Avalon Trust Co Sells 11,013 Shares of Bloom Energy Corporation (NYSE:BE)

Key Points

• Avalon Trust Co reduced its stake in Bloom Energy by 1.5%, selling 11,013 shares, bringing its total to 713,307 shares valued at approximately $14 million.
• Bloom Energy reported earnings of $0.10 per share for the last quarter, exceeding expectations, with a revenue of $401.24 million, a 19.5% increase year-over-year.
• The current stock price for Bloom Energy is around $36.84, with a market cap of $8.56 billion, after trading between a low of $9.02 and a high of $39.09 over the past year.

Avalon Trust Co trimmed its position in Bloom Energy Corporation (NYSE:BE - Free Report) by 1.5% in the first quarter, according to its most recent filing with the SEC. The fund owned 713,307 shares of the company's stock after selling 11,013 shares during the period. Bloom Energy accounts for approximately 1.1% of Avalon Trust Co's investment portfolio, making the stock its 27th biggest position. Avalon Trust Co owned 0.31% of Bloom Energy worth $14,024,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the company. SCP Investment LP acquired a new stake in Bloom Energy in the first quarter valued at $252,000. PNC Financial Services Group Inc. increased its holdings in Bloom Energy by 11.2% in the first quarter. PNC Financial Services Group Inc. now owns 12,611 shares of the company's stock valued at $248,000 after purchasing an additional 1,273 shares during the period. Jefferies Financial Group Inc. increased its holdings in Bloom Energy by 484.7% in the first quarter. Jefferies Financial Group Inc. now owns 116,932 shares of the company's stock valued at $2,299,000 after purchasing an additional 96,932 shares during the period. Harbour Investments Inc. increased its holdings in Bloom Energy by 2,160.0% in the first quarter. Harbour Investments Inc. now owns 1,582 shares of the company's stock valued at $31,000 after purchasing an additional 1,512 shares during the period. Finally, Torray Investment Partners LLC acquired a new stake in Bloom Energy in the first quarter valued at $904,000. 77.04% of the stock is currently owned by institutional investors.

Bloom Energy Price Performance

Shares of NYSE BE opened at $36.84 on Friday. Bloom Energy Corporation has a fifty-two week low of $9.02 and a fifty-two week high of $39.09. The stock has a market cap of $8.56 billion, a price-to-earnings ratio of 921.23 and a beta of 3.28. The company has a debt-to-equity ratio of 2.07, a quick ratio of 2.39 and a current ratio of 3.44. The firm's 50-day simple moving average is $24.52 and its 200 day simple moving average is $22.47.

Bloom Energy (NYSE:BE - Get Free Report) last announced its quarterly earnings results on Thursday, July 31st. The company reported $0.10 earnings per share for the quarter, beating the consensus estimate of $0.02 by $0.08. Bloom Energy had a net margin of 1.45% and a return on equity of 7.03%. The business had revenue of $401.24 million for the quarter, compared to analysts' expectations of $382.23 million. During the same quarter last year, the firm earned ($0.06) EPS. The firm's revenue for the quarter was up 19.5% compared to the same quarter last year. As a group, research analysts anticipate that Bloom Energy Corporation will post -0.23 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Bloom Energy news, CEO Kr Sridhar sold 42,383 shares of Bloom Energy stock in a transaction that occurred on Tuesday, May 13th. The shares were sold at an average price of $19.14, for a total transaction of $811,210.62. Following the transaction, the chief executive officer owned 2,724,613 shares of the company's stock, valued at $52,149,092.82. This trade represents a 1.53% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Satish Chitoori sold 2,038 shares of the firm's stock in a transaction that occurred on Wednesday, May 14th. The stock was sold at an average price of $19.73, for a total transaction of $40,209.74. Following the sale, the insider owned 176,618 shares of the company's stock, valued at approximately $3,484,673.14. The trade was a 1.14% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 63,513 shares of company stock worth $1,261,765 in the last 90 days. Company insiders own 3.60% of the company's stock.

Analyst Upgrades and Downgrades

BE has been the subject of a number of recent research reports. Roth Mkm decreased their price objective on Bloom Energy from $26.00 to $20.00 and set a "neutral" rating for the company in a report on Wednesday, April 16th. Redburn Atlantic downgraded Bloom Energy from a "neutral" rating to a "sell" rating and decreased their price target for the stock from $14.50 to $10.00 in a report on Wednesday, April 9th. Susquehanna increased their price target on Bloom Energy from $26.00 to $30.00 and gave the stock a "positive" rating in a report on Monday, July 21st. Hsbc Global Res upgraded Bloom Energy from a "hold" rating to a "strong-buy" rating in a report on Tuesday, April 8th. Finally, HSBC upgraded Bloom Energy from a "hold" rating to a "buy" rating and set a $25.00 price target for the company in a report on Tuesday, April 8th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating, ten have issued a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average 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.

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