Wealth Enhancement Advisory Services LLC Lowers Stock Position in Bloom Energy Corporation (NYSE:BE)

Wealth Enhancement Advisory Services LLC cut its stake in shares of Bloom Energy Corporation (NYSE:BE) by 4.6% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 36,494 shares of the company’s stock after selling 1,755 shares during the period. Wealth Enhancement Advisory Services LLC’s holdings in Bloom Energy were worth $717,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in BE. Arizona State Retirement System lifted its stake in Bloom Energy by 1.3% during the 4th quarter. Arizona State Retirement System now owns 59,592 shares of the company’s stock worth $1,324,000 after acquiring an additional 759 shares in the last quarter. Jones Financial Companies Lllp increased its stake in Bloom Energy by 120.5% during the fourth quarter. Jones Financial Companies Lllp now owns 1,486 shares of the company’s stock worth $33,000 after purchasing an additional 812 shares during the period. Smartleaf Asset Management LLC lifted its position in shares of Bloom Energy by 291.0% during the fourth quarter. Smartleaf Asset Management LLC now owns 1,255 shares of the company’s stock worth $28,000 after purchasing an additional 934 shares in the last quarter. Mackenzie Financial Corp lifted its position in shares of Bloom Energy by 1.7% during the fourth quarter. Mackenzie Financial Corp now owns 63,372 shares of the company’s stock worth $1,407,000 after purchasing an additional 1,035 shares in the last quarter. Finally, Quarry LP purchased a new position in shares of Bloom Energy in the fourth quarter valued at approximately $35,000. 77.04% of the stock is owned by hedge funds and other institutional investors.

Bloom Energy Stock Performance

Shares of BE opened at $24.24 on Friday. The company has a market capitalization of $5.63 billion, a price-to-earnings ratio of -484.70 and a beta of 3.22. Bloom Energy Corporation has a 52-week low of $9.02 and a 52-week high of $29.83. The company has a quick ratio of 2.39, a current ratio of 3.44 and a debt-to-equity ratio of 2.07. The stock has a 50 day moving average price of $20.13 and a 200 day moving average price of $21.73.

Bloom Energy (NYSE:BE) last issued its earnings results on Wednesday, April 30th. The company reported $0.03 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.07) by $0.10. Bloom Energy had a net margin of 0.29% and a return on equity of 2.51%. The business had revenue of $326.02 million during the quarter, compared to analysts’ expectations of $294.27 million. During the same quarter in the prior year, the business posted ($0.17) EPS. The company’s revenue for the quarter was up 38.5% on a year-over-year basis. Research analysts predict that Bloom Energy Corporation will post -0.23 EPS for the current fiscal year.

Insider Buying and Selling

In related news, insider Maciej Kurzymski sold 8,733 shares of the company’s stock in a transaction dated Monday, June 16th. The stock was sold at an average price of $22.79, for a total value of $199,025.07. Following the completion of the sale, the insider directly owned 109,860 shares of the company’s stock, valued at $2,503,709.40. This represents a 7.36% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Satish Chitoori sold 2,038 shares of the firm’s stock in a transaction that occurred on Wednesday, May 14th. The stock was sold at an average price of $19.73, for a total value of $40,209.74. Following the transaction, the insider owned 176,618 shares in the company, valued at $3,484,673.14. This represents a 1.14% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 62,501 shares of company stock valued at $1,236,191 over the last ninety days. Company insiders own 3.60% of the company’s stock.

Analyst Ratings Changes

Several brokerages recently weighed in on BE. HSBC raised shares of Bloom Energy from a “hold” rating to a “buy” rating and set a $25.00 target price on the stock in a research note on Tuesday, April 8th. Truist Financial cut their price objective on Bloom Energy from $22.00 to $19.00 and set a “hold” rating on the stock in a research report on Monday, April 21st. Susquehanna reduced their price objective on Bloom Energy from $33.00 to $26.00 and set a “positive” rating on the stock in a research note on Monday, April 14th. Royal Bank Of Canada set a $26.00 target price on Bloom Energy in a research note on Monday, April 14th. Finally, Piper Sandler cut their price target on Bloom Energy from $31.00 to $26.00 and set an “overweight” rating on the stock in a report on Monday, May 5th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating, nine have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $22.97.

Bloom Energy 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.