Russell Investments Group Ltd. Has $888,000 Stock Position in Bloom Energy Co. (NYSE:BE)

Posted by Defense World Staff on Sep 1st, 2023

Russell Investments Group Ltd. reduced its stake in shares of Bloom Energy Co. (NYSE:BE – Free Report) by 57.5% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 44,544 shares of the company’s stock after selling 60,374 shares during the quarter. Russell Investments Group Ltd.’s holdings in Bloom Energy were worth $888,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the business. Creative Planning lifted its position in shares of Bloom Energy by 0.9% during the 2nd quarter. Creative Planning now owns 42,778 shares of the company’s stock worth $706,000 after buying an additional 366 shares during the last quarter. Metropolitan Life Insurance Co NY lifted its position in shares of Bloom Energy by 4.7% during the 4th quarter. Metropolitan Life Insurance Co NY now owns 11,110 shares of the company’s stock worth $212,000 after buying an additional 502 shares during the last quarter. PNC Financial Services Group Inc. lifted its position in shares of Bloom Energy by 1.4% during the 4th quarter. PNC Financial Services Group Inc. now owns 57,530 shares of the company’s stock worth $1,100,000 after buying an additional 797 shares during the last quarter. ETF Managers Group LLC lifted its position in shares of Bloom Energy by 1.6% during the 4th quarter. ETF Managers Group LLC now owns 57,542 shares of the company’s stock worth $1,100,000 after buying an additional 921 shares during the last quarter. Finally, Advisors Asset Management Inc. lifted its position in shares of Bloom Energy by 3.5% during the 4th quarter. Advisors Asset Management Inc. now owns 29,366 shares of the company’s stock worth $561,000 after buying an additional 1,005 shares during the last quarter. 82.95% of the stock is currently owned by institutional investors.

Bloom Energy Trading Down 1.1 %

Shares of BE stock opened at $14.99 on Friday. The company has a market cap of $3.14 billion, a P/E ratio of -12.38 and a beta of 2.86. The stock has a 50 day simple moving average of $16.21 and a two-hundred day simple moving average of $17.31. The company has a debt-to-equity ratio of 3.96, a quick ratio of 1.58 and a current ratio of 2.14. Bloom Energy Co. has a fifty-two week low of $12.33 and a fifty-two week high of $26.85.

Bloom Energy (NYSE:BE – Get Free Report) last released its quarterly earnings data on Thursday, August 3rd. The company reported ($0.32) EPS for the quarter, missing the consensus estimate of ($0.28) by ($0.04). The firm had revenue of $301.10 million for the quarter, compared to the consensus estimate of $311.10 million. Bloom Energy had a negative net margin of 18.17% and a negative return on equity of 52.24%. Research analysts forecast that Bloom Energy Co. will post -0.76 earnings per share for the current year.

Insider Activity

In other news, CEO Kr Sridhar sold 11,087 shares of the business’s stock in a transaction that occurred on Friday, June 16th. The stock was sold at an average price of $17.09, for a total transaction of $189,476.83. Following the completion of the sale, the chief executive officer now owns 689,546 shares in the company, valued at $11,784,341.14. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, EVP Shawn Marie Soderberg sold 3,233 shares of the company’s stock in a transaction on Friday, June 16th. The stock was sold at an average price of $17.09, for a total transaction of $55,251.97. Following the completion of the sale, the executive vice president now owns 467,931 shares in the company, valued at $7,996,940.79. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Kr Sridhar sold 11,087 shares of the company’s stock in a transaction on Friday, June 16th. The stock was sold at an average price of $17.09, for a total value of $189,476.83. Following the sale, the chief executive officer now owns 689,546 shares of the company’s stock, valued at approximately $11,784,341.14. The disclosure for this sale can be found here. Insiders sold a total of 20,257 shares of company stock worth $353,433 over the last quarter. 8.81% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

BE has been the subject of several research reports. BMO Capital Markets dropped their target price on Bloom Energy from $22.00 to $18.50 in a research report on Wednesday, May 24th. Truist Financial dropped their target price on Bloom Energy from $20.00 to $18.00 and set a “hold” rating for the company in a research report on Monday, August 7th. Morgan Stanley dropped their target price on Bloom Energy from $30.00 to $29.00 and set an “overweight” rating for the company in a research report on Thursday. Wells Fargo & Company dropped their target price on Bloom Energy from $24.00 to $20.00 in a research report on Friday, May 12th. Finally, Jefferies Financial Group lowered their price objective on Bloom Energy from $30.00 to $25.00 in a research report on Monday, May 15th. Four equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $24.88.

View Our Latest Stock Analysis on Bloom Energy

About Bloom Energy

(Free Report)

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.