Man Group plc Lowers Stock Position in Bloom Energy Co. (NYSE:BE)

Man Group plc reduced its stake in shares of Bloom Energy Co. (NYSE:BE) by 79.1% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 530,323 shares of the company’s stock after selling 2,009,677 shares during the period. Man Group plc owned 0.23% of Bloom Energy worth $11,778,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in BE. SPX Gestao de Recursos Ltda purchased a new position in Bloom Energy in the 4th quarter worth approximately $4,442,000. Mirae Asset Global Investments Co. Ltd. lifted its holdings in Bloom Energy by 184.7% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 404,204 shares of the company’s stock worth $9,209,000 after purchasing an additional 262,247 shares in the last quarter. Raymond James Financial Inc. purchased a new position in Bloom Energy in the 4th quarter worth approximately $19,629,000. Charles Schwab Investment Management Inc. lifted its holdings in Bloom Energy by 0.6% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,654,087 shares of the company’s stock worth $36,737,000 after purchasing an additional 10,265 shares in the last quarter. Finally, Bailard Inc. purchased a new position in shares of Bloom Energy during the fourth quarter valued at about $1,278,000. 77.04% of the stock is owned by hedge funds and other institutional investors.

Bloom Energy Price Performance

BE opened at $20.14 on Monday. Bloom Energy Co. has a 12-month low of $9.02 and a 12-month high of $29.83. The company has a current ratio of 3.36, a quick ratio of 2.33 and a debt-to-equity ratio of 3.09. The business’s fifty day simple moving average is $19.45 and its 200-day simple moving average is $21.79. The company has a market capitalization of $4.68 billion, a price-to-earnings ratio of -35.96 and a beta of 3.25.

Bloom Energy (NYSE:BE) last issued its quarterly earnings data on Wednesday, April 30th. The company reported $0.03 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.10. The firm had revenue of $326.02 million during the quarter, compared to analysts’ expectations of $294.27 million. Bloom Energy had a negative return on equity of 20.32% and a negative net margin of 10.29%. The firm’s quarterly revenue was up 38.5% on a year-over-year basis. During the same period in the prior year, the business posted ($0.17) EPS. On average, equities research analysts anticipate that Bloom Energy Co. will post -0.23 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Bloom Energy news, CEO Kr Sridhar sold 42,383 shares of the stock in a transaction dated Tuesday, May 13th. The stock was sold at an average price of $19.14, for a total value of $811,210.62. Following the completion of the sale, the chief executive officer now directly owns 2,724,613 shares in the company, valued at approximately $52,149,092.82. This trade represents a 1.53% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Satish Chitoori sold 1,020 shares of the stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $25.09, for a total value of $25,591.80. Following the completion of the sale, the insider now owns 178,656 shares of the company’s stock, valued at approximately $4,482,479.04. This trade represents a 0.57% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 54,375 shares of company stock worth $1,053,445 in the last three months. 3.60% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on the company. Piper Sandler cut their price objective on Bloom Energy from $31.00 to $26.00 and set an “overweight” rating for the company in a research report on Monday, May 5th. BMO Capital Markets reaffirmed a “market perform” rating on shares of Bloom Energy in a report on Friday, February 28th. Jefferies Financial Group decreased their price objective on Bloom Energy from $25.00 to $19.00 and set a “hold” rating on the stock in a report on Wednesday, April 16th. Truist Financial decreased their price objective on Bloom Energy from $22.00 to $19.00 and set a “hold” rating on the stock in a report on Monday, April 21st. Finally, Bank of America decreased their price objective on Bloom Energy from $20.00 to $18.00 and set an “underperform” rating on the stock in a report on Tuesday, January 28th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating, nine have issued a buy rating and two have given 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 $22.47.

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.