Pinnacle Associates Ltd. Lowers Stake in Bloom Energy Corporation (NYSE:BE)

Pinnacle Associates Ltd. trimmed its position in Bloom Energy Corporation (NYSE:BE - Free Report) by 4.5% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 573,639 shares of the company's stock after selling 26,788 shares during the period. Pinnacle Associates Ltd. owned 0.25% of Bloom Energy worth $11,278,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of BE. Norges Bank purchased a new position in Bloom Energy in the 4th quarter worth $93,951,000. Fuller & Thaler Asset Management Inc. purchased a new position in shares of Bloom Energy during the fourth quarter valued at about $61,968,000. Voloridge Investment Management LLC grew its holdings in Bloom Energy by 323.6% in the fourth quarter. Voloridge Investment Management LLC now owns 1,440,428 shares of the company's stock worth $31,992,000 after purchasing an additional 1,100,352 shares during the period. Wellington Management Group LLP grew its holdings in Bloom Energy by 306.3% in the fourth quarter. Wellington Management Group LLP now owns 1,383,897 shares of the company's stock worth $30,736,000 after purchasing an additional 1,043,326 shares during the period. Finally, Point72 Asset Management L.P. purchased a new stake in Bloom Energy in the fourth quarter worth about $20,871,000. 77.04% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the stock. Robert W. Baird cut their target price on shares of Bloom Energy from $32.00 to $27.00 and set an "outperform" rating for the company in a research note on Tuesday, April 15th. JPMorgan Chase & Co. raised shares of Bloom Energy from a "neutral" rating to an "overweight" rating and raised their target price for the company from $18.00 to $33.00 in a research report on Wednesday, July 9th. Roth Capital increased their target price on shares of Bloom Energy from $20.00 to $25.00 and gave the company a "neutral" rating in a research report on Tuesday. Hsbc Global Res raised shares of Bloom Energy from a "hold" rating to a "strong-buy" rating in a report on Tuesday, April 8th. Finally, Jefferies Financial Group cut their target price on shares of Bloom Energy from $25.00 to $19.00 and set a "hold" rating for the company in a research note on Wednesday, April 16th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating, ten have assigned a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $24.97.

Insider Transactions at Bloom Energy

In related news, insider Aman Joshi sold 4,658 shares of the business's stock in a transaction dated Wednesday, May 14th. The stock was sold at an average price of $19.72, for a total transaction of $91,855.76. Following the transaction, the insider owned 131,371 shares in the company, valued at $2,590,636.12. The trade was a 3.42% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Maciej Kurzymski sold 8,733 shares of the company's stock in a transaction that occurred on Monday, June 16th. The stock was sold at an average price of $22.79, for a total value of $199,025.07. Following the transaction, the insider owned 109,860 shares in the company, valued at $2,503,709.40. This trade represents a 7.36% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 63,513 shares of company stock valued at $1,261,765. 3.60% of the stock is currently owned by corporate insiders.

Bloom Energy Stock Up 4.0%

Shares of BE stock traded up $1.31 during trading hours on Friday, reaching $34.37. The company had a trading volume of 16,423,808 shares, compared to its average volume of 9,213,165. Bloom Energy Corporation has a 12 month low of $9.02 and a 12 month high of $34.78. 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 business has a fifty day simple moving average of $22.78 and a 200-day simple moving average of $22.03. The company has a market cap of $7.98 billion, a price-to-earnings ratio of -687.26 and a beta of 3.22.

Bloom Energy (NYSE:BE - Get Free Report) last released its earnings results on Wednesday, April 30th. The company reported $0.03 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.07) by $0.10. Bloom Energy had a return on equity of 2.51% and a net margin of 0.29%. The business had revenue of $326.02 million during the quarter, compared to the consensus estimate of $294.27 million. During the same period last year, the business posted ($0.17) earnings per share. The business's revenue for the quarter was up 38.5% on a year-over-year basis. On average, research analysts expect that Bloom Energy Corporation will post -0.23 earnings per share for the current fiscal year.

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.