20. Following the completion of the sale, the insider directly owned 202,494 shares of the company's stock, valued at $54,685,529.64. The trade was a 1.40% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last ninety days, insiders sold 74,698 shares of company stock valued at $18,697,058. 3.00% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the stock. Continuum Advisory LLC purchased a new position in shares of Bloom Energy during the second quarter valued at about $25,000. Trifecta Capital Advisors LLC bought a new position in Bloom Energy in the third quarter worth about $26,000. Anchor Investment Management LLC purchased a new stake in Bloom Energy in the first quarter worth about $27,000. REAP Financial Group LLC purchased a new stake in Bloom Energy in the third quarter worth about $28,000. Finally, MJT & Associates Financial Advisory Group Inc. lifted its holdings in Bloom Energy by 49.3% in the second quarter. MJT & Associates Financial Advisory Group Inc. now owns 112 shares of the company's stock worth $34,000 after buying an additional 37 shares during the period. 77.04% of the stock is currently owned by institutional investors.

Bloom Energy Stock Performance

The company has a 50-day simple moving average of $248.07 and a two-hundred day simple moving average of $220.08. The company has a debt-to-equity ratio of 1.33, a quick ratio of 3.08 and a current ratio of 3.74. The firm has a market capitalization of $64.59 billion, a P/E ratio of 134.55, a PEG ratio of 2.36 and a beta of 3.77.

Bloom Energy (NYSE:BE - Get Free Report) last posted its earnings results on Thursday, October 22nd. The company reported $0.94 earnings per share for the quarter, topping analysts' consensus estimates of $0.69 by $0.25. The firm had revenue of $1.24 billion for the quarter, compared to the consensus estimate of $1.07 billion. Bloom Energy had a return on equity of 45.29% and a net margin of 13.53%. The business's revenue for the quarter was up 138.1% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.15 EPS. As a group, equities analysts forecast that Bloom Energy Corporation will post 2.61 EPS for the current year.

About Bloom Energy

Bloom Energy Corporation develops and manufactures energy systems designed to generate electricity on-site. Its primary product is the Bloom Energy Server, a solid oxide fuel cell platform that converts fuel into electricity through an electrochemical process rather than combustion. The systems are used by businesses, utilities, data centers and other organizations seeking reliable, distributed power.

The company also develops electrolyzers based on its solid oxide technology. These systems are designed to produce hydrogen from electricity and water and support applications related to industrial operations, energy storage and the emerging hydrogen economy.

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