Bloom Energy (NYSE:BE) Stock Price Up 8% - Here's What Happened

Shares of Bloom Energy Co. (NYSE:BE) experienced a significant increase of 8% on Tuesday. The stock peaked at $24.56 during trading but eventually closed at $24.44. A total of 2,119,781 shares changed hands during the day, though this number represents a 68% drop compared to the usual daily trading volume of 6,711,593 shares. The previous closing price for the stock was $22.62.

Wall Street Analyst Insights

Bloom Energy has caught the attention of several Wall Street analysts. Recently, Jefferies Financial Group raised their price target for the stock from $12.00 to $22.00, maintaining a 'hold' rating. Morgan Stanley also elevated their target for Bloom Energy shares from $20.00 to $28.00 and assigned an 'overweight' rating. On the other hand, Truist Financial lifted their projection from $11.00 to $22.00 while reiterating a 'hold' rating. However, Bank of America decreased its forecast from $20.00 to $18.00 and rated the stock as 'underperform.' Piper Sandler, meanwhile, reduced their target from $33.00 to $31.00, holding on to an 'overweight' rating. Out of all analyst ratings, one has given a sell rating, ten suggest holding, eight recommend buying, and one rates the stock as a strong buy. According to data from MarketBeat.com, Bloom Energy currently holds an average rating of 'Hold' with a target price estimate of $24.47.

Bloom Energy's Market Metrics

The company's market capitalization stands at $5.51 billion, with a price-to-earnings ratio of -42.71 and a beta of 3.30. Bloom Energy shows solid liquidity metrics, featuring a quick ratio of 2.33 and a current ratio of 3.36. However, it also has a higher debt-to-equity ratio of 3.09. The stock's 50-day simple moving average is recorded at $24.11, while its two-hundred day simple moving average is $18.74.

Insider Activity

In other news, insider Shawn Marie Soderberg sold 1,639 shares of Bloom Energy stock on January 16th. The shares were sold for an average price of $23.42, totaling $38,385.38. Post-transaction, Soderberg retains ownership of 171,040 shares, valued at $4,005,756.80, reflecting a 0.95% decrease in their position. This transaction has been reported in a document filed with the SEC. Notably, insiders possess 8.81% of the company’s stock.

Institutional Investors' Movements

Several hedge funds have recently adjusted their stakes in Bloom Energy. For instance, Mackenzie Financial Corp increased its stake by 1.7% in the fourth quarter, acquiring an additional 1,035 shares valued at approximately $1,407,000. DigitalBridge Group Inc. raised its investment by 5.7%, owning 1,418,257 shares now worth around $31,499,000 after buying 75,974 more shares last quarter. Likewise, Neo Ivy Capital Management, Gordian Capital Singapore Pte Ltd, and Castleark Management LLC have all recently built new positions in Bloom Energy, contributing to the fact that institutional investors and hedge funds collectively hold 77.04% of the company's stock.

About Bloom Energy

Bloom Energy Corporation specializes in the design, manufacture, and installation of solid-oxide fuel cell systems, focusing on on-site power generation both in the U.S. and internationally. Their flagship product, the Bloom Energy Server, leverages solid oxide technology to generate electricity using various fuels such as natural gas, biogas, and hydrogen through an electrochemical process, all without combustion.

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