Skandinaviska Enskilda Banken AB publ cut its stake in Bloom Energy Co. (NYSE:BE) by 4.8% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 351,787 shares of the company’s stock after selling 17,650 shares during the period. Skandinaviska Enskilda Banken AB publ owned approximately 0.20% of Bloom Energy worth $6,586,000 at the end of the most recent reporting period.
A number of other institutional investors also recently modified their holdings of BE. BlackRock Inc. increased its stake in shares of Bloom Energy by 5.0% during the 3rd quarter. BlackRock Inc. now owns 13,996,183 shares of the company’s stock worth $262,009,000 after purchasing an additional 661,259 shares in the last quarter. Vanguard Group Inc. boosted its position in Bloom Energy by 3.1% during the second quarter. Vanguard Group Inc. now owns 11,977,098 shares of the company’s stock worth $321,824,000 after acquiring an additional 359,597 shares during the last quarter. Morgan Stanley boosted its position in Bloom Energy by 5.4% during the second quarter. Morgan Stanley now owns 4,813,564 shares of the company’s stock worth $129,339,000 after acquiring an additional 245,887 shares during the last quarter. State Street Corp boosted its holdings in shares of Bloom Energy by 41.8% in the 2nd quarter. State Street Corp now owns 2,814,864 shares of the company’s stock valued at $75,635,000 after purchasing an additional 830,019 shares during the last quarter. Finally, Wells Fargo & Company MN boosted its holdings in shares of Bloom Energy by 13.5% in the 2nd quarter. Wells Fargo & Company MN now owns 2,398,672 shares of the company’s stock valued at $64,452,000 after purchasing an additional 285,750 shares during the last quarter. 60.12% of the stock is owned by institutional investors.
In related news, EVP Swaminathan Venkataraman sold 4,926 shares of the stock in a transaction dated Monday, October 18th. The shares were sold at an average price of $21.30, for a total transaction of $104,923.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Glen Griffiths sold 36,319 shares of the stock in a transaction dated Tuesday, November 9th. The stock was sold at an average price of $34.60, for a total transaction of $1,256,637.40. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 121,588 shares of company stock valued at $3,934,893. Corporate insiders own 15.86% of the company’s stock.
Bloom Energy (NYSE:BE) last announced its quarterly earnings data on Thursday, November 4th. The company reported ($0.20) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.09) by ($0.11). The company had revenue of $207.23 million for the quarter, compared to analysts’ expectations of $240.47 million. Bloom Energy had a negative net margin of 18.00% and a negative return on equity of 294.75%. The business’s revenue for the quarter was up 3.5% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.15) earnings per share. On average, research analysts anticipate that Bloom Energy Co. will post -1.01 EPS for the current fiscal year.
BE has been the topic of a number of research reports. KeyCorp reissued an “overweight” rating and issued a $30.00 target price on shares of Bloom Energy in a research note on Wednesday, January 5th. Truist Securities boosted their target price on shares of Bloom Energy from $25.00 to $33.00 and gave the stock a “hold” rating in a research report on Monday, November 8th. Zacks Investment Research raised shares of Bloom Energy from a “sell” rating to a “hold” rating in a research report on Monday, January 10th. Truist assumed coverage on shares of Bloom Energy in a research report on Friday, October 15th. They issued a “hold” rating and a $25.00 target price for the company. Finally, Bank of America lifted their price target on shares of Bloom Energy from $23.50 to $34.50 and gave the company a “neutral” rating in a report on Wednesday, November 3rd. Nine investment analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus price target of $30.58.
Bloom Energy Profile
Bloom Energy Corp. engages in the manufacture and installation of on-site distributed power generators. Its product, Bloom Energy Server, converts standard low-pressure natural gas or biogas into electricity through an electrochemical process without combustion. The company was founded by K. R. Sridhar, John Finn, Jim McElroy, Matthias Gottmann and Dien Nguyen on January 18, 2001 and is headquartered in San Jose, CA.
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