Satish Chitoori Sells 2,128 Shares of Bloom Energy Corporation (NYSE:BE) Stock

Key Points

• Insider Satish Chitoori sold 2,128 shares of Bloom Energy at an average price of $43.44, totaling approximately $92,440, which reduced his ownership by 0.91%, leaving him with 232,365 shares valued at around $10 million.
• Bloom Energy's stock has shown significant growth, trading at $45.32 with a high of $47.21 in the past year, while reporting a 19.5% increase in revenue year-over-year during their last earnings report.
• Several analysts have responded positively, adjusting Bloom Energy's target prices upwards, with the consensus target price now at $26.39, reflecting a generally favorable outlook on the stock.

Bloom Energy Corporation (NYSE:BE - Get Free Report) insider Satish Chitoori sold 2,128 shares of the stock in a transaction that occurred on Thursday, August 14th. The stock was sold at an average price of $43.44, for a total value of $92,440.32. Following the completion of the sale, the insider owned 232,365 shares in the company, valued at approximately $10,093,935.60. The trade was a 0.91% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website.

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

• On Wednesday, August 13th, Satish Chitoori sold 20,000 shares of Bloom Energy stock. The stock was sold at an average price of $45.00, for a total value of $900,000.00.
• On Monday, June 16th, Satish Chitoori sold 413 shares of Bloom Energy stock. The shares were sold at an average price of $22.55, for a total value of $9,313.15.

Bloom Energy Stock Performance

Shares of BE traded up $0.21 during mid-day trading on Friday, hitting $45.32. 12,427,549 shares of the company's stock were exchanged, compared to its average volume of 7,259,198. Bloom Energy Corporation has a fifty-two week low of $9.02 and a fifty-two week high of $47.21. The firm has a market capitalization of $10.60 billion, a P/E ratio of 1,133.28 and a beta of 3.28. The business's 50 day moving average is $28.57 and its two-hundred day moving average is $23.53. The company has a current ratio of 4.99, a quick ratio of 3.21 and a debt-to-equity ratio of 2.18.

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 firm had revenue of $401.24 million during the quarter, compared to the consensus estimate 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 was up 19.5% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.06) earnings per share. On average, equities analysts expect that Bloom Energy Corporation will post -0.23 earnings per share for the current year.

Analyst Ratings Changes

Several analysts have issued reports on the company. Roth Capital increased their target price on Bloom Energy from $20.00 to $25.00 and gave the company a "neutral" rating in a research report on Tuesday, July 22nd. Susquehanna raised their price objective on Bloom Energy from $26.00 to $30.00 and gave the stock a "positive" rating in a research report on Monday, July 21st. Morgan Stanley raised 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. Wells Fargo & Company raised their target price on Bloom Energy from $22.00 to $38.00 and gave the stock an "equal weight" rating in a research note on Friday, August 1st. Finally, Piper Sandler reduced their target price 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. Two research analysts have rated the stock with a sell rating, seven have issued 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, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $26.39.

Institutional Investors Weigh In On Bloom Energy

Hedge funds and other institutional investors have recently modified their holdings of the stock. Banque Transatlantique SA grew its stake in Bloom Energy by 227.6% in the 1st quarter. Banque Transatlantique SA now owns 1,671 shares of the company's stock worth $30,000 after acquiring an additional 1,161 shares during the period. Harbour Investments Inc. grew its stake in Bloom Energy by 2,160.0% in the 1st quarter. Harbour Investments Inc. now owns 1,582 shares of the company's stock worth $31,000 after acquiring an additional 1,512 shares during the period. Quarry LP purchased a new stake in Bloom Energy in the 4th quarter worth approximately $35,000. Elevation Point Wealth Partners LLC purchased a new stake in Bloom Energy in the 2nd quarter worth approximately $36,000. Finally, NewEdge Advisors LLC grew its stake in Bloom Energy by 674.7% in the 1st quarter. NewEdge Advisors LLC now owns 1,867 shares of the company's stock worth $37,000 after acquiring an additional 1,626 shares during the period. 77.04% of the stock is currently owned by institutional investors and hedge funds.

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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