Bloom Energy Co. (NYSE:BE) Shares Sold by PNC Financial Services Group Inc.

PNC Financial Services Group Inc. reduced its stake in shares of Bloom Energy Co. (NYSE:BE) by 38.3% during the 4th quarter, HoldingsChannel reports. 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 reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Raymond James Financial Inc. acquired a new position in shares of Bloom Energy during the 4th quarter worth approximately $19,629,000. Arizona State Retirement System boosted its holdings in shares of 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 purchasing an additional 759 shares during the last quarter. Proficio Capital Partners LLC acquired a new position in shares of Bloom Energy during the 4th quarter worth approximately $787,000. M&T Bank Corp boosted its holdings in shares of Bloom Energy by 14.7% during the 4th quarter. M&T Bank Corp now owns 47,899 shares of the company’s stock worth $1,064,000 after purchasing an additional 6,122 shares during the last quarter. Finally, Mainstream Capital Management LLC acquired a new position in shares of Bloom Energy during the 4th quarter worth approximately $28,000. 77.04% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, insider Satish Chitoori sold 1,020 shares of the stock in a transaction dated Monday, March 17th. The shares were 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 directly owns 178,656 shares of the company’s stock, valued at $4,482,479.04. This represents a 0.57 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, insider Shawn Marie Soderberg sold 1,639 shares of the stock in a transaction dated Thursday, January 16th. The stock was sold at an average price of $23.42, for a total transaction of $38,385.38. Following the transaction, the insider now directly owns 171,040 shares of the company’s stock, valued at $4,005,756.80. This represents a 0.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 8.81% of the company’s stock.

Bloom Energy Stock Performance

Shares of BE stock opened at $23.90 on Friday. 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 fifty day moving average price of $24.10 and a 200 day moving average price of $19.36. The company has a market cap of $5.51 billion, a P/E ratio of -42.68 and a beta of 3.30. Bloom Energy Co. has a 12 month low of $9.02 and a 12 month high of $29.83.

Analysts Set New Price Targets

BE has been the topic of several recent research reports. Robert W. Baird boosted their target price on Bloom Energy from $15.00 to $32.00 and gave the stock an “outperform” rating in a report on Thursday, December 12th. JPMorgan Chase & Co. lifted their price target on shares of Bloom Energy from $14.00 to $16.00 and gave the company a “neutral” rating in a research report on Thursday, January 23rd. Bank of America reduced their price target on shares of Bloom Energy from $20.00 to $18.00 and set an “underperform” rating on the stock in a research report on Tuesday, January 28th. Roth Mkm began coverage on shares of Bloom Energy in a research report on Wednesday, December 11th. They set a “neutral” rating and a $25.00 price target on the stock. Finally, Roth Capital raised shares of Bloom Energy to a “hold” rating in a research report on Tuesday, December 10th. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $25.06.

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.