Insider Selling: Bloom Energy Corporation (NYSE:BE) Insider Sells 20,000 Shares of Stock

Key Points

• Insider Satish Chitoori sold 20,000 shares of Bloom Energy stock for a total value of $900,000, reducing his ownership by 7.86%.
• Bloom Energy's stock is currently trading at $45.32, significantly up from its 52-week low of $9.02, and the company reported a 19.5% increase in revenue year-over-year.
• Bloom Energy has been given a consensus rating of "Moderate Buy", with an average price target of $26.39 by analysts.

Bloom Energy Corporation (NYSE:BE - Get Free Report) insider Satish Chitoori sold 20,000 shares of the company's stock in a transaction that occurred on Wednesday, August 13th. The stock was sold at an average price of $45.00, for a total value of $900,000.00. Following the sale, the insider directly owned 234,493 shares in the company, valued at $10,552,185. This trade represents a 7.86% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website.

Satish Chitoori also recently made the following trade(s):

• On Thursday, August 14th, Satish Chitoori sold 2,128 shares of Bloom Energy stock. The shares were sold at an average price of $43.44, for a total value of $92,440.32.
• On Monday, June 16th, Satish Chitoori sold 413 shares of Bloom Energy stock. The stock was sold at an average price of $22.55, for a total value of $9,313.15.

Bloom Energy Stock Performance

BE stock traded up $0.21 during mid-day trading on Friday, reaching $45.32. 12,427,549 shares of the stock traded hands, compared to its average volume of 7,259,198. 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 Corporation has a 52 week low of $9.02 and a 52 week high of $47.21. The business has a 50-day moving average of $28.10 and a two-hundred day moving average of $23.36. The firm has a market capitalization of $10.60 billion, a PE ratio of 1,133.28 and a beta of 3.28.

Bloom Energy (NYSE:BE - Get Free Report) last announced its quarterly earnings data on Thursday, July 31st. The company reported $0.10 EPS for the quarter, beating analysts' consensus estimates of $0.02 by $0.08. The business had revenue of $401.24 million during 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%. The firm's revenue for the quarter was up 19.5% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.06) earnings per share. As a group, equities analysts predict that Bloom Energy Corporation will post -0.23 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

BE has been the subject of a number of analyst reports. Piper Sandler decreased their price objective on Bloom Energy from $31.00 to $26.00 and set an "overweight" rating for the company in a research note on Monday, May 5th. Truist Financial dropped their target price on Bloom Energy from $22.00 to $19.00 and set a "hold" rating on the stock in a report on Monday, April 21st. Morgan Stanley lifted their price objective on Bloom Energy from $35.00 to $44.00 and gave the stock an "overweight" rating in a research report on Friday, August 1st. Susquehanna lifted their target price on Bloom Energy from $26.00 to $30.00 and gave the company a "positive" rating in a research report on Monday, July 21st. Finally, JPMorgan Chase & Co. raised Bloom Energy from a "neutral" rating to an "overweight" rating and boosted their target price for the stock from $18.00 to $33.00 in a research note on Wednesday, July 9th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating, ten have given a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, Bloom Energy presently has a consensus rating of "Moderate Buy" and a consensus price target of $26.39.

Institutional Trading of Bloom Energy

Several hedge funds have recently modified their holdings of the company. Elevation Point Wealth Partners LLC acquired a new stake in Bloom Energy during the 2nd quarter worth $36,000. Quarry LP bought a new position in shares of Bloom Energy during the fourth quarter worth $35,000. Harbour Investments Inc. boosted its position in shares of Bloom Energy by 2,160.0% during the first quarter. Harbour Investments Inc. now owns 1,582 shares of the company's stock worth $31,000 after purchasing an additional 1,512 shares in the last quarter. Banque Transatlantique SA boosted its position in shares of Bloom Energy by 227.6% during the first quarter. Banque Transatlantique SA now owns 1,671 shares of the company's stock worth $30,000 after purchasing an additional 1,161 shares in the last quarter. Finally, NewEdge Advisors LLC boosted its position in shares of Bloom Energy by 674.7% during the first quarter. NewEdge Advisors LLC now owns 1,867 shares of the company's stock worth $37,000 after purchasing an additional 1,626 shares in the last quarter. Institutional investors and hedge funds own 77.04% 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.

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