Principal Financial Group Inc. Sells 306,204 Shares of Bloom Energy Co. (NYSE:BE)

Principal Financial Group Inc. cut its stake in Bloom Energy Co. (NYSE:BE) by 94.4% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 18,305 shares of the company’s stock after selling 306,204 shares during the quarter. Principal Financial Group Inc.’s holdings in Bloom Energy were worth $193,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently bought and sold shares of the company. ORG Partners LLC purchased a new position in shares of Bloom Energy during the second quarter valued at approximately $40,000. Quest Partners LLC boosted its holdings in Bloom Energy by 2,780.0% during the 2nd quarter. Quest Partners LLC now owns 3,600 shares of the company’s stock valued at $44,000 after acquiring an additional 3,475 shares during the period. Gilliland Jeter Wealth Management LLC bought a new position in Bloom Energy in the 2nd quarter valued at $53,000. Mather Group LLC. purchased a new stake in Bloom Energy in the second quarter worth $66,000. Finally, Emerald Mutual Fund Advisers Trust purchased a new stake in Bloom Energy in the third quarter worth $74,000. 77.04% of the stock is owned by hedge funds and other institutional investors.

Bloom Energy Stock Performance

Shares of BE opened at $25.94 on Tuesday. The company has a current ratio of 3.36, a quick ratio of 2.33 and a debt-to-equity ratio of 3.09. The firm has a market cap of $5.93 billion, a PE ratio of -46.00 and a beta of 2.71. Bloom Energy Co. has a 12 month low of $8.41 and a 12 month high of $26.92. The stock has a fifty day moving average price of $12.22 and a 200-day moving average price of $12.72.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on BE. Robert W. Baird cut their price target on shares of Bloom Energy from $18.00 to $15.00 and set an “outperform” rating on the stock in a report on Friday, November 8th. UBS Group decreased their price target on shares of Bloom Energy from $25.00 to $23.00 and set a “buy” rating for the company in a research note on Thursday, August 15th. Bank of America dropped their price objective on Bloom Energy from $8.00 to $7.00 and set an “underperform” rating on the stock in a research note on Thursday, November 7th. Jefferies Financial Group lifted their target price on Bloom Energy from $12.00 to $22.00 and gave the company a “hold” rating in a research report on Friday. Finally, Truist Financial lowered their target price on Bloom Energy from $13.00 to $12.00 and set a “hold” rating for the company in a report on Wednesday, October 16th. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Bloom Energy currently has a consensus rating of “Hold” and an average price target of $18.66.

Insiders Place Their Bets

In related news, CEO Kr Sridhar sold 72,903 shares of the firm’s stock in a transaction on Wednesday, November 20th. The shares were sold at an average price of $25.02, for a total transaction of $1,824,033.06. Following the completion of the transaction, the chief executive officer now owns 1,869,593 shares of the company’s stock, valued at $46,777,216.86. This trade represents a 3.75 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Shawn Marie Soderberg sold 1,289 shares of Bloom Energy stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $24.56, for a total value of $31,657.84. Following the transaction, the insider now owns 168,561 shares of the company’s stock, valued at $4,139,858.16. The trade was a 0.76 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 122,975 shares of company stock valued at $3,045,019. 3.50% of the stock is currently owned by corporate insiders.

Bloom Energy Company 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.