Arizona State Retirement System Has $696,000 Holdings in Bloom Energy Co. (NYSE:BE)

Arizona State Retirement System increased its position in Bloom Energy Co. (NYSE:BE) by 2.7% in the second quarter, HoldingsChannel reports. The firm owned 56,886 shares of the company’s stock after acquiring an additional 1,470 shares during the period. Arizona State Retirement System’s holdings in Bloom Energy were worth $696,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in BE. Millburn Ridgefield Corp boosted its holdings in shares of Bloom Energy by 64.0% during the first quarter. Millburn Ridgefield Corp now owns 3,296 shares of the company’s stock worth $37,000 after purchasing an additional 1,286 shares during the period. BNP Paribas bought a new stake in shares of Bloom Energy in the 1st quarter valued at approximately $38,000. ORG Partners LLC bought a new position in Bloom Energy during the second quarter valued at approximately $40,000. Quest Partners LLC bought a new position in Bloom Energy during the fourth quarter valued at approximately $51,000. Finally, Gilliland Jeter Wealth Management LLC bought a new stake in Bloom Energy in the second quarter worth approximately $53,000. Institutional investors and hedge funds own 77.04% of the company’s stock.

Analyst Upgrades and Downgrades

BE has been the subject of a number of analyst reports. BTIG Research boosted their price target on Bloom Energy from $19.00 to $21.00 and gave the stock a “buy” rating in a research report on Thursday, June 6th. Wells Fargo & Company lifted their target price on Bloom Energy from $12.00 to $14.00 and gave the stock an “equal weight” rating in a research report on Monday, May 20th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $15.00 price target on shares of Bloom Energy in a report on Thursday, June 20th. Piper Sandler lifted their price objective on Bloom Energy from $10.00 to $11.00 and gave the stock a “neutral” rating in a report on Monday, July 22nd. Finally, Jefferies Financial Group lowered Bloom Energy from a “buy” rating to a “hold” rating and cut their target price for the company from $15.00 to $11.00 in a research note on Friday, September 6th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $15.88.

Bloom Energy Trading Down 1.7 %

Shares of BE opened at $10.20 on Monday. The company has a debt-to-equity ratio of 3.43, a quick ratio of 3.33 and a current ratio of 4.65. The company has a market cap of $2.32 billion, a price-to-earnings ratio of -7.56 and a beta of 2.69. The stock has a fifty day moving average price of $12.21 and a two-hundred day moving average price of $12.11. Bloom Energy Co. has a 52-week low of $8.41 and a 52-week high of $18.14.

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

Insider Activity at Bloom Energy

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

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.