Pier 88 Investment Partners LLC Lowers Stake in Bloom Energy Corporation $BE

Pier 88 Investment Partners LLC cut its position in Bloom Energy Corporation (NYSE:BE) by 69.9% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 9,521 shares of the company’s stock after selling 22,090 shares during the period. Pier 88 Investment Partners LLC’s holdings in Bloom Energy were worth $805,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently modified their holdings of BE. Vanguard Personalized Indexing Management LLC boosted its holdings in Bloom Energy by 17.1% in the 3rd quarter. Vanguard Personalized Indexing Management LLC now owns 11,983 shares of the company’s stock worth $1,013,000 after buying an additional 1,748 shares during the period. Harvey Capital Management Inc. purchased a new position in shares of Bloom Energy in the third quarter valued at about $651,000. Sage Rhino Capital LLC purchased a new position in shares of Bloom Energy in the third quarter valued at about $602,000. Sovran Advisors LLC bought a new position in shares of Bloom Energy in the third quarter worth about $564,000. Finally, CIBC Asset Management Inc purchased a new stake in shares of Bloom Energy during the third quarter worth about $602,000. 77.04% of the stock is currently owned by institutional investors.

Bloom Energy Price Performance

Bloom Energy stock opened at $139.07 on Tuesday. Bloom Energy Corporation has a 52-week low of $15.15 and a 52-week high of $155.87. The company has a quick ratio of 2.88, a current ratio of 4.40 and a debt-to-equity ratio of 1.98. The firm’s fifty day moving average is $108.94 and its 200 day moving average is $85.25. The company has a market cap of $32.89 billion, a price-to-earnings ratio of 804.94, a PEG ratio of 12.20 and a beta of 3.01.

Bloom Energy (NYSE:BE) last posted its earnings results on Tuesday, October 28th. The company reported $0.15 earnings per share for the quarter, topping analysts’ consensus estimates of $0.08 by $0.07. The firm had revenue of $519.05 million for the quarter, compared to the consensus estimate of $425.18 million. Bloom Energy had a net margin of 0.84% and a return on equity of 8.74%. The business’s quarterly revenue was up 57.1% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.01) EPS. Sell-side analysts forecast that Bloom Energy Corporation will post -0.23 EPS for the current fiscal year.

Insider Buying and Selling at Bloom Energy

In related news, insider Satish Chitoori sold 431 shares of the firm’s stock in a transaction on Tuesday, December 16th. The stock was sold at an average price of $88.12, for a total value of $37,979.72. Following the completion of the sale, the insider directly owned 229,449 shares in the company, valued at $20,219,045.88. This trade represents a 0.19% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Maciej Kurzymski sold 3,264 shares of the business’s stock in a transaction on Tuesday, December 16th. The shares were sold at an average price of $86.48, for a total transaction of $282,270.72. Following the transaction, the insider owned 90,005 shares in the company, valued at $7,783,632.40. This trade represents a 3.50% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 120,410 shares of company stock valued at $16,557,185. Corporate insiders own 3.50% of the company’s stock.

Analyst Ratings Changes

BE has been the subject of several recent analyst reports. Royal Bank Of Canada set a $143.00 price target on Bloom Energy in a research note on Tuesday, January 20th. Jefferies Financial Group reissued an “underperform” rating and issued a $92.00 target price on shares of Bloom Energy in a report on Monday. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Bloom Energy in a research note on Thursday, October 30th. Wedbush set a $39.00 price target on shares of Bloom Energy in a report on Tuesday, November 25th. Finally, Robert W. Baird set a $157.00 price objective on shares of Bloom Energy in a report on Wednesday, October 29th. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, ten have assigned a Hold rating and three have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $102.43.

About Bloom Energy

Bloom Energy is a clean energy technology company that designs, manufactures and deploys solid oxide fuel cell systems for on-site power generation. Its flagship product, the Bloom Energy Server, converts natural gas, biogas or hydrogen into electricity through an electrochemical reaction, offering customers a reliable, low-carbon alternative to grid power. The company also provides a suite of services that includes system installation, remote monitoring and preventative maintenance to ensure long-term performance and uptime.

Founded in 2001 by Dr.