NewEdge Wealth LLC Makes New Investment in Bloom Energy Co. (NYSE:BE)

NewEdge Wealth LLC bought a new position in shares of Bloom Energy Co. (NYSE:BE) during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 13,265 shares of the company’s stock, valued at approximately $196,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. BlackRock Inc. grew its position in shares of Bloom Energy by 1.3% in the first quarter. BlackRock Inc. now owns 21,141,205 shares of the company’s stock valued at $421,344,000 after purchasing an additional 263,507 shares during the last quarter. Vanguard Group Inc. grew its position in shares of Bloom Energy by 9.3% in the third quarter. Vanguard Group Inc. now owns 19,221,174 shares of the company’s stock valued at $254,873,000 after purchasing an additional 1,635,738 shares during the last quarter. Norges Bank acquired a new stake in shares of Bloom Energy in the fourth quarter valued at about $102,826,000. State Street Corp grew its position in shares of Bloom Energy by 2.8% in the first quarter. State Street Corp now owns 4,586,967 shares of the company’s stock valued at $91,417,000 after purchasing an additional 125,720 shares during the last quarter. Finally, Clearbridge Investments LLC grew its position in shares of Bloom Energy by 21.7% in the first quarter. Clearbridge Investments LLC now owns 3,840,712 shares of the company’s stock valued at $92,753,000 after purchasing an additional 685,213 shares during the last quarter. 77.04% of the stock is owned by institutional investors and hedge funds.

Bloom Energy Stock Performance

NYSE BE opened at $9.75 on Friday. The firm has a market cap of $2.19 billion, a price-to-earnings ratio of -6.72 and a beta of 2.79. The company has a 50 day moving average of $10.32 and a 200-day moving average of $11.76. The company has a current ratio of 3.60, a quick ratio of 2.53 and a debt-to-equity ratio of 2.41. Bloom Energy Co. has a 1-year low of $8.41 and a 1-year high of $18.76.

Bloom Energy (NYSE:BE) last posted its quarterly earnings data on Thursday, February 15th. The company reported $0.05 earnings per share for the quarter, topping the consensus estimate of ($0.06) by $0.11. The company had revenue of $356.92 million during the quarter, compared to analyst estimates of $481.90 million. Bloom Energy had a negative net margin of 22.66% and a negative return on equity of 23.88%. On average, equities analysts forecast that Bloom Energy Co. will post -0.17 earnings per share for the current fiscal year.

Insider Transactions at Bloom Energy

In related news, CEO Kr Sridhar sold 50,746 shares of the firm’s stock in a transaction that occurred on Monday, March 18th. The shares were sold at an average price of $9.74, for a total value of $494,266.04. Following the completion of the sale, the chief executive officer now owns 2,702,608 shares of the company’s stock, valued at $26,323,401.92. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, CEO Kr Sridhar sold 50,746 shares of the firm’s stock in a transaction that occurred on Monday, March 18th. The shares were sold at an average price of $9.74, for a total value of $494,266.04. Following the completion of the sale, the chief executive officer now owns 2,702,608 shares of the company’s stock, valued at $26,323,401.92. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Shawn Marie Soderberg sold 8,963 shares of the firm’s stock in a transaction that occurred on Tuesday, April 16th. The shares were sold at an average price of $9.86, for a total transaction of $88,375.18. Following the completion of the sale, the insider now directly owns 168,003 shares of the company’s stock, valued at approximately $1,656,509.58. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 74,989 shares of company stock valued at $725,292. Corporate insiders own 8.81% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on BE. Piper Sandler lowered their price target on Bloom Energy from $14.00 to $11.00 and set a “neutral” rating on the stock in a research report on Friday, February 16th. Evercore ISI began coverage on shares of Bloom Energy in a research note on Monday, April 1st. They issued an “outperform” rating and a $21.00 target price for the company. Bank of America cut shares of Bloom Energy from a “neutral” rating to an “underperform” rating and reduced their target price for the company from $16.00 to $10.00 in a research note on Monday, January 29th. Susquehanna reduced their target price on shares of Bloom Energy from $18.00 to $16.00 and set a “positive” rating for the company in a research note on Wednesday, March 27th. Finally, Robert W. Baird upgraded shares of Bloom Energy from a “neutral” rating to an “outperform” rating and increased their target price for the company from $16.00 to $22.00 in a research note on Wednesday, January 10th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $16.69.

Bloom Energy Profile

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.