Baird Financial Group Inc. Buys 10,889 Shares of Bloom Energy Co. (NYSE:BE)

Posted by Defense World Staff on Jun 11th, 2023

Baird Financial Group Inc. grew its stake in shares of Bloom Energy Co. (NYSE:BE – Get Rating) by 1.8% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The fund owned 603,360 shares of the company’s stock after buying an additional 10,889 shares during the quarter. Baird Financial Group Inc. owned approximately 0.31% of Bloom Energy worth $11,536,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of BE. Bank of New York Mellon Corp grew its stake in shares of Bloom Energy by 13.0% during the first quarter. Bank of New York Mellon Corp now owns 566,033 shares of the company’s stock worth $13,669,000 after buying an additional 64,919 shares during the last quarter. AlphaCrest Capital Management LLC acquired a new position in shares of Bloom Energy during the first quarter worth $337,000. Bank of Montreal Can lifted its holdings in shares of Bloom Energy by 8.1% during the first quarter. Bank of Montreal Can now owns 63,498 shares of the company’s stock worth $1,559,000 after purchasing an additional 4,781 shares during the period. MetLife Investment Management LLC lifted its holdings in shares of Bloom Energy by 53.5% during the first quarter. MetLife Investment Management LLC now owns 76,115 shares of the company’s stock worth $1,838,000 after purchasing an additional 26,537 shares during the period. Finally, Panagora Asset Management Inc. acquired a new position in shares of Bloom Energy during the first quarter worth $1,016,000. Institutional investors own 79.55% of the company’s stock.

Bloom Energy Trading Down 0.5 %

NYSE:BE opened at $15.14 on Friday. The company has a debt-to-equity ratio of 1.88, a current ratio of 1.61 and a quick ratio of 1.10. The firm has a 50-day moving average of $16.05 and a 200-day moving average of $19.61. The company has a market cap of $3.16 billion, a PE ratio of -9.71 and a beta of 2.86. Bloom Energy Co. has a one year low of $12.33 and a one year high of $31.47.

Analyst Ratings Changes

A number of equities analysts have recently commented on BE shares. TheStreet lowered shares of Bloom Energy from a “c-” rating to a “d+” rating in a report on Tuesday, May 9th. Jefferies Financial Group cut their price target on shares of Bloom Energy from $30.00 to $25.00 in a report on Monday, May 15th. Truist Financial cut their price target on shares of Bloom Energy from $26.00 to $20.00 in a report on Wednesday, May 10th. Raymond James lowered shares of Bloom Energy from a “strong-buy” rating to an “outperform” rating and dropped their target price for the company from $29.00 to $25.00 in a report on Wednesday, April 5th. Finally, BMO Capital Markets dropped their target price on shares of Bloom Energy from $22.00 to $18.50 in a report on Wednesday, May 24th. Four investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $27.91.

Insider Transactions at Bloom Energy

In other news, CEO Kr Sridhar sold 42,239 shares of the business’s stock in a transaction dated Monday, May 15th. The shares were sold at an average price of $12.64, for a total transaction of $533,900.96. Following the completion of the sale, the chief executive officer now directly owns 700,633 shares of the company’s stock, valued at $8,856,001.12. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other Bloom Energy news, insider Glen Griffiths sold 2,122 shares of the company’s stock in a transaction dated Thursday, March 16th. The shares were sold at an average price of $18.03, for a total value of $38,259.66. Following the completion of the sale, the insider now directly owns 403,498 shares of the company’s stock, valued at approximately $7,275,068.94. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Kr Sridhar sold 42,239 shares of the company’s stock in a transaction dated Monday, May 15th. The stock was sold at an average price of $12.64, for a total transaction of $533,900.96. Following the completion of the sale, the chief executive officer now directly owns 700,633 shares of the company’s stock, valued at $8,856,001.12. The disclosure for this sale can be found here. Insiders sold a total of 248,564 shares of company stock valued at $4,223,800 over the last three months. Corporate insiders own 8.81% of the company’s stock.

Bloom Energy Profile

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Bloom Energy Corp. engages in the manufacture and installation of a solid oxide fuel-cell based power generation platform. Its product, Bloom Energy Server, converts standard low-pressure natural gas or biogas into electricity through an electrochemical process without combustion. The company was founded by K.