Bloom Energy (NYSE:BE) Receives New Coverage from Analysts at Evercore ISI

Posted by Defense World Staff on Apr 2nd, 2024

Evercore ISI initiated coverage on shares of Bloom Energy (NYSE:BE – Free Report) in a research note issued to investors on Monday, MarketBeat reports. The firm issued an outperform rating and a $21.00 price target on the stock.

Several other equities analysts also recently commented on the stock. Piper Sandler lowered their price objective on shares of Bloom Energy from $14.00 to $11.00 and set a neutral rating for the company in a research note on Friday, February 16th. JPMorgan Chase & Co. downgraded shares of Bloom Energy from an overweight rating to a neutral rating and decreased their price target for the stock from $19.00 to $14.00 in a research note on Friday, February 16th. Redburn Atlantic initiated coverage on shares of Bloom Energy in a research note on Tuesday, February 6th. They issued a neutral rating and a $12.50 price target for the company. Truist Financial raised shares of Bloom Energy from a sell rating to a hold rating and increased their price target for the stock from $9.00 to $11.00 in a research note on Wednesday, March 6th. Finally, Susquehanna decreased their price target on shares of Bloom Energy from $18.00 to $16.00 and set a positive rating for the company in a research note on Wednesday, March 27th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of Moderate Buy and an average price target of $16.69.

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Bloom Energy Stock Performance

NYSE BE opened at $11.73 on Monday. The company has a 50-day simple moving average of $10.45 and a two-hundred day simple moving average of $11.97. The company has a quick ratio of 2.53, a current ratio of 3.60 and a debt-to-equity ratio of 2.41. Bloom Energy has a 12-month low of $8.41 and a 12-month high of $20.34. The firm has a market cap of $2.64 billion, a price-to-earnings ratio of -8.09 and a beta of 2.76.

Bloom Energy (NYSE:BE – Get Free Report) last posted its quarterly earnings results on Thursday, February 15th. The company reported $0.05 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.06) by $0.11. Bloom Energy had a negative net margin of 22.66% and a negative return on equity of 23.88%. The business had revenue of $356.92 million during the quarter, compared to analyst estimates of $481.90 million. On average, equities analysts forecast that Bloom Energy will post -0.17 EPS for the current year.

Insider Transactions at Bloom Energy

In other news, EVP Shawn Marie Soderberg sold 13,120 shares of Bloom Energy stock in a transaction on Friday, February 16th. The shares were sold at an average price of $9.34, for a total transaction of $122,540.80. Following the transaction, the executive vice president now owns 73,946 shares in the company, valued at approximately $690,655.64. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, EVP Shawn Marie Soderberg sold 13,120 shares of the firm’s stock in a transaction on Friday, February 16th. The shares were sold at an average price of $9.34, for a total transaction of $122,540.80. Following the sale, the executive vice president now directly owns 73,946 shares in the company, valued at approximately $690,655.64. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Kr Sridhar sold 50,746 shares of the firm’s stock in a transaction on Monday, March 18th. The shares were sold at an average price of $9.74, for a total transaction of $494,266.04. Following the sale, the chief executive officer now owns 2,702,608 shares in the company, valued at $26,323,401.92. The disclosure for this sale can be found here. Insiders have sold 67,782 shares of company stock worth $658,463 in the last 90 days. 8.81% of the stock is currently owned by insiders.

Institutional Trading of Bloom Energy

Institutional investors and hedge funds have recently bought and sold shares of the stock. Millburn Ridgefield Corp purchased a new position in shares of Bloom Energy in the 3rd quarter worth $33,000. Quest Partners LLC purchased a new position in shares of Bloom Energy in the 4th quarter worth $51,000. Quantbot Technologies LP grew its stake in shares of Bloom Energy by 27.8% in the 1st quarter. Quantbot Technologies LP now owns 4,673 shares of the company’s stock worth $112,000 after buying an additional 1,017 shares in the last quarter. Canada Pension Plan Investment Board purchased a new position in shares of Bloom Energy in the 1st quarter worth $123,000. Finally, Allspring Global Investments Holdings LLC grew its stake in shares of Bloom Energy by 17.0% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 7,687 shares of the company’s stock worth $102,000 after buying an additional 1,117 shares in the last quarter. 77.04% of the stock is currently owned by institutional investors.

About Bloom Energy

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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.