Bloom Energy Co. (NYSE:BE) Shares Sold by Principal Financial Group Inc.

Principal Financial Group Inc. cut its stake in Bloom Energy Co. (NYSE:BE) by 94.4% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 18,305 shares of the company’s stock after selling 306,204 shares during the period. Principal Financial Group Inc.’s holdings in Bloom Energy were worth $193,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of BE. Millburn Ridgefield Corp increased its holdings in Bloom Energy by 29.2% during the 3rd quarter. Millburn Ridgefield Corp now owns 2,339 shares of the company’s stock valued at $25,000 after acquiring an additional 528 shares in the last quarter. Wilmington Savings Fund Society FSB purchased a new position in shares of Bloom Energy during the 3rd quarter worth approximately $34,000. Quest Partners LLC increased its stake in shares of Bloom Energy by 2,780.0% during the 2nd quarter. Quest Partners LLC now owns 3,600 shares of the company’s stock worth $44,000 after purchasing an additional 3,475 shares in the last quarter. Emerald Mutual Fund Advisers Trust acquired a new position in shares of Bloom Energy during the 3rd quarter worth approximately $74,000. Finally, Itau Unibanco Holding S.A. purchased a new stake in Bloom Energy in the 2nd quarter valued at approximately $103,000. 77.04% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, insider Shawn Marie Soderberg sold 1,289 shares of the firm’s stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $24.56, for a total transaction of $31,657.84. Following the completion of the sale, the insider now directly owns 168,561 shares in the company, valued at $4,139,858.16. This trade represents a 0.76 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Kr Sridhar sold 46,697 shares of the business’s stock in a transaction dated Friday, November 22nd. The stock was sold at an average price of $25.00, for a total value of $1,167,425.00. Following the completion of the transaction, the chief executive officer now owns 1,822,496 shares in the company, valued at approximately $45,562,400. This trade represents a 2.50 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 122,975 shares of company stock worth $3,045,019. 8.81% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

BE has been the subject of a number of analyst reports. Robert W. Baird boosted their price target on Bloom Energy from $15.00 to $32.00 and gave the stock an “outperform” rating in a report on Thursday, December 12th. HSBC lowered shares of Bloom Energy from a “buy” rating to a “hold” rating and set a $24.50 target price on the stock. in a report on Wednesday, November 20th. Roth Mkm initiated coverage on shares of Bloom Energy in a research report on Wednesday, December 11th. They issued a “neutral” rating and a $25.00 price objective for the company. Roth Capital raised shares of Bloom Energy to a “hold” rating in a research note on Tuesday, December 10th. Finally, Bank of America lifted their target price on shares of Bloom Energy from $7.00 to $20.00 and gave the stock an “underperform” rating in a research note on Monday, December 9th. One investment analyst has rated the stock with a sell rating, twelve have assigned a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $22.45.

Bloom Energy Stock Up 4.5 %

Shares of NYSE BE opened at $25.41 on Tuesday. The stock has a fifty day moving average price of $21.30 and a 200 day moving average price of $14.99. The company has a current ratio of 3.36, a quick ratio of 2.33 and a debt-to-equity ratio of 3.09. Bloom Energy Co. has a 12-month low of $8.41 and a 12-month high of $28.70. The company has a market cap of $5.81 billion, a P/E ratio of -45.37 and a beta of 3.06.

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.