Chitoori Satish, the Chief Operations Officer of Bloom Energy Corp (NYSE:BE), recently sold 1,042 shares of the company's Class A Common Stock. The shares were sold at a weighted average price of $25.61 per share, resulting in a total transaction value of $26,685. The transaction comes as Bloom Energy, currently valued at $5.4 billion, has demonstrated strong momentum with an 81% price return over the past six months. According to InvestingPro analysis, the stock is currently trading above its Fair Value. This sale was conducted to cover a tax withholding obligation related to the settlement of restricted stock units. Following this transaction, Satish holds 185,456 shares of Bloom Energy. The shares were sold in multiple transactions at prices ranging from $24.61 to $26.92. While the company maintains strong liquidity with a current ratio of 3.36, InvestingPro subscribers have access to 13 additional key insights about Bloom Energy's financial health and growth prospects through comprehensive Pro Research Reports, available for over 1,400 US stocks.
In other recent news, Bloom Energy has seen a series of significant developments. The company reported third-quarter revenues of $330 million and EBITDA of $21 million, despite falling short of expectations. Bloom Energy also maintained its full-year revenue and gross margin forecasts. Furthermore, the company secured three new orders, including an 80-megawatt project in South Korea, and is expanding its manufacturing capacity.
Bloom Energy also announced a substantial supply agreement with American Electric Power (NASDAQ:AEP), marking the world's largest commercial procurement of fuel cells. This agreement involves an initial order of 100 megawatts of fuel cells, with expectations for additional orders in 2025.
On the analyst front, Baird maintained an Outperform rating on Bloom Energy and significantly raised the price target to $32. Roth/MKM initiated coverage on Bloom Energy with a Neutral rating, highlighting its leading role in the hydrogen fuel cell industry. BofA Securities raised its price target for Bloom Energy to $20.00, while maintaining an Underperform rating. RBC Capital Markets reiterated an Outperform rating and raised its price target to $28.00, while UBS maintained a Buy rating and increased its price target from $21.00 to $33.00. However, HSBC shifted its rating from Buy to Hold, citing manufacturing capacity and financial considerations.
These are among the recent developments that have influenced the direction of Bloom Energy.
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