Bloom Energy Corporation (NYSE: BE) – Not A Clear Buying Opportunity?

Columbia Management Investment Ad has recently announced that it has increased stake in Bloom Energy Corporation (NYSE:BE) by 13.32%. After grabbing 22.7 million shares, the institutional investor is now in possession of 2.67 million shares of the Industrials Company. The new investment brought the stake of investor firm to 11.77% having worth around $405.48 million. Moreover, The Vanguard Group, Inc. increased its share by 0.82 million to have a control over 17.04 million shares. And Norges Bank Investment Management raised its holdings to 0.51 million shares by acquiring 5.38 million shares or 2.79% of the stake.

Bloom Energy Corporation (BE) concluded trading on 09/14/23 at a closing price of $15.55, with 2.9 million shares of worth about $45.05 million changed hands on the day. Half year performance of the stock remained negative as price took a plunge of -17.86% during that period and on Thursday the price saw a gain of about 3.46%. Currently the company’s common shares owned by public are about 208.69M shares, out of which, 180.64M shares are available for trading.

A deeper look into what the analysts at Wall Street are thinking about the price target of this stock provides us with the following: 20 analysts are covering the BE stock and their offered price forecasts bring an average price target of $25.44. Over the next 12 months, analysts forecasted that the stock’s price could jump as high as $32.00 and could fall to a lowest price of $17.00. The stock’s current price level is 39.96% above of average price target set by the analysts, while a rise to estimated low would result in gain of 8.53% for the stock. However, touching the estimated high of $32.00 would mean a gain of 51.41% for the stock.

According to filings with the U.S. Securities and Exchange Commission (SEC), insiders took part in trade of the company’s stock for 119 times over the past 12 months. They bought 11,557,083 shares in 70 of the transactions. In 49 selling transactions, insiders dumped 637,237 shares.

Columbia Seligman Technology & In, Vanguard Total Stock Market ETF, and Government Pension Fund – Global are the top 3 mutual funds which are holding stakes in Bloom Energy Corporation Columbia Seligman Technology & In is currently holding 15.32 million shares of worth totaling $273.58 million. The company recently came buying 1.07 million shares which brought its stake up to 7.94% of the company’s outstanding shares. Vanguard Total Stock Market ETF sold 7816.0 shares, after which its hold over company’s outstanding shares shrunk to 3.01%, leaving 5.81 million shares with the mutual fund that have a worth of about $103.69 million. Government Pension Fund – Global, after buying 5.38 million shares, have now control over 2.79% of the stake in the company. It holds 1.99 million shares of worth $96.05 million.

Bloom Energy Corporation (NYSE: BE) started trading at $15.27, above $0.24 from concluding price of the previous day. However, the stock later moved at a day high price of 15.67, or with a gain of 3.46%. Stock saw a price change of 3.32% in past 5 days and over the past one month there was a price change of 5.00%. Year-to-date (YTD), BE shares are showing a performance of -18.67% which decreased to -38.39% when we look at its performance for past 12 months. Over the period of past 52 weeks, stock dropped to lowest price of $12.33 but also hit the highest price of $26.85 during that period. The average intraday trading volume for Bloom Energy Corporation shares is 3.29 million. The stock is currently trading 4.77% above its 20-day simple moving average (SMA20), while that difference is down -3.14% for SMA50 and it goes to -15.81% lower than SMA200.

Columbia Management Investment Ad acquired 22.7 million shares of Bloom Energy Corporation having value of about $405.48 million. Data submitted at the U.S SEC by Columbia Management Investment Ad revealed that the firm now holds 2.67 million shares in the company valued at close to $41501068.45, or have control over 13.32% stake in the company. Bloom Energy Corporation (NYSE: BE) currently have 208.69M outstanding shares and institutions hold larger chunk of about 81.80% of that. Holding of mutual funds in the company is about 32.71% while other institutional holders and individual stake holders have control over 50.53% and 19.93% of the stake respectively.

The stock has a current market capitalization of $3.33B and its 3Y-monthly beta is at 2.85. It has posted earnings per share of -$1.20 in the same period. It has Quick Ratio of 1.60 while making debt-to-equity ratio of 4.60. Volatility of a stock is a metric used to know how much the price of that stock is under influence and for BE, volatility over the week remained 3.71% while standing at 3.86% over the month.

Analysts are in expectations that Bloom Energy Corporation (BE) stock would likely to be making an EPS of -$0.03 in the current quarter, while forecast for next quarter EPS is $0.18 and it is $0.39 for next year. For the current quarter EPS, analysts have given the company a lowest target -$0.08 which is $0.02 at the higher side of the target for the same. When we compare those targets with actual EPS, we find that company posted an EPS of -$0.2 in the same quarter a year ago. Stock’s fiscal year EPS is expected to drop by -71.00% while it is estimated to increase by 262.50% in next year.

Analysts at 20 brokerage firms have issued recommendations for the Bloom Energy Corporation (BE)’s stock and average of those rates the stock at a “Moderate Buy” and assign it a score of 2.30. Out of those 20 Wall Street analysts, 10 recommended a “Buy” rating, while 9 were in favor recommending the stock as a “Hold” and 0 analyst recommended the stock as “Sell”.

Digging deeper we find that several firms have released their research notes about the support levels of the stock. Most recent of them is a note released by RBC Capital Mkts on July 07, 2023 offering an Outperform rating for the stock and assigned a target price of $24 to it.