Udine Wealth Management Inc. Makes New $794,000 Investment in Bloom Energy Co. (NYSE:BE)

Udine Wealth Management Inc. acquired a new position in Bloom Energy Co. (NYSE:BE) in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 40,397 shares of the company’s stock, valued at approximately $794,000. Bloom Energy accounts for approximately 0.5% of Udine Wealth Management Inc.’s investment portfolio, making the stock its 28th biggest position.

A number of other hedge funds have also recently added to or reduced their stakes in BE. Mainstream Capital Management LLC acquired a new position in Bloom Energy in the fourth quarter worth $28,000. Smartleaf Asset Management LLC boosted its holdings 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 valued at $28,000 after acquiring an additional 934 shares during the period. Jones Financial Companies Lllp boosted its holdings in shares of Bloom Energy by 120.5% during the fourth quarter. Jones Financial Companies Lllp now owns 1,486 shares of the company’s stock valued at $33,000 after acquiring an additional 812 shares during the period. Quarry LP acquired a new position in shares of Bloom Energy during the fourth quarter valued at $35,000. Finally, Gordian Capital Singapore Pte Ltd acquired a new position in shares of Bloom Energy during the fourth quarter valued at $49,000. Institutional investors and hedge funds own 77.04% of the company’s stock.

Bloom Energy Stock Performance

BE stock opened at $21.81 on Friday. The company has a market capitalization of $5.06 billion, a P/E ratio of -38.95 and a beta of 3.25. The company has a 50-day simple moving average of $18.36 and a 200 day simple moving average of $22.20. 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 quick ratio of 2.33, a current ratio of 3.36 and a debt-to-equity ratio of 3.09.

Bloom Energy (NYSE:BE) last issued its quarterly earnings results on Wednesday, April 30th. The company reported $0.03 EPS for the quarter, topping the consensus estimate of ($0.07) by $0.10. Bloom Energy had a negative net margin of 10.29% and a negative return on equity of 20.32%. The firm had revenue of $326.02 million for the quarter, compared to analysts’ expectations of $294.27 million. During the same period in the previous year, the business earned ($0.17) earnings per share. Bloom Energy’s revenue for the quarter was up 38.5% compared to the same quarter last year. Sell-side analysts predict that Bloom Energy Co. will post -0.23 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

BE has been the subject of several analyst reports. Royal Bank of Canada set a $26.00 price target on shares of Bloom Energy in a report on Monday, April 14th. Hsbc Global Res raised shares of Bloom Energy from a “hold” rating to a “strong-buy” rating in a report on Tuesday, April 8th. Redburn Atlantic downgraded shares of Bloom Energy from a “neutral” rating to a “sell” rating and reduced their price target for the company from $14.50 to $10.00 in a report on Wednesday, April 9th. Jefferies Financial Group reduced their price target on shares of Bloom Energy from $25.00 to $19.00 and set a “hold” rating for the company in a report on Wednesday, April 16th. Finally, Mizuho raised shares of Bloom Energy from a “neutral” rating to an “outperform” rating and reduced their price target for the company from $28.00 to $26.00 in a report on Monday, May 5th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating, nine have assigned a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $22.97.

Insiders Place Their Bets

In other Bloom Energy news, insider Aman Joshi sold 4,658 shares of the business’s stock in a transaction dated Wednesday, May 14th. The shares were sold at an average price of $19.72, for a total value of $91,855.76. Following the sale, the insider now directly owns 131,371 shares in the company, valued at approximately $2,590,636.12. The trade was a 3.42% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Kr Sridhar sold 42,383 shares of the business’s stock in a transaction dated Tuesday, May 13th. The stock was sold at an average price of $19.14, for a total transaction of $811,210.62. Following the completion of the sale, the chief executive officer now owns 2,724,613 shares in the company, valued at approximately $52,149,092.82. This trade represents a 1.53% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 54,375 shares of company stock worth $1,053,445. 3.60% 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.