Iridian Asset Management LLC CT Decreases Stake in Bloom Energy Corporation (NYSE:BE)

Iridian Asset Management LLC CT lessened its position in Bloom Energy Corporation (NYSE:BE - Free Report) by 32.1% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 39,110 shares of the company's stock after selling 18,487 shares during the period. Iridian Asset Management LLC CT's holdings in Bloom Energy were worth $769,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of BE. Norges Bank purchased a new stake in Bloom Energy in the fourth quarter worth $93,951,000. Fuller & Thaler Asset Management Inc. purchased a new stake in shares of Bloom Energy in the 4th quarter worth about $61,968,000. Trivest Advisors Ltd bought a new position in shares of Bloom Energy in the 4th quarter worth about $30,539,000. Voloridge Investment Management LLC increased its stake in shares of Bloom Energy by 323.6% in the 4th quarter. Voloridge Investment Management LLC now owns 1,440,428 shares of the company's stock worth $31,992,000 after acquiring an additional 1,100,352 shares in the last quarter. Finally, Wellington Management Group LLP lifted its position in Bloom Energy by 306.3% during the 4th quarter. Wellington Management Group LLP now owns 1,383,897 shares of the company's stock valued at $30,736,000 after acquiring an additional 1,043,326 shares during the period. 77.04% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on BE. Royal Bank Of Canada set a $26.00 target price on shares of Bloom Energy in a research note on Monday, April 14th. Jefferies Financial Group lowered their price objective on Bloom Energy from $25.00 to $19.00 and set a "hold" rating on the stock in a research report on Wednesday, April 16th. JPMorgan Chase & Co. upgraded shares of Bloom Energy from a "neutral" rating to an "overweight" rating and raised their target price for the stock from $18.00 to $33.00 in a report on Wednesday. Piper Sandler reduced their price target on shares of Bloom Energy from $31.00 to $26.00 and set an "overweight" rating for the company in a research report on Monday, May 5th. Finally, Truist Financial cut their target price on shares of Bloom Energy from $22.00 to $19.00 and set a "hold" rating for the company in a research report on Monday, April 21st. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating, ten have issued a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat.com, Bloom Energy currently has an average rating of "Moderate Buy" and a consensus target price of $23.97.

Bloom Energy Stock Up 17.9%

Bloom Energy stock traded up $4.35 during trading on Wednesday, reaching $28.65. The company had a trading volume of 21,913,330 shares, compared to its average volume of 4,678,838. The company has a debt-to-equity ratio of 2.07, a current ratio of 3.44 and a quick ratio of 2.39. The firm's 50-day simple moving average is $20.65 and its 200 day simple moving average is $21.78. Bloom Energy Corporation has a 1-year low of $9.02 and a 1-year high of $29.83.

Bloom Energy (NYSE:BE - Get Free Report) last posted its quarterly earnings results on Wednesday, April 30th. The company reported $0.03 EPS for the quarter, topping the consensus estimate of ($0.07) by $0.10. The business had revenue of $326.02 million for the quarter, compared to analyst estimates of $294.27 million. Bloom Energy had a return on equity of 2.51% and a net margin of 0.29%. The company's quarterly revenue was up 38.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.17) EPS. Sell-side analysts forecast that Bloom Energy Corporation will post -0.23 EPS for the current year.

Insiders Place Their Bets

In other Bloom Energy news, CEO Kr Sridhar sold 42,383 shares of Bloom Energy stock in a transaction dated Tuesday, May 13th. The stock was sold at an average price of $19.14, for a total value of $811,210.62. Following the completion of the transaction, the chief executive officer directly owned 2,724,613 shares of the company's stock, valued at $52,149,092.82. The trade was a 1.53% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Shawn Marie Soderberg sold 2,780 shares of Bloom Energy stock in a transaction that occurred on Wednesday, May 14th. The shares were sold at an average price of $19.72, for a total transaction of $54,821.60. Following the completion of the transaction, the insider owned 152,890 shares of the company's stock, valued at $3,014,990.80. This trade represents a 1.79% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 62,501 shares of company stock worth $1,236,191. Corporate insiders own 3.60% of the company's stock.

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.