Grassi Investment Management Takes Position in Bloom Energy Co. (NYSE:BE)

Grassi Investment Management bought a new position in shares of Bloom Energy Co. (NYSE:BE) during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 10,000 shares of the company’s stock, valued at approximately $106,000.

A number of other hedge funds have also recently bought and sold shares of BE. Vanguard Group Inc. grew its holdings in Bloom Energy by 1.6% during the fourth quarter. Vanguard Group Inc. now owns 19,528,801 shares of the company’s stock worth $289,026,000 after acquiring an additional 307,627 shares during the period. Principal Financial Group Inc. grew its holdings in Bloom Energy by 16.2% during the first quarter. Principal Financial Group Inc. now owns 25,916 shares of the company’s stock worth $291,000 after acquiring an additional 3,622 shares during the period. Van ECK Associates Corp grew its holdings in Bloom Energy by 19.2% during the first quarter. Van ECK Associates Corp now owns 1,012,547 shares of the company’s stock worth $11,381,000 after acquiring an additional 162,968 shares during the period. Iridian Asset Management LLC CT grew its holdings in Bloom Energy by 44.4% during the first quarter. Iridian Asset Management LLC CT now owns 62,951 shares of the company’s stock worth $708,000 after acquiring an additional 19,353 shares during the period. Finally, BNP Paribas purchased a new position in Bloom Energy in the 1st quarter worth about $38,000. 77.04% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts have issued reports on BE shares. JPMorgan Chase & Co. boosted their price objective on Bloom Energy from $12.00 to $14.00 and gave the stock a “neutral” rating in a report on Tuesday, July 16th. UBS Group cut their price objective on Bloom Energy from $25.00 to $23.00 and set a “buy” rating on the stock in a report on Thursday, August 15th. Piper Sandler boosted their price objective on Bloom Energy from $10.00 to $11.00 and gave the stock a “neutral” rating in a report on Monday, July 22nd. Truist Financial cut their price objective on Bloom Energy from $13.00 to $12.00 and set a “hold” rating on the stock in a report on Wednesday, October 16th. Finally, Bank of America boosted their price objective on Bloom Energy from $8.00 to $9.00 and gave the stock an “underperform” rating in a report on Wednesday, July 17th. One analyst has rated the stock with a sell rating, nine have given a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat, Bloom Energy presently has an average rating of “Hold” and an average target price of $15.68.

Bloom Energy Trading Up 1.0 %

Shares of NYSE BE opened at $9.13 on Thursday. The stock has a market cap of $2.07 billion, a price-to-earnings ratio of -6.70 and a beta of 2.69. The business has a 50 day simple moving average of $10.72 and a 200 day simple moving average of $12.11. Bloom Energy Co. has a 52 week low of $8.41 and a 52 week high of $18.14. The company has a debt-to-equity ratio of 3.43, a quick ratio of 3.33 and a current ratio of 4.65.

Bloom Energy (NYSE:BE) last announced its quarterly earnings results on Thursday, August 8th. The company reported ($0.06) EPS for the quarter, meeting the consensus estimate of ($0.06). The business had revenue of $335.80 million during the quarter, compared to analysts’ expectations of $307.73 million. Bloom Energy had a negative return on equity of 11.90% and a negative net margin of 21.37%. The firm’s quarterly revenue was up 11.5% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.32) EPS. On average, research analysts predict that Bloom Energy Co. will post -0.25 earnings per share for the current fiscal year.

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.