Victory Capital Management Inc. Sells 1,026 Shares of Bloom Energy Co. (NYSE:BE)

Victory Capital Management Inc. cut its stake in Bloom Energy Co. (NYSE:BE) by 4.0% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 24,930 shares of the company’s stock after selling 1,026 shares during the period. Victory Capital Management Inc.’s holdings in Bloom Energy were worth $305,000 at the end of the most recent quarter.

Other institutional investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its position in Bloom Energy by 0.8% during the 1st quarter. Vanguard Group Inc. now owns 19,685,235 shares of the company’s stock valued at $221,262,000 after purchasing an additional 156,434 shares during the period. Coatue Management LLC boosted its position in Bloom Energy by 28.3% during the 4th quarter. Coatue Management LLC now owns 4,436,901 shares of the company’s stock valued at $65,666,000 after acquiring an additional 978,053 shares in the last quarter. Electron Capital Partners LLC purchased a new position in shares of Bloom Energy in the 4th quarter valued at $27,796,000. Van ECK Associates Corp raised its position in shares of Bloom Energy by 19.2% in the 1st 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 in the last quarter. Finally, Pinnacle Associates Ltd. lifted its stake in shares of Bloom Energy by 48.6% during the 2nd quarter. Pinnacle Associates Ltd. now owns 869,586 shares of the company’s stock worth $10,644,000 after purchasing an additional 284,298 shares during the last quarter. Hedge funds and other institutional investors own 77.04% of the company’s stock.

Bloom Energy Stock Performance

Shares of BE stock opened at $10.85 on Tuesday. The stock has a market cap of $2.46 billion, a PE ratio of -8.03 and a beta of 2.69. Bloom Energy Co. has a 52-week low of $8.41 and a 52-week high of $18.14. The business has a 50-day simple moving average of $11.86 and a 200-day simple moving average of $12.15. The company has a quick ratio of 3.33, a current ratio of 4.65 and a debt-to-equity ratio of 3.43.

Bloom Energy (NYSE:BE) last issued its quarterly earnings data on Thursday, August 8th. The company reported ($0.06) EPS for the quarter, hitting analysts’ consensus estimates of ($0.06). Bloom Energy had a negative net margin of 21.37% and a negative return on equity of 11.90%. The business had revenue of $335.80 million for the quarter, compared to analysts’ expectations of $307.73 million. During the same quarter last year, the company earned ($0.32) EPS. The business’s revenue was up 11.5% on a year-over-year basis. On average, equities analysts expect that Bloom Energy Co. will post -0.25 EPS for the current year.

Wall Street Analysts Forecast Growth

Several analysts have commented on the stock. Piper Sandler increased their price target on shares of Bloom Energy from $10.00 to $11.00 and gave the company a “neutral” rating in a research report on Monday, July 22nd. Truist Financial raised their target price on shares of Bloom Energy from $12.00 to $13.00 and gave the company a “hold” rating in a research note on Monday, August 12th. Jefferies Financial Group downgraded Bloom Energy from a “buy” rating to a “hold” rating and reduced their price target for the stock from $15.00 to $11.00 in a research report on Friday, September 6th. Bank of America boosted their target price on Bloom Energy from $8.00 to $9.00 and gave the stock an “underperform” rating in a research note on Wednesday, July 17th. Finally, JPMorgan Chase & Co. increased their price target on Bloom Energy from $12.00 to $14.00 and gave the company a “neutral” rating in a research note on Tuesday, July 16th. One analyst has rated the stock with a sell rating, nine have issued a hold rating and ten have assigned a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $15.88.

Insider Buying and Selling at Bloom Energy

In other news, insider Shawn Marie Soderberg sold 2,094 shares of the stock in a transaction dated Tuesday, July 16th. The shares were sold at an average price of $14.53, for a total transaction of $30,425.82. Following the sale, the insider now directly owns 168,867 shares of the company’s stock, valued at approximately $2,453,637.51. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 8.81% of the stock is owned by corporate insiders.

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.