Bayesian Capital Management LP Lowers Stock Holdings in Bloom Energy Co. (NYSE:BE)

Bayesian Capital Management LP trimmed its position in Bloom Energy Co. (NYSE:BE) by 37.0% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 33,557 shares of the company’s stock after selling 19,696 shares during the quarter. Bayesian Capital Management LP’s holdings in Bloom Energy were worth $377,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Vanguard Group Inc. increased its position in shares of Bloom Energy by 0.8% in the first quarter. Vanguard Group Inc. now owns 19,685,235 shares of the company’s stock worth $221,262,000 after purchasing an additional 156,434 shares during the last quarter. Norges Bank bought a new position in shares of Bloom Energy in the fourth quarter worth approximately $82,678,000. Coatue Management LLC increased its position in shares of Bloom Energy by 28.3% in the fourth quarter. Coatue Management LLC now owns 4,436,901 shares of the company’s stock worth $65,666,000 after purchasing an additional 978,053 shares during the last quarter. Electron Capital Partners LLC bought a new position in shares of Bloom Energy in the fourth quarter worth approximately $27,796,000. Finally, Charles Schwab Investment Management Inc. increased its position in shares of Bloom Energy by 1.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,604,107 shares of the company’s stock worth $23,741,000 after purchasing an additional 25,437 shares during the last quarter. 77.04% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Bloom Energy

In related news, CEO Kr Sridhar sold 40,112 shares of the business’s stock in a transaction that occurred on Monday, May 13th. The stock was sold at an average price of $11.93, for a total transaction of $478,536.16. Following the completion of the transaction, the chief executive officer now directly owns 2,742,496 shares in the company, valued at approximately $32,717,977.28. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In other news, insider Shawn Marie Soderberg sold 2,094 shares of the 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 completion of the transaction, the insider now directly owns 168,867 shares in the company, valued at approximately $2,453,637.51. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Kr Sridhar sold 40,112 shares of the stock in a transaction that occurred on Monday, May 13th. The shares were sold at an average price of $11.93, for a total value of $478,536.16. Following the transaction, the chief executive officer now owns 2,742,496 shares of the company’s stock, valued at $32,717,977.28. The disclosure for this sale can be found here. In the last ninety days, insiders sold 71,516 shares of company stock worth $885,088. 8.81% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on BE. TD Cowen upped their price objective on shares of Bloom Energy from $10.00 to $13.00 and gave the stock a “hold” rating in a research report on Friday, May 10th. Piper Sandler increased their price target on shares of Bloom Energy from $10.00 to $11.00 and gave the company a “neutral” rating in a research report on Monday, July 22nd. Wells Fargo & Company increased their price target on shares of Bloom Energy from $12.00 to $14.00 and gave the company an “equal weight” rating in a research report on Monday, May 20th. Royal Bank of Canada restated an “outperform” rating and issued a $15.00 target price on shares of Bloom Energy in a report on Thursday, June 20th. Finally, Bank of America raised their target price on shares of Bloom Energy from $8.00 to $9.00 and gave the stock an “underperform” rating in a report on Wednesday, July 17th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $15.64.

Bloom Energy Price Performance

NYSE BE traded up $0.36 during trading hours on Wednesday, hitting $13.43. The company’s stock had a trading volume of 322,757 shares, compared to its average volume of 6,169,900. Bloom Energy Co. has a 12 month low of $8.41 and a 12 month high of $18.16. The company’s 50 day simple moving average is $14.21 and its two-hundred day simple moving average is $12.05. The company has a debt-to-equity ratio of 2.56, a current ratio of 4.45 and a quick ratio of 2.97.

Bloom Energy (NYSE:BE) last released its quarterly earnings results on Thursday, May 9th. The company reported ($0.25) EPS for the quarter, missing the consensus estimate of ($0.16) by ($0.09). Bloom Energy had a negative net margin of 22.27% and a negative return on equity of 19.32%. The business had revenue of $235.30 million for the quarter, compared to analysts’ expectations of $254.06 million. Equities research analysts anticipate that Bloom Energy Co. will post -0.26 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.