Connor Clark & Lunn Investment Management Ltd. Makes New $1.81 Million Investment in Bloom Energy Co. (NYSE:BE)

Connor Clark & Lunn Investment Management Ltd. purchased a new position in Bloom Energy Co. (NYSE:BE) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 81,494 shares of the company’s stock, valued at approximately $1,810,000.

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

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on BE shares. UBS Group lifted their target price on Bloom Energy from $21.00 to $33.00 and gave the company a “buy” rating in a research report on Tuesday, November 26th. TD Cowen boosted their price objective on Bloom Energy from $13.00 to $20.00 and gave the company a “hold” rating in a research report on Friday, February 28th. Piper Sandler lowered their price objective 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. Roth Capital upgraded Bloom Energy to a “hold” rating in a research report on Tuesday, December 10th. Finally, JPMorgan Chase & Co. boosted their price objective on Bloom Energy from $14.00 to $16.00 and gave the company a “neutral” rating in a research report on Thursday, January 23rd. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $24.67.

Insiders Place Their Bets

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

Bloom Energy Trading Down 1.3 %

Shares of NYSE BE opened at $23.88 on Wednesday. The business’s 50 day moving average is $24.08 and its two-hundred day moving average is $19.14. The company has a debt-to-equity ratio of 3.09, a current ratio of 3.36 and a quick ratio of 2.33. Bloom Energy Co. has a 1-year low of $9.02 and a 1-year high of $29.83. The stock has a market capitalization of $5.50 billion, a P/E ratio of -42.64 and a beta of 3.30.

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.