Principal Financial Group Inc. Increases Position in Bloom Energy Co. (NYSE:BE)

Principal Financial Group Inc. grew its holdings in Bloom Energy Co. (NYSE:BEFree Report) by 16.2% in the first quarter, according to its most recent disclosure with the SEC. The fund owned 25,916 shares of the company’s stock after buying an additional 3,622 shares during the period. Principal Financial Group Inc.’s holdings in Bloom Energy were worth $291,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Vanguard Group Inc. raised its holdings in shares of Bloom Energy by 1.6% in the fourth quarter. Vanguard Group Inc. now owns 19,528,801 shares of the company’s stock valued at $289,026,000 after buying an additional 307,627 shares during the last quarter. Norges Bank acquired a new position in shares of Bloom Energy during the fourth quarter worth about $82,678,000. Coatue Management LLC increased its stake in shares of Bloom Energy by 28.3% during the fourth quarter. Coatue Management LLC now owns 4,436,901 shares of the company’s stock worth $65,666,000 after acquiring an additional 978,053 shares during the period. Electron Capital Partners LLC acquired a new position in shares of Bloom Energy during the fourth quarter worth about $27,796,000. Finally, Charles Schwab Investment Management Inc. increased its stake in shares of Bloom Energy by 1.6% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,604,107 shares of the company’s stock worth $23,741,000 after acquiring an additional 25,437 shares during the period. 77.04% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Bloom Energy news, Director Eddy Zervigon sold 28,150 shares of the stock in a transaction that occurred on Wednesday, May 15th. The shares were sold at an average price of $12.86, for a total transaction of $362,009.00. Following the transaction, the director now owns 111,161 shares of the company’s stock, valued at $1,429,530.46. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, insider Shawn Marie Soderberg sold 8,963 shares of the firm’s stock in a transaction on Tuesday, April 16th. The shares were sold at an average price of $9.86, for a total value of $88,375.18. Following the transaction, the insider now owns 168,003 shares of the company’s stock, valued at approximately $1,656,509.58. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Eddy Zervigon sold 28,150 shares of the firm’s stock in a transaction on Wednesday, May 15th. The shares were sold at an average price of $12.86, for a total transaction of $362,009.00. Following the completion of the transaction, the director now directly owns 111,161 shares in the company, valued at approximately $1,429,530.46. The disclosure for this sale can be found here. Insiders have sold a total of 78,385 shares of company stock valued at $943,038 over the last quarter. Company insiders own 3.50% of the company’s stock.

Bloom Energy Stock Performance

Shares of BE opened at $12.16 on Monday. The company has a debt-to-equity ratio of 2.56, a quick ratio of 2.97 and a current ratio of 4.45. The company has a market capitalization of $2.76 billion, a price-to-earnings ratio of -9.01 and a beta of 2.80. The company’s 50 day simple moving average is $13.54 and its 200 day simple moving average is $12.08. Bloom Energy Co. has a 1 year low of $8.41 and a 1 year high of $18.76.

Bloom Energy (NYSE:BEGet Free Report) last announced its quarterly earnings data on Thursday, May 9th. The company reported ($0.25) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.16) by ($0.09). The firm had revenue of $235.30 million for the quarter, compared to analysts’ expectations of $254.06 million. Bloom Energy had a negative net margin of 22.27% and a negative return on equity of 19.32%. On average, sell-side analysts predict that Bloom Energy Co. will post -0.26 EPS for the current year.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on BE shares. TD Cowen boosted their price target on shares of Bloom Energy from $10.00 to $13.00 and gave the stock a “hold” rating in a research note on Friday, May 10th. Wells Fargo & Company boosted their price target on shares of Bloom Energy from $12.00 to $14.00 and gave the stock an “equal weight” rating in a research note on Monday, May 20th. Susquehanna lowered their target price on shares of Bloom Energy from $18.00 to $16.00 and set a “positive” rating on the stock in a research report on Wednesday, March 27th. Royal Bank of Canada restated an “outperform” rating and set a $15.00 target price on shares of Bloom Energy in a research report on Thursday, June 20th. Finally, Evercore ISI lowered their target price on shares of Bloom Energy from $21.00 to $20.00 and set an “outperform” rating on the stock in a research report on Friday, May 10th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $15.69.

Check Out Our Latest Report on BE

Bloom Energy Profile

(Free Report)

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.

See Also

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Institutional Ownership by Quarter for Bloom Energy (NYSE:BE)

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