Envestnet Asset Management Inc. Boosts Holdings in Bloom Energy Corporation (NYSE:BE)

Key Points

• Envestnet Asset Management Inc. increased its stake in Bloom Energy Corporation by 43.3%, owning a total of 24,965 shares valued at approximately $491,000 following the acquisition of an additional 7,540 shares.
• Several institutional investors have also made significant investments into Bloom Energy, with 77.04% of the stock now owned by hedge funds and institutions, reflecting growing confidence in the company's outlook.
• Bloom Energy's stock recently rose by 4.1%, with the company reporting a revenue increase of 19.5% year-over-year, beating earnings expectations with $401.24 million for the quarter.

Envestnet Asset Management Inc. boosted its position in Bloom Energy Corporation (NYSE:BE - Free Report) by 43.3% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 24,965 shares of the company's stock after buying an additional 7,540 shares during the period. Envestnet Asset Management Inc.'s holdings in Bloom Energy were worth $491,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Fuller & Thaler Asset Management Inc. acquired a new position in Bloom Energy in the 4th quarter valued at about $61,968,000. Legal & General Group Plc raised its stake in Bloom Energy by 7.3% in the 4th quarter. Legal & General Group Plc now owns 2,133,318 shares of the company's stock valued at $47,381,000 after purchasing an additional 144,616 shares during the last quarter. Voloridge Investment Management LLC raised its stake in Bloom Energy by 323.6% in the 4th quarter. Voloridge Investment Management LLC now owns 1,440,428 shares of the company's stock valued at $31,992,000 after purchasing an additional 1,100,352 shares during the last quarter. DigitalBridge Group Inc. raised its stake in Bloom Energy by 5.7% in the 4th quarter. DigitalBridge Group Inc. now owns 1,418,257 shares of the company's stock valued at $31,499,000 after purchasing an additional 75,974 shares during the last quarter. Finally, Wellington Management Group LLP raised its stake in Bloom Energy by 306.3% in the 4th quarter. Wellington Management Group LLP now owns 1,383,897 shares of the company's stock valued at $30,736,000 after purchasing an additional 1,043,326 shares during the last quarter. 77.04% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, insider Aman Joshi sold 4,658 shares of the company's stock in a transaction that occurred on Wednesday, May 14th. The stock was sold at an average price of $19.72, for a total transaction of $91,855.76. Following the sale, the insider directly owned 131,371 shares of the company's stock, valued at approximately $2,590,636.12. This represents a 3.42% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Satish Chitoori sold 2,038 shares of the company's stock in a transaction that occurred on Wednesday, May 14th. The shares were sold at an average price of $19.73, for a total value of $40,209.74. Following the sale, the insider directly owned 176,618 shares in the company, valued at approximately $3,484,673.14. This represents a 1.14% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 63,513 shares of company stock worth $1,261,765 over the last 90 days. 3.50% of the stock is currently owned by corporate insiders.

Bloom Energy Stock Up 4.1%

NYSE BE opened at $37.59 on Wednesday. The stock has a market cap of $8.73 billion, a PE ratio of 939.98 and a beta of 3.28. Bloom Energy Corporation has a fifty-two week low of $9.02 and a fifty-two week high of $39.15. The business has a 50 day moving average price of $25.21 and a two-hundred day moving average price of $22.65. The company has a quick ratio of 3.21, a current ratio of 4.99 and a debt-to-equity ratio of 2.18.

Bloom Energy (NYSE:BE - Get Free Report) last announced its earnings results on Thursday, July 31st. The company reported $0.10 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.02 by $0.08. Bloom Energy had a return on equity of 6.80% and a net margin of 1.45%. The company had revenue of $401.24 million for the quarter, compared to analyst estimates of $382.23 million. During the same period in the prior year, the company posted ($0.06) EPS. Bloom Energy's quarterly revenue was up 19.5% on a year-over-year basis. As a group, sell-side analysts predict that Bloom Energy Corporation will post -0.23 EPS for the current fiscal year.

Analyst Ratings Changes

Several research analysts recently weighed in on the stock. Piper Sandler cut their target price on shares of Bloom Energy from $31.00 to $26.00 and set an "overweight" rating for the company in a research note on Monday, May 5th. Roth Mkm lowered their price target on Bloom Energy from $26.00 to $20.00 and set a "neutral" rating for the company in a report on Wednesday, April 16th. Morgan Stanley lifted their price target on Bloom Energy from $35.00 to $44.00 and gave the company an "overweight" rating in a report on Friday, August 1st. Wells Fargo & Company lifted their price target on Bloom Energy from $22.00 to $38.00 and gave the company an "equal weight" rating in a report on Friday, August 1st. Finally, Redburn Atlantic cut Bloom Energy from a "neutral" rating to a "sell" rating and lowered their price target for the company from $14.50 to $10.00 in a report on Wednesday, April 9th. Two analysts have rated the stock with a sell rating, seven have given a hold rating, ten have assigned a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target 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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