Mitsubishi UFJ Kokusai Asset Management Co. Ltd. cut its position in shares of Bloom Energy Co. (NYSE:BE – Get Rating) by 16.5% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 53,673 shares of the company's stock after selling 10,584 shares during the quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd.'s holdings in Bloom Energy were worth $1,073,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in BE. State Street Corp boosted its stake in Bloom Energy by 24.2% in the second quarter. State Street Corp now owns 3,770,342 shares of the company's stock valued at $62,211,000 after acquiring an additional 734,694 shares during the last quarter. Legal & General Group Plc raised its position in shares of Bloom Energy by 83.2% in the second quarter. Legal & General Group Plc now owns 1,612,469 shares of the company's stock valued at $26,606,000 after purchasing an additional 732,110 shares during the period. Clearbridge Investments LLC increased its holdings in Bloom Energy by 21.7% during the 1st quarter. Clearbridge Investments LLC now owns 3,840,712 shares of the company's stock worth $92,753,000 after acquiring an additional 685,213 shares during the period. Handelsbanken Fonder AB increased its holdings in Bloom Energy by 38.7% during the 3rd quarter. Handelsbanken Fonder AB now owns 1,992,263 shares of the company's stock worth $39,825,000 after acquiring an additional 555,535 shares during the period. Finally, Frontier Capital Management Co. LLC bought a new stake in Bloom Energy during the 2nd quarter worth approximately $8,143,000. 79.55% of the stock is currently owned by hedge funds and other institutional investors.
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In other Bloom Energy news, CMO Sharelynn Faye Moore sold 26,833 shares of the company's stock in a transaction on Tuesday, January 17th. The stock was sold at an average price of $23.21, for a total transaction of $622,793.93. Following the transaction, the chief marketing officer now owns 82,917 shares of the company's stock, valued at approximately $1,924,503.57. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, CMO Sharelynn Faye Moore sold 26,833 shares of Bloom Energy stock in a transaction dated Tuesday, January 17th. The stock was sold at an average price of $23.21, for a total transaction of $622,793.93. Following the completion of the transaction, the chief marketing officer now owns 82,917 shares in the company, valued at $1,924,503.57. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Guillermo Brooks sold 1,398 shares of Bloom Energy stock in a transaction that occurred on Wednesday, October 26th. The shares were sold at an average price of $18.30, for a total transaction of $25,583.40. Following the completion of the sale, the executive vice president now owns 23,992 shares of the company's stock, valued at $439,053.60. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 62,822 shares of company stock worth $1,410,274. Company insiders own 2.78% of the company's stock.
Bloom Energy Stock Performance
Shares of NYSE:BE opened at $24.04 on Friday. Bloom Energy Co. has a one year low of $11.47 and a one year high of $31.47. The business's 50-day simple moving average is $21.08 and its 200 day simple moving average is $21.23. The company has a debt-to-equity ratio of 4.44, a quick ratio of 1.81 and a current ratio of 2.46. The company has a market cap of $4.69 billion, a P/E ratio of -14.93 and a beta of 2.84.Bloom Energy (NYSE:BE – Get Rating) last posted its quarterly earnings data on Thursday, November 3rd. The company reported ($0.33) EPS for the quarter, missing analysts' consensus estimates of ($0.21) by ($0.12). Bloom Energy had a negative return on equity of 80,741.48% and a negative net margin of 26.65%. The firm had revenue of $292.27 million during the quarter, compared to the consensus estimate of $277.53 million. On average, sell-side analysts forecast that Bloom Energy Co. will post -1.14 earnings per share for the current fiscal year.
Wall Street Analysts Forecast Growth
A number of analysts recently weighed in on the stock. Truist Financial decreased their target price on shares of Bloom Energy from $31.00 to $20.00 and set a "hold" rating on the stock in a report on Tuesday, October 18th. Jefferies Financial Group started coverage on shares of Bloom Energy in a report on Wednesday, October 19th. They set a "buy" rating and a $29.00 price target on the stock. Wells Fargo & Company downgraded shares of Bloom Energy from an "overweight" rating to an "equal weight" rating and dropped their price objective for the stock from $27.00 to $22.00 in a report on Friday, January 6th. JPMorgan Chase & Co. lowered their price target on shares of Bloom Energy from $31.00 to $29.00 and set an "overweight" rating on the stock in a report on Thursday, October 20th. Finally, KeyCorp reduced their price objective on shares of Bloom Energy from $33.00 to $31.00 and set an "overweight" rating on the stock in a research report on Thursday, October 20th. Four analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Bloom Energy presently has a consensus rating of "Moderate Buy" and a consensus price target of $29.93.
Bloom Energy Company Profile
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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 power generation platform that converts fuel, such as natural gas, biogas, hydrogen, or a blend of these fuels, into electricity through an electrochemical process without combustion.
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