Bloom Energy (NYSE:BE) Posts Quarterly Earnings Results, Meets Expectations

Bloom Energy (NYSE:BE) released its quarterly earnings results on Thursday. The company reported ($0.06) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.06), Briefing.com reports. The firm had revenue of $335.80 million for the quarter, compared to analyst estimates of $307.73 million. Bloom Energy had a negative return on equity of 19.32% and a negative net margin of 22.27%. The business’s revenue was up 11.5% on a year-over-year basis. During the same quarter last year, the company posted ($0.32) earnings per share. Bloom Energy updated its FY 2024 guidance to EPS.

Bloom Energy Trading Up 9.0 %

BE traded up $0.95 on Friday, reaching $11.49. 9,401,232 shares of the company’s stock were exchanged, compared to its average volume of 6,248,928. The company has a market cap of $2.61 billion, a price-to-earnings ratio of -8.51 and a beta of 2.80. The company has a debt-to-equity ratio of 2.56, a quick ratio of 2.97 and a current ratio of 4.45. Bloom Energy has a twelve month low of $8.41 and a twelve month high of $18.14. The company’s 50 day moving average is $13.43 and its 200-day moving average is $12.03.

Insider Transactions at Bloom Energy

In other Bloom Energy news, CEO Kr Sridhar sold 40,112 shares of the firm’s stock in a transaction dated Monday, May 13th. The stock was sold at an average price of $11.93, for a total value of $478,536.16. Following the transaction, the chief executive officer now directly owns 2,742,496 shares of the company’s stock, valued at $32,717,977.28. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other Bloom Energy news, Director Eddy Zervigon sold 28,150 shares of the business’s stock in a transaction on Wednesday, May 15th. The shares were sold at an average price of $12.86, for a total value of $362,009.00. Following the transaction, the director now owns 111,161 shares in the company, valued at approximately $1,429,530.46. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Kr Sridhar sold 40,112 shares of the firm’s stock in a transaction dated Monday, May 13th. The shares were sold at an average price of $11.93, for a total value of $478,536.16. Following the sale, the chief executive officer now owns 2,742,496 shares of the company’s stock, valued at $32,717,977.28. The disclosure for this sale can be found here. Insiders sold 71,516 shares of company stock valued at $885,088 over the last 90 days. Corporate insiders own 8.81% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on BE. Piper Sandler increased their price target on shares of Bloom Energy from $10.00 to $11.00 and gave the stock a “neutral” rating in a report on Monday, July 22nd. Bank of America raised their price target on Bloom Energy from $8.00 to $9.00 and gave the company an “underperform” rating in a report on Wednesday, July 17th. JPMorgan Chase & Co. upped their price objective on Bloom Energy from $12.00 to $14.00 and gave the stock a “neutral” rating in a report on Tuesday, July 16th. Evercore ISI reduced their target price on Bloom Energy from $21.00 to $20.00 and set an “outperform” rating for the company in a report on Friday, May 10th. Finally, TD Cowen boosted their target price on shares of Bloom Energy from $10.00 to $13.00 and gave the stock a “hold” rating in a research report on Friday, May 10th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Bloom Energy presently has an average rating of “Hold” and an average price target of $15.61.

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.