Zevenbergen Capital Investments LLC Sells 7,600 Shares of Bloom Energy Corporation (NYSE:BE)

Key Points

• Zevenbergen Capital Investments LLC has reduced its holdings in Bloom Energy Corporation by 5.8%, now owning 123,850 shares valued at approximately $2.43 million after selling 7,600 shares.
• Analyst ratings for Bloom Energy show a consensus of "Moderate Buy" with a target price of $26.39, with differing assessments ranging from a low of $20.00 to a high of $44.00.
• The company's recent earnings report showed a 19.5% increase in revenue to $401.24 million, with a net earnings beat of $0.10 per share against estimates of $0.02.

Zevenbergen Capital Investments LLC cut its position in Bloom Energy Corporation (NYSE:BE - Free Report) by 5.8% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 123,850 shares of the company's stock after selling 7,600 shares during the quarter. Zevenbergen Capital Investments LLC owned 0.05% of Bloom Energy worth $2,435,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. CWM LLC increased its holdings in Bloom Energy by 23.7% in the first quarter. CWM LLC now owns 3,360 shares of the company's stock worth $66,000 after purchasing an additional 644 shares in the last quarter. Xponance Inc. increased its holdings in Bloom Energy by 6.4% in the first quarter. Xponance Inc. now owns 15,484 shares of the company's stock worth $304,000 after purchasing an additional 935 shares in the last quarter. Mackenzie Financial Corp increased its holdings in Bloom Energy by 1.7% in the fourth quarter. Mackenzie Financial Corp now owns 63,372 shares of the company's stock worth $1,407,000 after purchasing an additional 1,035 shares in the last quarter. Nisa Investment Advisors LLC increased its holdings in Bloom Energy by 47.2% in the first quarter. Nisa Investment Advisors LLC now owns 3,373 shares of the company's stock worth $66,000 after purchasing an additional 1,081 shares in the last quarter. Finally, PNC Financial Services Group Inc. increased its holdings in Bloom Energy by 11.2% in the first quarter. PNC Financial Services Group Inc. now owns 12,611 shares of the company's stock worth $248,000 after purchasing an additional 1,273 shares in the last quarter. 77.04% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

BE has been the subject of a number of research analyst reports. Roth Mkm lowered their target price on Bloom Energy from $26.00 to $20.00 and set a "neutral" rating for the company in a report on Wednesday, April 16th. Susquehanna raised their price objective on Bloom Energy from $26.00 to $30.00 and gave the company a "positive" rating in a research note on Monday, July 21st. Morgan Stanley lifted their target price on Bloom Energy from $35.00 to $44.00 and gave the company an "overweight" rating in a research report on Friday, August 1st. Piper Sandler cut their target price on Bloom Energy from $31.00 to $26.00 and set an "overweight" rating on the stock in a research report on Monday, May 5th. Finally, Wells Fargo & Company lifted their target price on 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 research analysts have rated the stock with a sell rating, seven have given a hold rating, ten have issued a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, Bloom Energy presently has a consensus rating of "Moderate Buy" and a consensus price target of $26.39.

Bloom Energy Price Performance

Shares of NYSE BE opened at $36.80 on Friday. Bloom Energy Corporation has a one year low of $9.02 and a one year high of $39.85. The company has a debt-to-equity ratio of 2.18, a current ratio of 4.99 and a quick ratio of 3.21. The business's fifty day moving average price is $26.32 and its 200-day moving average price is $22.91. The stock has a market capitalization of $8.61 billion, a PE ratio of 920.23 and a beta of 3.28.

Bloom Energy (NYSE:BE - Get Free Report) last issued its quarterly earnings results on Thursday, July 31st. The company reported $0.10 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 firm had revenue of $401.24 million for the quarter, compared to analysts' expectations of $382.23 million. During the same quarter in the prior year, the firm earned ($0.06) EPS. The business's revenue for the quarter was up 19.5% compared to the same quarter last year. On average, equities research analysts anticipate that Bloom Energy Corporation will post -0.23 EPS for the current year.

Insider Activity

In other Bloom Energy news, insider Satish Chitoori sold 2,038 shares of the company's stock in a transaction dated Wednesday, May 14th. The stock was sold at an average price of $19.73, for a total value of $40,209.74. Following the transaction, the insider directly owned 176,618 shares in the company, valued at $3,484,673.14. This represents a 1.14% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Kr Sridhar sold 42,383 shares of the company's 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 owned 2,724,613 shares in the company, valued at $52,149,092.82. This represents a 1.53% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 63,513 shares of company stock worth $1,261,765. 3.60% of the stock is owned by company insiders.

Bloom Energy 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.

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