The stock of Bloom Energy Corporation (NYSE:BE) is now priced at $16.91 and the shares are -0.66 points down or -3.76% lower compared to its previous closing price of $17.57. The stock had 3.696 million contracts set over the past session. BE shares’ daily volume is compared to its average trading volume at 3.909 million shares. However, it has a float of 87.69 million and although its performance was -0.47% over the week, it’s one to watch. Analysts have given the BE stock a yearly average price target of $11.67 per share. It means the stock’s downside potential is -30.99% with the BE share price recently placing at $15.5 to $17.41. However, some brokerage firms have priced the stock below the average, including one that has called $8.
The shorts are running away from the Bloom Energy Corporation stock, with the latest data on short interest released on June 30, 2020, showing that short interest numbers in the BE shares have declined. Short interest in the stock represents just 23.47% of its float, but the volume has dropped by 0.
In the last trading session, Bloom Energy Corporation (NYSE:BE) dropped by -$0.08 over the week and gained $8.45 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $19.67. The stock recorded its established 52-week high on 07/22/20.
Since 10/25/19, the stock has traded to a low of $2.44 at 593.03%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge.
Looking at current readings, Bloom Energy Corporation’s two-week RSI is 64.76. This suggests that the stock is neutral at the moment and that BE shares’ price movement remains stable. The stochastic readings are equally revealing at 78.17% meaning the BE share price is currently in oversold territory.
The technical chart shows that the BE stock will likely settle at between $17.71 and $18.52 per share. However, if the stock dips below $15.8, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $14.7.
Currently, the stock is trading in the green of MACD, with a reading of 0.88. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.
Analysts at Raymond James cut their recommendation for BE from Outperform to Mkt Perform in February 20 review. KeyBanc Capital Markets analysts downgraded their recommendation of the stock from Overweight to Sector Weight in a flash note released to investors on February 13. KeyBanc Capital Markets analysts see the stock as Overweight when the analysts resumed the share price coverage on October 14, placing it at $5.
The average rating for the BE equity is 2.78 and is currently gathering a bullish momentum. Of 9 analysts tracking Bloom Energy Corporation polled by Reuters, 5 rated BE as a hold. The remaining 4 analysts were split evenly. However, the split wasn’t equal as a majority (3) rated it as a buy or strong buy. 1 analyst advised investors against buying the stock or to sell if they own any of the stock.
Elsewhere, the BE stocks P/S ratio currently stands below the group’s average of 44. Bloom Energy Corporation has its P/E ratio at 0, which means that the stock is currently trading at a discount relative to the 3.7 industry average.
Zacks Consensus Estimate forecasts that the current-quarter revenues for Bloom Energy Corporation (NYSE:BE) will decrease by about -99.89%, which will see them reach $171.5 million. The company’s full-year revenues are, however, expected to increase by about 7.23%, up from $786.19 million to $843.07 million. BE’s expected adjusted earnings should surge almost 107.69% to end up at -$0.27 per share, while for the fiscal year, analysts project the company’s earnings to drop by about -17.48% to record -$0.85/share.