Comerica Bank Increases Stake in Bloom Energy Co. (NYSE:BE)

Comerica Bank increased its holdings in Bloom Energy Co. (NYSE:BE) by 560.4% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 83,669 shares of the company’s stock after purchasing an additional 70,999 shares during the quarter. Comerica Bank’s holdings in Bloom Energy were worth $1,858,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in the business. SPX Gestao de Recursos Ltda purchased a new position in shares of Bloom Energy in the fourth quarter worth $4,442,000. Mirae Asset Global Investments Co. Ltd. increased its position in shares of Bloom Energy by 184.7% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 404,204 shares of the company’s stock valued at $9,209,000 after acquiring an additional 262,247 shares during the period. Raymond James Financial Inc. bought a new position in shares of Bloom Energy during the fourth quarter valued at about $19,629,000. Charles Schwab Investment Management Inc. raised its stake in shares of Bloom Energy by 0.6% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,654,087 shares of the company’s stock valued at $36,737,000 after acquiring an additional 10,265 shares during the last quarter. Finally, Bailard Inc. purchased a new stake in shares of Bloom Energy during the fourth quarter worth about $1,278,000. 77.04% of the stock is owned by institutional investors.

Analysts Set New Price Targets

BE has been the subject of a number of recent analyst reports. Mizuho raised Bloom Energy from a “neutral” rating to an “outperform” rating and lowered their price target for the company from $28.00 to $26.00 in a research report on Monday, May 5th. Royal Bank of Canada set a $26.00 price target on Bloom Energy in a research note on Monday, April 14th. TD Cowen boosted their price objective on shares of Bloom Energy from $13.00 to $20.00 and gave the company a “hold” rating in a research report on Friday, February 28th. JPMorgan Chase & Co. raised their target price on shares of Bloom Energy from $14.00 to $16.00 and gave the stock a “neutral” rating in a research report on Thursday, January 23rd. Finally, Piper Sandler reduced their price target on shares of Bloom Energy from $31.00 to $26.00 and set an “overweight” rating on the stock in a research report on Monday, May 5th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating, ten have given a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, Bloom Energy presently has an average rating of “Moderate Buy” and a consensus price target of $22.34.

Insider Activity

In related news, insider Satish Chitoori sold 1,020 shares of the firm’s stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $25.09, for a total value of $25,591.80. Following the sale, the insider now owns 178,656 shares in the company, valued at approximately $4,482,479.04. This trade represents a 0.57 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 3.60% of the company’s stock.

Bloom Energy Stock Up 2.0 %

NYSE:BE opened at $17.58 on Friday. The company has a debt-to-equity ratio of 3.09, a quick ratio of 2.33 and a current ratio of 3.36. The firm has a market cap of $4.05 billion, a P/E ratio of -31.39 and a beta of 3.25. Bloom Energy Co. has a fifty-two week low of $9.02 and a fifty-two week high of $29.83. The firm has a 50-day simple moving average of $19.83 and a two-hundred day simple moving average of $21.28.

Bloom Energy (NYSE:BE) last announced its quarterly earnings results on Wednesday, April 30th. The company reported $0.03 earnings per share for the quarter, beating the consensus estimate of ($0.07) by $0.10. The company had revenue of $326.02 million during the quarter, compared to the consensus estimate of $294.27 million. Bloom Energy had a negative net margin of 10.29% and a negative return on equity of 20.32%. The firm’s quarterly revenue was up 38.5% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.17) earnings per share. Analysts predict that Bloom Energy Co. will post -0.23 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.