Royal Bank of Canada Sells 117,419 Shares of Bloom Energy Corporation $BE

Key Points

• Royal Bank of Canada reduced its stake in Bloom Energy Corporation by 12.9%, selling 117,419 shares in the first quarter, leaving it with about 792,240 shares valued at approximately $15.6 million.
• Insider trading included CEO Kr Sridhar selling 60,000 shares for nearly $2.98 million, resulting in a 2.47% decrease in his ownership.
• Bloom Energy reported a 19.5% year-over-year revenue increase with earnings of $0.10 per share, significantly exceeding analysts' expectations.

Royal Bank of Canada reduced its position in Bloom Energy Corporation (NYSE:BE - Free Report) by 12.9% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 792,240 shares of the company's stock after selling 117,419 shares during the quarter. Royal Bank of Canada owned approximately 0.34% of Bloom Energy worth $15,576,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also modified their holdings of the company. Firsthand Capital Management Inc. boosted its position in shares of Bloom Energy by 50.0% in the first quarter. Firsthand Capital Management Inc. now owns 15,000 shares of the company's stock worth $295,000 after purchasing an additional 5,000 shares during the period. Public Investment Fund boosted its position in shares of Bloom Energy by 16.8% during the first quarter. Public Investment Fund now owns 3,803,770 shares of the company's stock worth $74,782,000 after acquiring an additional 546,372 shares during the last quarter. Driehaus Capital Management LLC bought a new position in shares of Bloom Energy during the first quarter worth $21,066,000. Trexquant Investment LP boosted its position in shares of Bloom Energy by 67.0% during the first quarter. Trexquant Investment LP now owns 978,477 shares of the company's stock worth $19,237,000 after acquiring an additional 392,721 shares during the last quarter. Finally, Comerica Bank boosted its position in shares of Bloom Energy by 5.8% during the first quarter. Comerica Bank now owns 88,554 shares of the company's stock worth $1,741,000 after acquiring an additional 4,885 shares during the last quarter. 77.04% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Bloom Energy

In related news, CEO Kr Sridhar sold 60,000 shares of the company's stock in a transaction that occurred on Wednesday, August 27th. The stock was sold at an average price of $49.70, for a total value of $2,982,000.00. Following the completion of the transaction, the chief executive officer directly owned 2,368,951 shares of the company's stock, valued at $117,736,864.70. This represents a 2.47% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Aman Joshi sold 4,870 shares of the stock in a transaction that occurred on Thursday, August 14th. The shares were sold at an average price of $43.36, for a total value of $211,163.20. Following the completion of the sale, the insider directly owned 224,361 shares of the company's stock, valued at $9,728,292.96. The trade was a 2.12% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 308,477 shares of company stock valued at $14,924,815. 3.60% of the stock is currently owned by company insiders.

Bloom Energy Stock Up 14.7%

NYSE BE opened at $63.07 on Thursday. The firm has a market cap of $14.76 billion, a PE ratio of 1,577.14 and a beta of 3.28. Bloom Energy Corporation has a 52 week low of $9.02 and a 52 week high of $65.63. The business's fifty day simple moving average is $39.10 and its 200-day simple moving average is $26.87. 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 issued its quarterly earnings data 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. The firm had revenue of $401.24 million for the quarter, compared to analyst estimates of $382.23 million. Bloom Energy had a net margin of 1.45% and a return on equity of 6.80%. Bloom Energy's revenue was up 19.5% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.06) EPS. Bloom Energy has set its FY 2025 guidance at EPS. As a group, equities analysts anticipate that Bloom Energy Corporation will post -0.23 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the stock. Mizuho increased their target price on shares of Bloom Energy from $26.00 to $31.00 and gave the company an "outperform" rating in a research note on Monday, July 14th. Susquehanna increased their target price on shares of Bloom Energy from $26.00 to $30.00 and gave the stock a "positive" rating in a report on Monday, July 21st. Roth Capital raised their price target on shares of Bloom Energy from $20.00 to $25.00 and gave the company a "neutral" rating in a report on Tuesday, July 22nd. UBS Group raised their price target on shares of Bloom Energy from $29.00 to $41.00 and gave the company a "buy" rating in a report on Friday, July 25th. Finally, Wells Fargo & Company increased their price objective on shares of Bloom Energy from $22.00 to $38.00 and gave the company an "equal weight" rating in a research report on Friday, August 1st. Two equities research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating, seven have given a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $28.18.

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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