PNC Financial Services Group Inc. Trims Stock Holdings in Bloom Energy Co. (NYSE:BE)

PNC Financial Services Group Inc. trimmed its holdings in Bloom Energy Co. (NYSE:BE) by 38.3% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 11,338 shares of the company’s stock after selling 7,028 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Bloom Energy were worth $252,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. Elemental Capital Partners LLC bought a new position in Bloom Energy in the fourth quarter worth approximately $33,612,000. Raymond James Financial Inc. bought a new position in Bloom Energy in the fourth quarter worth approximately $19,629,000. JAT Capital Mgmt LP grew its stake in Bloom Energy by 50.0% in the third quarter. JAT Capital Mgmt LP now owns 2,198,974 shares of the company’s stock worth $23,221,000 after purchasing an additional 733,363 shares in the last quarter. Bank of New York Mellon Corp grew its stake in Bloom Energy by 68.5% in the fourth quarter. Bank of New York Mellon Corp now owns 1,026,488 shares of the company’s stock worth $22,798,000 after purchasing an additional 417,120 shares in the last quarter. Finally, Erste Asset Management GmbH bought a new position in Bloom Energy in the third quarter worth approximately $3,762,000. 77.04% of the stock is currently owned by hedge funds and other institutional investors.

Bloom Energy Stock Performance

NYSE BE opened at $23.90 on Friday. The stock has a 50-day simple moving average of $24.10 and a two-hundred day simple moving average of $19.36. The firm has a market capitalization of $5.51 billion, a P/E ratio of -42.68 and a beta of 3.30. Bloom Energy Co. has a fifty-two week low of $9.02 and a fifty-two week high of $29.83. The company has a debt-to-equity ratio of 3.09, a quick ratio of 2.33 and a current ratio of 3.36.

Insider Buying and Selling at Bloom Energy

In other Bloom Energy news, insider Satish Chitoori sold 1,020 shares of Bloom Energy stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $25.09, for a total transaction of $25,591.80. Following the completion of the transaction, the insider now owns 178,656 shares in the company, valued at approximately $4,482,479.04. This trade represents a 0.57 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Shawn Marie Soderberg sold 1,639 shares of the firm’s stock in a transaction dated Thursday, January 16th. The shares were sold at an average price of $23.42, for a total value of $38,385.38. Following the sale, the insider now owns 171,040 shares in the company, valued at $4,005,756.80. This trade represents a 0.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 8.81% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have issued reports on the company. Roth Mkm assumed coverage on Bloom Energy in a research report on Wednesday, December 11th. They set a “neutral” rating and a $25.00 target price on the stock. Truist Financial increased their target price on Bloom Energy from $11.00 to $22.00 and gave the company a “hold” rating in a research report on Thursday, January 16th. Piper Sandler dropped their target price on Bloom Energy from $33.00 to $31.00 and set an “overweight” rating on the stock in a research report on Friday, February 28th. Mizuho assumed coverage on Bloom Energy in a research report on Tuesday, March 18th. They set a “neutral” rating and a $28.00 target price on the stock. Finally, Morgan Stanley increased their target price on Bloom Energy from $28.00 to $35.00 and gave the company an “overweight” rating in a research report on Thursday. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Bloom Energy has a consensus rating of “Hold” and a consensus target price of $25.06.

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.