Mirae Asset Global Investments Co. Ltd. Cuts Holdings in Bloom Energy Co. (NYSE:BE)

Mirae Asset Global Investments Co. Ltd. lowered its holdings in Bloom Energy Co. (NYSE:BE) by 49.5% in the 3rd quarter, Holdings Channel reports. The firm owned 141,957 shares of the company’s stock after selling 138,949 shares during the period. Mirae Asset Global Investments Co. Ltd.’s holdings in Bloom Energy were worth $1,519,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. BNP Paribas bought a new stake in Bloom Energy in the 1st quarter worth approximately $38,000. ORG Partners LLC bought a new stake in shares of Bloom Energy in the second quarter worth $40,000. Quest Partners LLC increased its position in Bloom Energy by 2,780.0% during the second quarter. Quest Partners LLC now owns 3,600 shares of the company’s stock valued at $44,000 after acquiring an additional 3,475 shares during the last quarter. Gilliland Jeter Wealth Management LLC bought a new position in Bloom Energy in the second quarter valued at about $53,000. Finally, Mather Group LLC. purchased a new position in Bloom Energy in the second quarter worth about $66,000. 77.04% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on BE. Truist Financial lowered their price objective on shares of Bloom Energy from $13.00 to $12.00 and set a “hold” rating on the stock in a research note on Wednesday, October 16th. Susquehanna decreased their price target on shares of Bloom Energy from $16.00 to $13.00 and set a “positive” rating on the stock in a research report on Wednesday, October 16th. Piper Sandler reissued a “neutral” rating and set a $10.00 price objective (down previously from $11.00) on shares of Bloom Energy in a research report on Tuesday. JPMorgan Chase & Co. lifted their target price on Bloom Energy from $12.00 to $14.00 and gave the company a “neutral” rating in a research report on Tuesday, July 16th. Finally, Bank of America raised their price objective on Bloom Energy from $8.00 to $9.00 and gave the stock an “underperform” rating in a research note on Wednesday, July 17th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat.com, Bloom Energy presently has a consensus rating of “Hold” and an average target price of $15.39.

Bloom Energy Stock Down 5.0 %

BE opened at $9.59 on Friday. The company has a market capitalization of $2.18 billion, a PE ratio of -7.41 and a beta of 2.69. The firm has a 50-day simple moving average of $10.53 and a two-hundred day simple moving average of $12.06. The company has a quick ratio of 3.33, a current ratio of 4.65 and a debt-to-equity ratio of 3.43. Bloom Energy Co. has a 52 week low of $8.41 and a 52 week high of $18.14.

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

Bloom Energy Company 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.