Royal Bank of Canada Boosts Bloom Energy (NYSE:BE) Price Target to $28.00

Bloom Energy (NYSE:BE) had its target price upped by Royal Bank of Canada from $15.00 to $28.00 in a report released on Monday,Benzinga reports. The firm presently has an “outperform” rating on the stock. Royal Bank of Canada’s price objective indicates a potential upside of 21.53% from the company’s previous close.

A number of other research firms have also recently weighed in on BE. BMO Capital Markets increased their price target on Bloom Energy from $12.00 to $19.50 and gave the company a “market perform” rating in a research note on Friday. Robert W. Baird dropped their price objective on shares of Bloom Energy from $18.00 to $15.00 and set an “outperform” rating on the stock in a research report on Friday, November 8th. Jefferies Financial Group downgraded shares of Bloom Energy from a “buy” rating to a “hold” rating and reduced their target price for the stock from $15.00 to $11.00 in a report on Friday, September 6th. Truist Financial lowered their price target on shares of Bloom Energy from $13.00 to $12.00 and set a “hold” rating on the stock in a report on Wednesday, October 16th. Finally, Bank of America reduced their price objective on 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, eight have issued a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $17.17.

Bloom Energy Stock Performance

NYSE BE traded up $1.90 during trading on Monday, reaching $23.04. 6,471,361 shares of the company’s stock were exchanged, compared to its average volume of 6,256,435. The company has a debt-to-equity ratio of 3.09, a current ratio of 3.36 and a quick ratio of 3.33. The business has a 50 day moving average price of $10.82 and a 200-day moving average price of $12.28. The stock has a market capitalization of $5.27 billion, a P/E ratio of -39.43 and a beta of 2.71. Bloom Energy has a fifty-two week low of $8.41 and a fifty-two week high of $23.09.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in BE. Duff & Phelps Investment Management Co. bought a new stake in Bloom Energy during the third quarter worth $517,000. Pier Capital LLC boosted its stake in Bloom Energy by 0.9% in the third quarter. Pier Capital LLC now owns 461,744 shares of the company’s stock valued at $4,876,000 after buying an additional 4,082 shares in the last quarter. Main Management ETF Advisors LLC bought a new position in Bloom Energy in the third quarter valued at about $615,000. Kovitz Investment Group Partners LLC raised its stake in Bloom Energy by 3.9% during the third quarter. Kovitz Investment Group Partners LLC now owns 36,353 shares of the company’s stock worth $374,000 after acquiring an additional 1,349 shares in the last quarter. Finally, Temasek Holdings Private Ltd bought a new position in shares of Bloom Energy in the third quarter worth about $3,249,000. 77.04% of the stock is owned by institutional investors.

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.