Bloom Energy (NYSE:BE) Hits New 1-Year High Following Analyst Upgrade

Bloom Energy Co. (NYSE:BE)’s share price hit a new 52-week high during trading on Friday after Piper Sandler raised their price target on the stock from $20.00 to $30.00. Piper Sandler currently has an overweight rating on the stock. Bloom Energy traded as high as $25.24 and last traded at $25.09, with a volume of 2715607 shares. The stock had previously closed at $23.94.

BE has been the topic of several other research reports. Royal Bank of Canada raised their price objective on Bloom Energy from $15.00 to $28.00 and gave the stock an “outperform” rating in a research note on Monday. BMO Capital Markets raised their price target on Bloom Energy from $12.00 to $19.50 and gave the stock a “market perform” rating in a research report on Friday, November 15th. Marathon Capitl upgraded Bloom Energy from a “hold” rating to a “strong-buy” rating in a research report on Monday, November 11th. BTIG Research raised their target price on shares of Bloom Energy from $16.00 to $20.00 and gave the stock a “buy” rating in a report on Friday, November 15th. Finally, Bank of America reduced their price target on shares of Bloom Energy from $8.00 to $7.00 and set an “underperform” rating for the company in a report on Thursday, November 7th. One analyst has rated the stock with a sell rating, ten have given a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Bloom Energy presently has an average rating of “Hold” and an average target price of $18.08.

Insider Buying and Selling

In other news, insider Shawn Marie Soderberg sold 1,289 shares of Bloom Energy stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $24.56, for a total transaction of $31,657.84. Following the sale, the insider now directly owns 168,561 shares of the company’s stock, valued at approximately $4,139,858.16. This trade represents a 0.76 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 8.81% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Bloom Energy

Several large investors have recently modified their holdings of BE. Mizuho Markets Americas LLC increased its holdings in Bloom Energy by 8.2% in the third quarter. Mizuho Markets Americas LLC now owns 410,555 shares of the company’s stock worth $4,335,000 after purchasing an additional 31,189 shares in the last quarter. Parametrica Management Ltd bought a new stake in shares of Bloom Energy in the 3rd quarter valued at $785,000. International Assets Investment Management LLC lifted its position in shares of Bloom Energy by 1,490.8% during the 3rd quarter. International Assets Investment Management LLC now owns 185,328 shares of the company’s stock valued at $19,570,000 after acquiring an additional 173,678 shares during the period. Oppenheimer & Co. Inc. boosted its stake in Bloom Energy by 148.8% during the third quarter. Oppenheimer & Co. Inc. now owns 130,418 shares of the company’s stock worth $1,377,000 after acquiring an additional 78,009 shares in the last quarter. Finally, Van ECK Associates Corp grew its holdings in Bloom Energy by 13.1% in the third quarter. Van ECK Associates Corp now owns 661,932 shares of the company’s stock worth $6,990,000 after purchasing an additional 76,536 shares during the period. 77.04% of the stock is currently owned by institutional investors and hedge funds.

Bloom Energy Trading Up 4.0 %

The stock has a market capitalization of $5.69 billion, a P/E ratio of -44.80 and a beta of 2.71. The firm’s 50 day simple moving average is $11.91 and its two-hundred day simple moving average is $12.61. The company has a quick ratio of 2.33, a current ratio of 3.36 and a debt-to-equity ratio of 3.09.

About Bloom Energy

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.