PNC Financial Services Group Inc. Raises Position in Bloom Energy Corporation (NYSE:BE)

PNC Financial Services Group Inc. lifted its stake in Bloom Energy Corporation (NYSE:BE) by 11.2% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 12,611 shares of the company’s stock after buying an additional 1,273 shares during the period. PNC Financial Services Group Inc.’s holdings in Bloom Energy were worth $248,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently modified their holdings of the stock. Sender Co & Partners Inc. acquired a new position in shares of Bloom Energy in the fourth quarter worth about $283,000. Select Equity Group L.P. lifted its stake in shares of Bloom Energy by 125.5% in the fourth quarter. Select Equity Group L.P. now owns 278,515 shares of the company’s stock worth $6,186,000 after acquiring an additional 154,993 shares in the last quarter. SIR Capital Management L.P. lifted its stake in shares of Bloom Energy by 155.1% in the fourth quarter. SIR Capital Management L.P. now owns 572,798 shares of the company’s stock worth $12,722,000 after acquiring an additional 348,279 shares in the last quarter. Teacher Retirement System of Texas lifted its stake in shares of Bloom Energy by 662.4% in the first quarter. Teacher Retirement System of Texas now owns 73,518 shares of the company’s stock worth $1,445,000 after acquiring an additional 63,875 shares in the last quarter. Finally, Raymond James Financial Inc. acquired a new position in shares of Bloom Energy in the fourth quarter worth about $19,629,000. Hedge funds and other institutional investors own 77.04% of the company’s stock.

Insiders Place Their Bets

In related news, insider Shawn Marie Soderberg sold 2,901 shares of the firm’s stock in a transaction that occurred on Thursday, August 14th. The stock was sold at an average price of $43.44, for a total value of $126,019.44. Following the sale, the insider directly owned 227,414 shares in the company, valued at $9,878,864.16. This trade represents a 1.26% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Aman Joshi sold 4,870 shares of the firm’s stock in a transaction that occurred on Thursday, August 14th. The shares were sold at an average price of $43.36, for a total value of $211,163.20. Following the completion of the sale, the insider owned 224,361 shares in the company, valued at approximately $9,728,292.96. This represents a 2.12% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 85,057 shares of company stock valued at $3,512,484 in the last quarter. 3.60% of the stock is owned by insiders.

Bloom Energy Stock Up 0.5%

Shares of Bloom Energy stock opened at $45.32 on Friday. The company has a current ratio of 4.99, a quick ratio of 3.21 and a debt-to-equity ratio of 2.18. The business’s 50 day simple moving average is $28.57 and its 200-day simple moving average is $23.54. The stock has a market capitalization of $10.60 billion, a price-to-earnings ratio of 1,133.28 and a beta of 3.28. Bloom Energy Corporation has a twelve month low of $9.02 and a twelve month high of $47.21.

Bloom Energy (NYSE:BE) last issued its quarterly earnings data on Thursday, July 31st. The company reported $0.10 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.02 by $0.08. Bloom Energy had a return on equity of 6.80% and a net margin of 1.45%. The business had revenue of $401.24 million during the quarter, compared to analyst estimates of $382.23 million. During the same period in the prior year, the company posted ($0.06) EPS. The business’s revenue for the quarter was up 19.5% compared to the same quarter last year. Equities research analysts forecast that Bloom Energy Corporation will post -0.23 earnings per share for the current year.

Analysts Set New Price Targets

Several research analysts recently commented on the company. Morgan Stanley boosted their price target on Bloom Energy from $35.00 to $44.00 and gave the stock an “overweight” rating in a research note on Friday, August 1st. Roth Capital upped their price objective on Bloom Energy from $20.00 to $25.00 and gave the company a “neutral” rating in a research note on Tuesday, July 22nd. Susquehanna upped their price objective on Bloom Energy from $26.00 to $30.00 and gave the company a “positive” rating in a research note on Monday, July 21st. Mizuho upped their price objective on Bloom Energy from $26.00 to $31.00 and gave the company an “outperform” rating in a research note on Monday, July 14th. Finally, UBS Group upped their price objective on Bloom Energy from $29.00 to $41.00 and gave the company a “buy” rating in a research note on Friday, July 25th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating, ten have assigned a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $26.39.

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.