CenterBook Partners LP Purchases New Position in Bloom Energy Corporation $BE

Key Points

• CenterBook Partners initiated a Bloom Energy position, purchasing 6,961 shares worth approximately $1.93 million in the third quarter.
• Bloom Energy reported quarterly EPS of $0.94, beating the $0.69 consensus, while revenue of $1.24 billion exceeded expectations and rose 138.1% year over year.
• Bloom’s agreement with NTT DATA to deploy 900 megawatts of onsite power at data-center projects supports its growth prospects, though concerns about data-center investment and recent insider share sales remain risks.

CenterBook Partners LP purchased a new stake in shares of Bloom Energy Corporation (NYSE:BE - Free Report) in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm purchased 6,961 shares of the company's stock, valued at approximately $1,928,000.

A number of other hedge funds also recently modified their holdings of BE. Continuum Advisory LLC acquired 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 during the 3rd quarter worth $26,000. REAP Financial Group LLC bought a new position in Bloom Energy during the 3rd quarter worth $28,000. MJT & Associates Financial Advisory Group Inc. raised its position in Bloom Energy by 49.3% during 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 during the last quarter. Finally, Markowski Investments acquired a new position in Bloom Energy during the 2nd quarter worth about $37,000. Institutional investors and hedge funds own 77.04% of the company's stock.

Insider Transactions at Bloom Energy

In related news, insider Aman Joshi sold 8,437 shares of the company's stock in a transaction dated Thursday, October 1st. The stock was sold at an average price of $277.17, for a total transaction of $2,338,483.29. Following the sale, the insider owned 147,092 shares in the company, valued at $40,769,489.64. This represents a 5.42% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Shawn Soderberg sold 2,895 shares of the firm's stock in a transaction that occurred on Friday, August 14th. The stock was sold at an average price of $233.60, for a total value of $676,272.00. Following the sale, the insider directly owned 129,370 shares of the company's stock, valued at $30,220,832. This represents a 2.19% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last 90 days, insiders sold 85,859 shares of company stock worth $20,994,650. Corporate insiders own 3.00% of the company's stock.

Bloom Energy Price Performance

BE stock opened at $173.35 on Monday. The firm has a market cap of $51.25 billion, a price-to-earnings ratio of 106.35, a PEG ratio of 1.75 and a beta of 3.63. The company has a quick ratio of 3.08, a current ratio of 3.74 and a debt-to-equity ratio of 1.33. Bloom Energy Corporation has a 12-month low of $75.70 and a 12-month high of $351.28. The company's fifty day simple moving average is $246.00 and its 200 day simple moving average is $220.98.

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, beating analysts' consensus estimates of $0.69 by $0.25. Bloom Energy had a net margin of 13.53% and a return on equity of 45.29%. The business had revenue of $1.24 billion for the quarter, compared to analysts' expectations of $1.07 billion. During the same quarter in the prior year, the firm posted $0.15 earnings per share. The business's quarterly revenue was up 138.1% compared to the same quarter last year. On average, analysts expect that Bloom Energy Corporation will post 2.61 earnings per share for the current year.

Bloom Energy News Summary

Here are the key news stories impacting Bloom Energy this week:

• Positive Sentiment: BE shares rebounded as fuel-cell stocks clawed back some post-election losses; a technical-trading report also noted the stock found support near $163. Fuel-cell stocks rebound
• Positive Sentiment: Bloom’s agreement with NTT DATA to deploy 900 megawatts of onsite power across data-center projects supports the company’s growth opportunity in power-hungry facilities. Recent quarterly results also beat estimates, and Bloom raised its full-year outlook. NTT DATA agreement Bloom Energy outlook
• Neutral Sentiment: Director Barbara Burger sold 2,333 shares for about $502,000, reducing her stake by roughly 6%; she still held 36,607 shares after the sale. Director share sale
• Negative Sentiment: Election-related fears about potential changes to data-center approvals and the pace of AI infrastructure investment recently pressured Bloom and other AI-power stocks. That concern remains a risk despite the NTT DATA contract. AI data-center concerns

Wall Street Analysts Forecast Growth

BE has been the subject of several recent research reports. Barclays raised Bloom Energy from an "equal weight" rating to an "overweight" rating and decreased their price target for the company from $316.00 to $289.00 in a research note on Tuesday, November 3rd. Truist Financial lifted their price objective on Bloom Energy from $218.00 to $240.00 and gave the stock a "hold" rating in a research note on Friday, October 16th. Citigroup lifted their price objective on Bloom Energy from $281.00 to $284.00 and gave the stock a "neutral" rating in a research note on Thursday, October 29th. Zacks Research cut Bloom Energy from a "strong-buy" rating to a "hold" rating in a report on Friday, October 2nd. Finally, KeyCorp reissued a "sector weight" rating on shares of Bloom Energy in a research report on Friday, October 23rd. One investment analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, thirteen have issued a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and an average price target of $263.05.

Bloom Energy Company Profile

Bloom Energy Corporation develops solid oxide fuel cell technology for on-site electricity generation and hydrogen production. Its Bloom Energy Server systems generate power near the point of use, helping businesses and institutions meet electricity needs and support resilient energy operations. The company also offers solid oxide electrolyzers designed to produce hydrogen.

Founded in 2001 by K.R. Sridhar, Bloom Energy is headquartered in San Jose, California. It serves customers in the United States and international markets, including countries in Asia.

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