Bank of America Cuts Bloom Energy (NYSE:BE) Price Target to $7.00

Bloom Energy (NYSE:BE) had its price target cut by Bank of America from $8.00 to $7.00 in a research report sent to investors on Thursday,Benzinga reports. They currently have an underperform rating on the stock.

Other equities research analysts also recently issued research reports about the company. Jefferies Financial Group downgraded Bloom Energy from a “buy” rating to a “hold” rating and reduced their target price for the company from $15.00 to $11.00 in a report on Friday, September 6th. JPMorgan Chase & Co. boosted their price objective on Bloom Energy from $12.00 to $14.00 and gave the company a “neutral” rating in a research note on Tuesday, July 16th. UBS Group dropped their price objective on Bloom Energy from $25.00 to $23.00 and set a “buy” rating on the stock in a research note on Thursday, August 15th. Truist Financial dropped their price target on Bloom Energy from $13.00 to $12.00 and set a “hold” rating on the stock in a research note on Wednesday, October 16th. Finally, Susquehanna dropped their price target on Bloom Energy from $16.00 to $13.00 and set a “positive” rating on the stock in a research note on Wednesday, October 16th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $14.92.

Bloom Energy Stock Up 23.4 %

NYSE:BE opened at $13.17 on Thursday. Bloom Energy has a 1 year low of $8.41 and a 1 year high of $18.14. The company has a current ratio of 4.65, a quick ratio of 3.33 and a debt-to-equity ratio of 3.43. The stock has a market cap of $3.00 billion, a price-to-earnings ratio of -23.52 and a beta of 2.71. The stock has a 50-day moving average price of $10.42 and a two-hundred day moving average price of $12.11.

Bloom Energy (NYSE:BE) last issued its quarterly earnings results on Thursday, August 8th. The company reported ($0.06) EPS for the quarter, meeting the consensus estimate of ($0.06). The firm had revenue of $335.80 million during the quarter, compared to analysts’ expectations of $307.73 million. Bloom Energy had a negative return on equity of 11.90% and a negative net margin of 21.37%. The business’s quarterly revenue was up 11.5% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.32) earnings per share. As a group, equities analysts expect that Bloom Energy will post -0.27 earnings per share for the current year.

Institutional Investors Weigh In On Bloom Energy

Several institutional investors have recently made changes to their positions in BE. Vanguard Group Inc. raised its position in shares of Bloom Energy by 0.8% in the first quarter. Vanguard Group Inc. now owns 19,685,235 shares of the company’s stock worth $221,262,000 after buying an additional 156,434 shares in the last quarter. Electron Capital Partners LLC grew its stake in shares of Bloom Energy by 131.5% during the second quarter. Electron Capital Partners LLC now owns 3,152,944 shares of the company’s stock valued at $38,592,000 after buying an additional 1,790,733 shares during the last quarter. DigitalBridge Group Inc. grew its stake in shares of Bloom Energy by 66.3% in the second quarter. DigitalBridge Group Inc. now owns 1,160,389 shares of the company’s stock worth $14,203,000 after purchasing an additional 462,581 shares during the last quarter. Pinnacle Associates Ltd. grew its stake in shares of Bloom Energy by 48.6% in the second quarter. Pinnacle Associates Ltd. now owns 869,586 shares of the company’s stock worth $10,644,000 after purchasing an additional 284,298 shares during the last quarter. Finally, DekaBank Deutsche Girozentrale lifted its holdings in Bloom Energy by 64.6% in the second quarter. DekaBank Deutsche Girozentrale now owns 830,405 shares of the company’s stock worth $11,017,000 after buying an additional 325,814 shares during the period. 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.