Arizona State Retirement System Raises Stock Holdings in Bloom Energy Co. (NYSE:BE)

Arizona State Retirement System boosted its holdings in Bloom Energy Co. (NYSE:BE – Get Rating) by 12.7% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 49,746 shares of the company’s stock after purchasing an additional 5,622 shares during the quarter. Arizona State Retirement System’s holdings in Bloom Energy were worth $951,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently added to or reduced their stakes in the company. Private Trust Co. NA purchased a new position in shares of Bloom Energy in the 4th quarter worth about $57,000. Quent Capital LLC purchased a new position in shares of Bloom Energy in the 4th quarter worth about $57,000. Counterpoint Mutual Funds LLC purchased a new position in shares of Bloom Energy in the 3rd quarter worth about $89,000. Quantbot Technologies LP raised its holdings in shares of Bloom Energy by 27.8% in the 1st quarter. Quantbot Technologies LP now owns 4,673 shares of the company’s stock worth $112,000 after purchasing an additional 1,017 shares during the period. Finally, Sandia Investment Management LP purchased a new position in shares of Bloom Energy in the 3rd quarter worth about $100,000. 79.55% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Bloom Energy

In other Bloom Energy news, insider Glen Griffiths sold 2,122 shares of Bloom Energy stock in a transaction on Thursday, March 16th. The stock was sold at an average price of $18.03, for a total transaction of $38,259.66. Following the sale, the insider now owns 403,498 shares of the company’s stock, valued at approximately $7,275,068.94. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Bloom Energy news, insider Glen Griffiths sold 2,122 shares of Bloom Energy stock in a transaction on Thursday, March 16th. The stock was sold at an average price of $18.03, for a total transaction of $38,259.66. Following the sale, the insider now owns 403,498 shares of the company’s stock, valued at approximately $7,275,068.94. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Shawn Marie Soderberg sold 9,348 shares of Bloom Energy stock in a transaction on Monday, April 17th. The shares were sold at an average price of $18.54, for a total value of $173,311.92. Following the sale, the executive vice president now directly owns 469,631 shares in the company, valued at approximately $8,706,958.74. The disclosure for this sale can be found here. Insiders sold 313,461 shares of company stock worth $6,163,328 in the last 90 days. 2.78% of the stock is currently owned by company insiders.

Bloom Energy Price Performance

Shares of BE opened at $12.72 on Monday. The firm has a market cap of $2.62 billion, a price-to-earnings ratio of -7.71 and a beta of 2.85. The stock has a 50 day moving average of $18.12 and a 200-day moving average of $20.41. The company has a current ratio of 1.95, a quick ratio of 1.45 and a debt-to-equity ratio of 2.18. Bloom Energy Co. has a 52 week low of $12.33 and a 52 week high of $31.47.

Bloom Energy (NYSE:BE – Get Rating) last released its quarterly earnings data on Thursday, February 9th. The company reported $0.12 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.13 by ($0.01). Bloom Energy had a negative net margin of 25.14% and a negative return on equity of 194.49%. The company had revenue of $462.60 million for the quarter, compared to analyst estimates of $398.36 million. During the same quarter in the prior year, the firm earned ($0.16) EPS. The company’s revenue for the quarter was up 35.1% compared to the same quarter last year. As a group, analysts forecast that Bloom Energy Co. will post -0.71 EPS for the current year.

Analysts Set New Price Targets

A number of research firms have recently commented on BE. TheStreet downgraded Bloom Energy from a “c-” rating to a “d+” rating in a report on Tuesday, May 9th. Morgan Stanley dropped their target price on Bloom Energy from $35.00 to $32.00 and set an “overweight” rating on the stock in a report on Monday, April 3rd. Truist Financial dropped their target price on Bloom Energy from $26.00 to $20.00 in a report on Wednesday, May 10th. Credit Suisse Group reiterated an “outperform” rating and set a $32.00 target price on shares of Bloom Energy in a report on Monday, February 13th. Finally, Robert W. Baird dropped their target price on Bloom Energy from $25.00 to $21.00 in a report on Thursday. Five research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $28.88.

About Bloom Energy

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Bloom Energy Corp. engages in the manufacture and installation of a solid oxide fuel-cell based power generation platform. Its product, Bloom Energy Server, converts standard low-pressure natural gas or biogas into electricity through an electrochemical process without combustion. The company was founded by K.