Bank of America Downgrades Bloom Energy (NYSE:BE) to Underperform

Bank of America downgraded shares of Bloom Energy (NYSE:BE) from a neutral rating to an underperform rating in a research report released on Tuesday morning, Briefing.com Automated Import reports.

A number of other research analysts also recently weighed in on the stock. Robert W. Baird decreased their price objective on shares of Bloom Energy from $16.00 to $9.00 and set a neutral rating for the company in a research report on Tuesday. Raymond James decreased their price objective on shares of Bloom Energy from $16.00 to $12.00 and set an outperform rating for the company in a research report on Tuesday. ValuEngine raised shares of Bloom Energy from a buy rating to a strong-buy rating in a research note on Thursday, August 1st. Zacks Investment Research cut shares of Bloom Energy from a buy rating to a hold rating in a research note on Tuesday, July 9th. Finally, JPMorgan Chase & Co. cut their target price on shares of Bloom Energy from $33.00 to $18.00 and set an overweight rating for the company in a research note on Tuesday. Two analysts have rated the stock with a sell rating, three have issued a hold rating, five have assigned a buy rating and one has given a strong buy rating to the stock. The company has a consensus rating of Hold and a consensus price target of $16.45.

Shares of Bloom Energy stock opened at $5.12 on Tuesday. The firm has a 50-day simple moving average of $10.66 and a two-hundred day simple moving average of $11.89. The company has a market cap of $581.43 million and a P/E ratio of -2.11. Bloom Energy has a fifty-two week low of $4.41 and a fifty-two week high of $38.00. The company has a debt-to-equity ratio of 10.34, a quick ratio of 1.89 and a current ratio of 2.32.

Bloom Energy (NYSE:BE) last issued its quarterly earnings data on Monday, August 12th. The company reported ($0.59) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.59). The business had revenue of $233.80 million during the quarter, compared to the consensus estimate of $207.56 million. Bloom Energy had a negative net margin of 38.77% and a negative return on equity of 387.28%. The company’s revenue for the quarter was up 38.4% on a year-over-year basis. Equities research analysts forecast that Bloom Energy will post -2.02 EPS for the current year.

In other news, COO Susan Seilheimer Brennan sold 11,471 shares of the business’s stock in a transaction dated Friday, May 31st. The shares were sold at an average price of $10.72, for a total transaction of $122,969.12. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Randy W. Furr sold 46,675 shares of the business’s stock in a transaction dated Tuesday, May 28th. The stock was sold at an average price of $11.16, for a total transaction of $520,893.00. The disclosure for this sale can be found here. 36.45% of the stock is owned by insiders.

A number of hedge funds and other institutional investors have recently made changes to their positions in BE. BlackRock Inc. grew its stake in Bloom Energy by 721.2% during the 2nd quarter. BlackRock Inc. now owns 3,047,269 shares of the company’s stock valued at $37,390,000 after acquiring an additional 2,676,215 shares in the last quarter. Vanguard Group Inc. grew its stake in Bloom Energy by 160.2% during the 2nd quarter. Vanguard Group Inc. now owns 3,839,447 shares of the company’s stock valued at $47,110,000 after acquiring an additional 2,364,131 shares in the last quarter. FMR LLC purchased a new stake in Bloom Energy during the 1st quarter valued at about $11,026,000. Amundi Pioneer Asset Management Inc. purchased a new stake in Bloom Energy during the 1st quarter valued at about $10,129,000. Finally, Granite Investment Partners LLC grew its stake in Bloom Energy by 148.9% during the 2nd quarter. Granite Investment Partners LLC now owns 1,077,185 shares of the company’s stock valued at $13,217,000 after acquiring an additional 644,396 shares in the last quarter. 33.58% of the stock is owned by institutional investors.

About Bloom Energy

Bloom Energy Corporation designs, manufactures, and sells solid-oxide fuel cell systems for on-site power generation. The company offers Bloom Energy Server, a stationary power generation platform that converts standard low-pressure natural gas or biogas into electricity through an electrochemical process without combustion.

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Analyst Recommendations for Bloom Energy (NYSE:BE)

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