BlackRock Inc. Purchases 2,676,215 Shares of Bloom Energy Corp (NYSE:BE)

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BlackRock Inc. boosted its position in Bloom Energy Corp (NYSE:BE) by 721.2% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 3,047,269 shares of the company’s stock after purchasing an additional 2,676,215 shares during the period. BlackRock Inc.’s holdings in Bloom Energy were worth $37,390,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. BNP Paribas Arbitrage SA lifted its stake in Bloom Energy by 25,000.0% in the second quarter. BNP Paribas Arbitrage SA now owns 4,016 shares of the company’s stock worth $49,000 after purchasing an additional 4,000 shares during the last quarter. Synovus Financial Corp bought a new stake in Bloom Energy in the second quarter worth about $65,000. Zurcher Kantonalbank Zurich Cantonalbank bought a new stake in Bloom Energy in the second quarter worth about $67,000. Endurance Wealth Management Inc. lifted its stake in Bloom Energy by 4,085.7% in the second quarter. Endurance Wealth Management Inc. now owns 14,650 shares of the company’s stock worth $180,000 after purchasing an additional 14,300 shares during the last quarter. Finally, Strs Ohio bought a new stake in Bloom Energy in the second quarter worth about $180,000. 39.67% of the stock is owned by institutional investors and hedge funds.

Several analysts have recently weighed in on the stock. Robert W. Baird decreased their price target on shares of Bloom Energy from $16.00 to $9.00 and set a “neutral” rating for the company in a research note on Tuesday, August 13th. Bank of America decreased their price target on shares of Bloom Energy from $6.00 to $4.00 and set an “underperform” rating for the company in a research note on Tuesday, September 3rd. Zacks Investment Research downgraded shares of Bloom Energy from a “hold” rating to a “sell” rating in a research note on Thursday, September 5th. Raymond James decreased their price target on shares of Bloom Energy from $12.00 to $10.00 and set an “outperform” rating for the company in a research note on Tuesday, October 1st. Finally, Morgan Stanley reaffirmed a “buy” rating on shares of Bloom Energy in a research note on Wednesday, September 18th. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating, five have given a buy rating and one has issued a strong buy rating to the company. Bloom Energy currently has a consensus rating of “Buy” and an average price target of $11.88.

Bloom Energy stock opened at $3.17 on Friday. The company has a 50 day moving average price of $3.94 and a 200-day moving average price of $9.58. The company has a debt-to-equity ratio of 10.34, a quick ratio of 1.44 and a current ratio of 1.75. Bloom Energy Corp has a fifty-two week low of $3.00 and a fifty-two week high of $28.34. The company has a market capitalization of $358.33 million, a PE ratio of -1.30 and a beta of 3.23.

Bloom Energy (NYSE:BE) last posted its quarterly earnings results on Monday, August 12th. The company reported ($0.59) earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of ($0.59). Bloom Energy had a negative net margin of 38.77% and a negative return on equity of 539.17%. The firm had revenue of $233.80 million during the quarter, compared to the consensus estimate of $207.56 million. The company’s quarterly revenue was up 38.4% compared to the same quarter last year. On average, analysts forecast that Bloom Energy Corp will post -2.07 earnings per share for the current year.

In related news, EVP Swaminathan Venkataraman sold 86,324 shares of Bloom Energy stock in a transaction that occurred on Thursday, September 26th. The shares were sold at an average price of $3.41, for a total transaction of $294,364.84. Also, COO Susan Seilheimer Brennan sold 55,486 shares of Bloom Energy stock in a transaction that occurred on Thursday, September 26th. The shares were sold at an average price of $3.41, for a total transaction of $189,207.26. Over the last three months, insiders have sold 146,607 shares of company stock worth $499,930. 36.45% of the stock is currently owned by corporate insiders.

About Bloom Energy

Bloom Energy Corporation designs, manufactures, and sells solid-oxide fuel cell systems for on-site power generation. The company offers Bloom Energy Server, a stationary power generation platform that converts standard low-pressure natural gas or biogas into electricity through an electrochemical process without combustion.

Read More: How are capital gains distributions different for tax-deferred account?

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

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