Bloom Energy Corporation $BE Stock Purchased by Gerber Kawasaki Wealth & Investment Management

Key Points

• Gerber Kawasaki Wealth & Investment Management increased its Bloom Energy stake by 30% in the third quarter, purchasing 8,512 additional shares and bringing its holdings to 36,839 shares valued at approximately $10.2 million. Institutional investors collectively own 77.04% of the company.
• Analyst sentiment is mixed: Bloom Energy has an average “Hold” rating and an average price target of $264.33, although Robert W. Baird raised its target to $351 and maintained an “outperform” rating.
• Bloom Energy reported stronger-than-expected quarterly results, with EPS of $0.94 versus the $0.69 consensus estimate and revenue of $1.24 billion, up 138.1% year over year. The stock opened at $196.15, well below its 52-week high of $351.28.

Gerber Kawasaki Wealth & Investment Management grew its holdings in shares of Bloom Energy Corporation (NYSE:BE - Free Report) by 30.0% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 36,839 shares of the company's stock after buying an additional 8,512 shares during the period. Gerber Kawasaki Wealth & Investment Management's holdings in Bloom Energy were worth $10,204,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Continuum Advisory LLC bought a new stake in Bloom Energy in the second quarter valued at $25,000. Trifecta Capital Advisors LLC bought a new position in Bloom Energy in the 3rd quarter worth $26,000. MJT & Associates Financial Advisory Group Inc. raised its holdings in Bloom Energy by 49.3% in the 2nd quarter. MJT & Associates Financial Advisory Group Inc. now owns 112 shares of the company's stock worth $34,000 after purchasing an additional 37 shares in the last quarter. Markowski Investments purchased a new stake in shares of Bloom Energy in the 2nd quarter worth about $37,000. Finally, Oakworth Capital Inc. purchased a new stake in shares of Bloom Energy in the 3rd quarter worth about $35,000. Institutional investors own 77.04% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on BE shares. Robert W. Baird lifted their target price on shares of Bloom Energy from $310.00 to $351.00 and gave the company an "outperform" rating in a research note on Thursday, October 15th. Zacks Research cut Bloom Energy from a "strong-buy" rating to a "hold" rating in a research report on Friday, October 2nd. Citigroup increased their price objective on Bloom Energy from $281.00 to $284.00 and gave the stock a "neutral" rating in a report on Thursday. KeyCorp reissued a "sector weight" rating on shares of Bloom Energy in a research report on Friday, October 23rd. Finally, Wall Street Zen cut shares of Bloom Energy from a "buy" rating to a "hold" rating in a report on Saturday, October 24th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating, thirteen have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Bloom Energy has an average rating of "Hold" and an average target price of $264.33.

Bloom Energy Price Performance

BE stock opened at $196.15 on Tuesday. The firm has a 50 day moving average price of $248.07 and a 200-day moving average price of $220.08. Bloom Energy Corporation has a 52-week low of $75.70 and a 52-week high of $351.28. The firm has a market capitalization of $57.77 billion, a price-to-earnings ratio of 120.34, a PEG ratio of 2.36 and a beta of 3.77. The company has a debt-to-equity ratio of 1.33, a quick ratio of 3.08 and a current ratio of 3.74.

Bloom Energy (NYSE:BE - Get Free Report) last issued its quarterly earnings results on Thursday, October 22nd. The company reported $0.94 EPS for the quarter, topping analysts' consensus estimates of $0.69 by $0.25. The firm had revenue of $1.24 billion for the quarter, compared to analysts' expectations of $1.07 billion. Bloom Energy had a return on equity of 45.29% and a net margin of 13.53%. The business's revenue for the quarter was up 138.1% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.15 EPS. Equities research analysts forecast that Bloom Energy Corporation will post 2.61 EPS for the current fiscal year.

Insider Activity

In other news, insider Satish Chitoori sold 2,870 shares of Bloom Energy stock in a transaction dated Wednesday, September 16th. The stock was sold at an average price of $270.06, for a total value of $775,072.20. Following the completion of the transaction, the insider owned 202,494 shares of the company's stock, valued at $54,685,529.64. The trade was a 1.40% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Jeffrey Immelt sold 30,000 shares of the company's stock in a transaction dated Monday, August 17th. The stock was sold at an average price of $238.91, for a total transaction of $7,167,300.00. Following the completion of the transaction, the director owned 201,243 shares in the company, valued at approximately $48,078,965.13. The trade was a 12.97% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 74,698 shares of company stock valued at $18,697,058. 3.00% of the stock is currently owned by insiders.

Bloom Energy Company Profile

Bloom Energy Corporation develops and manufactures energy systems designed to generate electricity on-site. Its primary product is the Bloom Energy Server, a solid oxide fuel cell platform that converts fuel into electricity through an electrochemical process rather than combustion. The systems are used by businesses, utilities, data centers and other organizations seeking reliable, distributed power.

The company also develops electrolyzers based on its solid oxide technology. These systems are designed to produce hydrogen from electricity and water and support applications related to industrial operations, energy storage and the emerging hydrogen economy.

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