Connor Clark & Lunn Investment Management Ltd. Buys 516,833 Shares of Bloom Energy Corporation (NYSE:BE)

Key Points

• Connor Clark & Lunn Investment Management Ltd. increased its stake in Bloom Energy Corporation by 634.2% during Q1, now owning 598,327 shares valued at approximately $11.76 million.
• Insider transactions reveal that CEO Kr Sridhar sold over 42,000 shares, resulting in a 1.53% decrease in his ownership, while other insiders have also sold numerous shares recently.
• Bloom Energy reported a 19.5% increase in quarterly revenue compared to the same period last year, with earnings per share of $0.10, surpassing analyst estimates.

Connor Clark & Lunn Investment Management Ltd. increased its position in shares of Bloom Energy Corporation (NYSE:BE - Free Report) by 634.2% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 598,327 shares of the company's stock after buying an additional 516,833 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned 0.26% of Bloom Energy worth $11,763,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in BE. Franklin Resources Inc. boosted its holdings in Bloom Energy by 8.0% during the fourth quarter. Franklin Resources Inc. now owns 135,639 shares of the company's stock valued at $3,013,000 after purchasing an additional 10,041 shares in the last quarter. Legal & General Group Plc raised its stake in shares of Bloom Energy by 7.3% in the fourth quarter. Legal & General Group Plc now owns 2,133,318 shares of the company's stock valued at $47,381,000 after acquiring an additional 144,616 shares during the last quarter. Raymond James Financial Inc. bought a new position in shares of Bloom Energy in the fourth quarter valued at approximately $19,629,000. Rockefeller Capital Management L.P. raised its stake in shares of Bloom Energy by 22.1% in the fourth quarter. Rockefeller Capital Management L.P. now owns 539,047 shares of the company's stock valued at $11,972,000 after acquiring an additional 97,493 shares during the last quarter. Finally, Summit Investment Advisors Inc. raised its stake in shares of Bloom Energy by 9.5% in the fourth quarter. Summit Investment Advisors Inc. now owns 21,027 shares of the company's stock valued at $467,000 after acquiring an additional 1,818 shares during the last quarter. 77.04% of the stock is owned by institutional investors and hedge funds.

Bloom Energy Trading Up 0.5%

Shares of BE stock traded up $0.21 on Friday, hitting $45.32. The stock had a trading volume of 5,788,736 shares, compared to its average volume of 7,213,800. Bloom Energy Corporation has a twelve month low of $9.02 and a twelve month high of $46.50. The firm has a market cap of $10.60 billion, a P/E ratio of 1,133.28 and a beta of 3.28. The company has a current ratio of 4.99, a quick ratio of 3.21 and a debt-to-equity ratio of 2.18. The company has a fifty day moving average price of $28.10 and a two-hundred day moving average price of $23.36.

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 (EPS) 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 6.80%. The company had revenue of $401.24 million during the quarter, compared to analyst estimates of $382.23 million. During the same quarter in the previous year, the business earned ($0.06) EPS. The firm's revenue was up 19.5% on a year-over-year basis. As a group, analysts forecast that Bloom Energy Corporation will post -0.23 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on BE shares. Susquehanna lifted their target price on shares of Bloom Energy from $26.00 to $30.00 and gave the company a "positive" rating in a research note on Monday, July 21st. Wells Fargo & Company lifted their target price on shares of Bloom Energy from $22.00 to $38.00 and gave the company an "equal weight" rating in a research note on Friday, August 1st. JPMorgan Chase & Co. upgraded shares of Bloom Energy from a "neutral" rating to an "overweight" rating and boosted their price objective for the stock from $18.00 to $33.00 in a research report on Wednesday, July 9th. Roth Capital boosted their price objective on shares of Bloom Energy from $20.00 to $25.00 and gave the stock a "neutral" rating in a research report on Tuesday, July 22nd. Finally, Morgan Stanley boosted their price objective on shares of Bloom Energy from $35.00 to $44.00 and gave the stock an "overweight" rating in a research report on Friday, August 1st. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating, ten have given a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $26.39.

Insiders Place Their Bets

In other news, insider Maciej Kurzymski sold 8,733 shares of the stock in a transaction dated Monday, June 16th. The shares were sold at an average price of $22.79, for a total transaction of $199,025.07. Following the completion of the transaction, the insider directly owned 109,860 shares in the company, valued at $2,503,709.40. This represents a 7.36% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Over the last three months, insiders have sold 10,158 shares of company stock valued at $233,911. 3.60% of the stock is currently owned by corporate insiders.

Bloom Energy Company Profile

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.