Bloom Energy (NYSE:BE) Shares Gap Down – Should You Sell?

Bloom Energy Co. (NYSE:BE) shares gapped down before the market opened on Friday . The stock had previously closed at $21.99, but opened at $21.42. Bloom Energy shares last traded at $21.66, with a volume of 542,298 shares changing hands.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the company. Roth Capital upgraded Bloom Energy to a “hold” rating in a report on Tuesday, December 10th. Morgan Stanley raised their target price on shares of Bloom Energy from $28.00 to $35.00 and gave the stock an “overweight” rating in a research report on Thursday, March 20th. BTIG Research increased their target price on Bloom Energy from $20.00 to $30.00 and gave the stock a “buy” rating in a research report on Monday, December 16th. Bank of America lowered their price objective on Bloom Energy from $20.00 to $18.00 and set an “underperform” rating for the company in a research report on Tuesday, January 28th. Finally, Truist Financial upped their target price on shares of Bloom Energy from $11.00 to $22.00 and gave the stock a “hold” rating in a research report on Thursday, January 16th. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating, eight have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $25.06.

Bloom Energy Stock Performance

The company has a quick ratio of 2.33, a current ratio of 3.36 and a debt-to-equity ratio of 3.09. The stock has a market capitalization of $4.66 billion, a P/E ratio of -36.11 and a beta of 3.30. The business has a fifty day moving average price of $24.00 and a 200-day moving average price of $19.77.

Insider Buying and Selling at Bloom Energy

In other news, insider Satish Chitoori sold 1,020 shares of the stock in a transaction on Monday, March 17th. The stock was sold at an average price of $25.09, for a total transaction of $25,591.80. Following the transaction, the insider now directly owns 178,656 shares of the company’s stock, valued at $4,482,479.04. This represents a 0.57 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Shawn Marie Soderberg sold 1,639 shares of Bloom Energy stock in a transaction on Thursday, January 16th. The stock was sold at an average price of $23.42, for a total value of $38,385.38. Following the completion of the sale, the insider now directly owns 171,040 shares of the company’s stock, valued at $4,005,756.80. The trade was a 0.95 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 8.81% of the company’s stock.

Institutional Investors Weigh In On Bloom Energy

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Wellington Management Group LLP increased its holdings in Bloom Energy by 306.3% during the fourth quarter. Wellington Management Group LLP now owns 1,383,897 shares of the company’s stock valued at $30,736,000 after buying an additional 1,043,326 shares during the last quarter. 111 Capital purchased a new stake in shares of Bloom Energy in the 4th quarter worth $278,000. Mackenzie Financial Corp raised its holdings in Bloom Energy by 1.7% in the 4th quarter. Mackenzie Financial Corp now owns 63,372 shares of the company’s stock worth $1,407,000 after purchasing an additional 1,035 shares during the period. DigitalBridge Group Inc. lifted its position in Bloom Energy by 5.7% during the fourth quarter. DigitalBridge Group Inc. now owns 1,418,257 shares of the company’s stock valued at $31,499,000 after purchasing an additional 75,974 shares in the last quarter. Finally, Neo Ivy Capital Management bought a new stake in Bloom Energy during the fourth quarter valued at about $3,834,000. Hedge funds and other 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.