Bloom Energy Co. (NYSE:BE) Stake Raised by Principal Financial Group Inc.

Principal Financial Group Inc. boosted its holdings in Bloom Energy Co. (NYSE:BE) by 1,152.2% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 324,509 shares of the company’s stock after acquiring an additional 298,593 shares during the quarter. Principal Financial Group Inc. owned about 0.14% of Bloom Energy worth $3,972,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Millburn Ridgefield Corp raised its position in Bloom Energy by 64.0% in the first quarter. Millburn Ridgefield Corp now owns 3,296 shares of the company’s stock worth $37,000 after acquiring an additional 1,286 shares in the last quarter. BNP Paribas acquired a new stake in Bloom Energy during the 1st quarter worth about $38,000. Quest Partners LLC acquired a new stake in Bloom Energy during the 4th quarter worth about $51,000. ORG Partners LLC acquired a new stake in Bloom Energy during the 2nd quarter worth about $40,000. Finally, Gilliland Jeter Wealth Management LLC acquired a new stake in Bloom Energy during the 2nd quarter worth about $53,000. 77.04% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several analysts have issued reports on the company. Jefferies Financial Group downgraded Bloom Energy from a “buy” rating to a “hold” rating and cut their price objective for the stock from $15.00 to $11.00 in a report on Friday, September 6th. JPMorgan Chase & Co. raised their target price on Bloom Energy from $12.00 to $14.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 16th. Wells Fargo & Company increased their price objective on Bloom Energy from $12.00 to $14.00 and gave the stock an “equal weight” rating in a research note on Monday, May 20th. UBS Group lowered their target price on Bloom Energy from $25.00 to $23.00 and set a “buy” rating for the company in a research note on Thursday, August 15th. Finally, Piper Sandler raised their price target on Bloom Energy from $10.00 to $11.00 and gave the company a “neutral” rating in a report on Monday, July 22nd. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $15.88.

Bloom Energy Stock Up 4.1 %

Shares of Bloom Energy stock opened at $10.15 on Wednesday. The business’s 50 day simple moving average is $12.32 and its 200 day simple moving average is $12.07. Bloom Energy Co. has a 52-week low of $8.41 and a 52-week high of $18.14. The firm has a market cap of $2.31 billion, a PE ratio of -7.52 and a beta of 2.69. The company has a debt-to-equity ratio of 3.43, a quick ratio of 3.33 and a current ratio of 4.65.

Bloom Energy (NYSE:BE) last posted its quarterly earnings results on Thursday, August 8th. The company reported ($0.06) earnings per share for the quarter, hitting the consensus estimate of ($0.06). The firm had revenue of $335.80 million for the quarter, compared to analyst estimates of $307.73 million. Bloom Energy had a negative return on equity of 11.90% and a negative net margin of 21.37%. The business’s quarterly revenue was up 11.5% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($0.32) EPS. On average, analysts predict that Bloom Energy Co. will post -0.25 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider Shawn Marie Soderberg sold 2,094 shares of the business’s stock in a transaction that occurred on Tuesday, July 16th. The stock was sold at an average price of $14.53, for a total transaction of $30,425.82. Following the transaction, the insider now directly owns 168,867 shares of the company’s stock, valued at approximately $2,453,637.51. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 8.81% of the stock is owned by 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.