Allianz Asset Management GmbH Acquires 118,671 Shares of Bloom Energy Corporation $BE

Allianz Asset Management GmbH grew its position in shares of Bloom Energy Corporation (NYSE:BE) by 72.5% during the second quarter, Holdings Channel reports. The institutional investor owned 282,464 shares of the company’s stock after purchasing an additional 118,671 shares during the quarter. Allianz Asset Management GmbH’s holdings in Bloom Energy were worth $6,757,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently made changes to their positions in BE. Tree Line Advisors Hong Kong Ltd. purchased a new position in shares of Bloom Energy during the 1st quarter valued at $22,609,000. Driehaus Capital Management LLC purchased a new position in shares of Bloom Energy during the 1st quarter valued at $21,066,000. Goldman Sachs Group Inc. lifted its position in shares of Bloom Energy by 50.3% during the 1st quarter. Goldman Sachs Group Inc. now owns 2,498,840 shares of the company’s stock valued at $49,127,000 after buying an additional 836,810 shares during the last quarter. Fuller & Thaler Asset Management Inc. lifted its position in shares of Bloom Energy by 29.5% during the 1st quarter. Fuller & Thaler Asset Management Inc. now owns 3,611,925 shares of the company’s stock valued at $71,010,000 after buying an additional 821,814 shares during the last quarter. Finally, Nuveen LLC purchased a new position in shares of Bloom Energy during the 1st quarter valued at $13,476,000. Hedge funds and other institutional investors own 77.04% of the company’s stock.

Insider Transactions at Bloom Energy

In other Bloom Energy news, CEO Kr Sridhar sold 37,955 shares of the firm’s stock in a transaction dated Friday, August 29th. The stock was sold at an average price of $53.39, for a total value of $2,026,417.45. Following the sale, the chief executive officer owned 2,378,663 shares of the company’s stock, valued at $126,996,817.57. This trade represents a 1.57% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Aman Joshi sold 4,870 shares of the firm’s stock in a transaction dated Thursday, August 14th. The shares were sold at an average price of $43.36, for a total value of $211,163.20. Following the completion of the sale, the insider directly owned 224,361 shares in the company, valued at approximately $9,728,292.96. The trade was a 2.12% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 301,193 shares of company stock worth $14,893,710. 3.60% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on BE. HSBC reaffirmed a “hold” rating and set a $100.00 price target (up previously from $44.00) on shares of Bloom Energy in a research report on Thursday, October 9th. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Bloom Energy in a research report on Wednesday, October 8th. Mizuho cut Bloom Energy from an “outperform” rating to a “neutral” rating and increased their price objective for the stock from $48.00 to $79.00 in a report on Thursday, October 2nd. Morgan Stanley increased their price objective on Bloom Energy from $35.00 to $44.00 and gave the stock an “overweight” rating in a report on Friday, August 1st. Finally, UBS Group increased their price objective on Bloom Energy to $115.00 and gave the stock a “buy” rating in a report on Tuesday, October 14th. Two investment analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating, ten have given a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $65.70.

Bloom Energy Stock Performance

Shares of BE opened at $94.35 on Thursday. The stock’s 50-day simple moving average is $72.92 and its 200 day simple moving average is $40.31. The stock has a market capitalization of $22.08 billion, a price-to-earnings ratio of 2,359.26, a price-to-earnings-growth ratio of 165.56 and a beta of 3.48. The company has a debt-to-equity ratio of 2.18, a quick ratio of 3.21 and a current ratio of 4.99. Bloom Energy Corporation has a 52-week low of $9.02 and a 52-week high of $125.75.

Bloom Energy (NYSE:BE) last released its quarterly earnings results on Thursday, July 31st. The company reported $0.10 earnings per share for the quarter, beating the consensus estimate of $0.02 by $0.08. Bloom Energy had a return on equity of 6.80% and a net margin of 1.45%.The firm had revenue of $401.24 million for the quarter, compared to analysts’ expectations of $382.23 million. During the same quarter last year, the firm posted ($0.06) EPS. The company’s revenue was up 19.5% compared to the same quarter last year. Bloom Energy has set its FY 2025 guidance at EPS. Research analysts forecast that Bloom Energy Corporation will post -0.23 EPS for the current fiscal year.

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.