Envestnet Asset Management Inc. Reduces Position in Bloom Energy Co. (NYSE:BE)

Envestnet Asset Management Inc. trimmed its stake in shares of Bloom Energy Co. (NYSE:BE) by 28.6% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 17,425 shares of the company’s stock after selling 6,966 shares during the period. Envestnet Asset Management Inc.’s holdings in Bloom Energy were worth $387,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in BE. Vanguard Group Inc. grew its position in shares of Bloom Energy by 1.9% during the 4th quarter. Vanguard Group Inc. now owns 19,234,329 shares of the company’s stock valued at $427,194,000 after acquiring an additional 356,317 shares during the period. Norges Bank bought a new position in Bloom Energy in the 4th quarter worth approximately $93,951,000. Charles Schwab Investment Management Inc. lifted its holdings in shares of Bloom Energy by 0.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,654,087 shares of the company’s stock worth $36,737,000 after buying an additional 10,265 shares in the last quarter. Elemental Capital Partners LLC purchased a new position in Bloom Energy during the fourth quarter valued at $33,612,000. Finally, Wellington Management Group LLP increased its holdings in Bloom Energy by 306.3% in the 4th quarter. Wellington Management Group LLP now owns 1,383,897 shares of the company’s stock valued at $30,736,000 after acquiring an additional 1,043,326 shares during the last quarter. Hedge funds and other institutional investors own 77.04% of the company’s stock.

Bloom Energy Stock Performance

Shares of BE stock opened at $16.41 on Tuesday. The company has a current ratio of 3.36, a quick ratio of 2.33 and a debt-to-equity ratio of 3.09. The company has a market cap of $3.78 billion, a PE ratio of -29.30 and a beta of 3.25. The business’s fifty day simple moving average is $20.34 and its 200-day simple moving average is $21.24. Bloom Energy Co. has a 12-month low of $9.02 and a 12-month high of $29.83.

Bloom Energy (NYSE:BE) last issued its quarterly earnings results on Wednesday, April 30th. The company reported $0.03 EPS for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.10. Bloom Energy had a negative return on equity of 20.32% and a negative net margin of 10.29%. The company had revenue of $326.02 million during the quarter, compared to analysts’ expectations of $294.27 million. During the same quarter in the previous year, the firm posted ($0.17) EPS. The firm’s revenue was up 38.5% compared to the same quarter last year. Analysts expect that Bloom Energy Co. will post -0.23 earnings per share for the current fiscal year.

Analysts Set New Price Targets

BE has been the topic of a number of research reports. Susquehanna reduced their price objective on Bloom Energy from $33.00 to $26.00 and set a “positive” rating on the stock in a research note on Monday, April 14th. Jefferies Financial Group cut their price target on shares of Bloom Energy from $25.00 to $19.00 and set a “hold” rating on the stock in a report on Wednesday, April 16th. Royal Bank of Canada set a $26.00 target price on Bloom Energy in a research note on Monday, April 14th. Roth Mkm reduced their price target on shares of Bloom Energy from $26.00 to $20.00 and set a “neutral” rating on the stock in a research note on Wednesday, April 16th. Finally, Piper Sandler reduced their price objective on Bloom Energy from $31.00 to $26.00 and set an “overweight” rating on the stock in a report on Monday. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating, ten have assigned a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, Bloom Energy presently has a consensus rating of “Moderate Buy” and a consensus price target of $22.34.

Insider Buying and Selling at Bloom Energy

In other Bloom Energy news, insider Satish Chitoori sold 1,020 shares of the stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $25.09, for a total value of $25,591.80. Following the completion of the sale, the insider now owns 178,656 shares in the company, valued at approximately $4,482,479.04. This represents a 0.57 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 3.60% of the company’s stock.

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.