Zurcher Kantonalbank Zurich Cantonalbank Raises Stock Position in Bloom Energy Co. (NYSE:BE)

Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Bloom Energy Co. (NYSE:BE) by 9.4% in the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 402,408 shares of the company’s stock after acquiring an additional 34,739 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank owned approximately 0.18% of Bloom Energy worth $4,925,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Norges Bank purchased a new stake in shares of Bloom Energy during the fourth quarter worth $82,678,000. Electron Capital Partners LLC purchased a new stake in shares of Bloom Energy during the fourth quarter worth $27,796,000. Coatue Management LLC grew its holdings 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 buying an additional 978,053 shares in the last quarter. Artemis Investment Management LLP purchased a new stake in shares of Bloom Energy during the second quarter worth $7,502,000. Finally, BNP Paribas Financial Markets purchased a new stake in shares of Bloom Energy during the fourth quarter worth $7,570,000. Hedge funds and other institutional investors own 77.04% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on BE. JPMorgan Chase & Co. boosted their price target on shares of Bloom Energy from $12.00 to $14.00 and gave the company a “neutral” rating in a research report on Tuesday, July 16th. Truist Financial boosted their price target on shares of Bloom Energy from $12.00 to $13.00 and gave the company a “hold” rating in a research report on Monday, August 12th. Wells Fargo & Company boosted their price target on shares of Bloom Energy from $12.00 to $14.00 and gave the company an “equal weight” rating in a research report on Monday, May 20th. BTIG Research boosted their price target on shares of Bloom Energy from $19.00 to $21.00 and gave the company a “buy” rating in a research report on Thursday, June 6th. Finally, TD Cowen boosted their price target on shares of Bloom Energy from $10.00 to $13.00 and gave the company a “hold” rating in a research report on Friday, May 10th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $16.08.

Insider Buying and Selling

In related news, insider Shawn Marie Soderberg sold 2,094 shares of the company’s stock in a transaction that occurred on Tuesday, July 16th. The shares were sold at an average price of $14.53, for a total transaction of $30,425.82. Following the sale, the insider now directly owns 168,867 shares in the company, valued at $2,453,637.51. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 8.81% of the company’s stock.

Bloom Energy Stock Up 0.1 %

Shares of NYSE:BE opened at $11.91 on Friday. The company has a debt-to-equity ratio of 2.56, a current ratio of 4.45 and a quick ratio of 2.97. The firm has a market capitalization of $2.70 billion, a PE ratio of -8.82 and a beta of 2.80. The firm’s 50-day moving average is $12.54 and its two-hundred day moving average is $12.02. Bloom Energy Co. has a 1 year low of $8.41 and a 1 year high of $18.14.

Bloom Energy (NYSE:BE) last issued its quarterly earnings results on Thursday, August 8th. The company reported ($0.06) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.06). Bloom Energy had a negative net margin of 22.27% and a negative return on equity of 19.32%. The company had revenue of $335.80 million for the quarter, compared to analyst estimates of $307.73 million. During the same period in the prior year, the firm earned ($0.32) earnings per share. The business’s revenue for the quarter was up 11.5% compared to the same quarter last year. Analysts predict that Bloom Energy Co. will post -0.26 EPS for the current year.

About Bloom Energy

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.