Intellectus Partners LLC trimmed its position in Bloom Energy Co. (NYSE:BE) by 3.2% during the 2nd quarter, Holdings Channel.com reports. The fund owned 30,951 shares of the company’s stock after selling 1,025 shares during the period. Intellectus Partners LLC’s holdings in Bloom Energy were worth $832,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. FMR LLC purchased a new stake in Bloom Energy in the first quarter valued at $11,026,000. First Trust Advisors LP purchased a new stake in Bloom Energy in the first quarter valued at $262,000. Amundi Pioneer Asset Management Inc. purchased a new stake in Bloom Energy in the first quarter valued at $10,129,000. Envestnet Asset Management Inc. purchased a new stake in Bloom Energy in the first quarter valued at $427,000. Finally, Russell Investments Group Ltd. purchased a new stake in shares of Bloom Energy during the 1st quarter worth about $103,000. 58.14% of the stock is currently owned by hedge funds and other institutional investors.
In other news, EVP Glen Griffiths sold 2,961 shares of the business’s stock in a transaction that occurred on Thursday, September 16th. The shares were sold at an average price of $18.91, for a total value of $55,992.51. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Gregory D. Cameron sold 40,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 11th. The stock was sold at an average price of $21.84, for a total transaction of $873,600.00. Following the transaction, the chief financial officer now directly owns 30,890 shares of the company’s stock, valued at approximately $674,637.60. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 63,069 shares of company stock valued at $1,320,282. Corporate insiders own 15.86% of the company’s stock.
Bloom Energy (NYSE:BE) last issued its quarterly earnings results on Tuesday, August 3rd. The company reported ($0.23) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.06) by ($0.17). Bloom Energy had a negative net margin of 13.51% and a negative return on equity of 199.28%. The business had revenue of $228.47 million during the quarter, compared to analysts’ expectations of $235.42 million. During the same period in the prior year, the business earned ($0.23) EPS. The business’s quarterly revenue was up 21.6% on a year-over-year basis. On average, research analysts forecast that Bloom Energy Co. will post -0.73 earnings per share for the current fiscal year.
Several equities research analysts have recently issued reports on the stock. Piper Sandler started coverage on shares of Bloom Energy in a research note on Thursday, September 23rd. They set a “neutral” rating and a $21.00 target price on the stock. JPMorgan Chase & Co. upped their price target on shares of Bloom Energy from $29.00 to $34.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 21st. BMO Capital Markets began coverage on shares of Bloom Energy in a report on Thursday, September 30th. They issued a “market perform” rating and a $22.00 price objective for the company. Wolfe Research began coverage on shares of Bloom Energy in a report on Tuesday, August 31st. They issued a “peer perform” rating and a $25.00 price objective for the company. Finally, Morgan Stanley cut their price objective on shares of Bloom Energy from $26.00 to $25.00 and set an “equal weight” rating for the company in a report on Thursday, August 19th. Seven investment analysts have rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Bloom Energy presently has a consensus rating of “Buy” and an average price target of $28.58.
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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