BlackRock Fund Advisors recently announced the acquisition of new stake in Bloom Energy Corporation (NYSE:BE). The institutional investor has increased its shareholding in the Industrials company by 12.87% to 14.86 million shares with purchase of 1.69 million shares. This fresh investment now brings its stake to 7.80% valued currently at $322.28 million. In addition, ClearBridge Investments LLC raised its holdings by 0.47 million to 6.0 million shares. And Norges Bank Investment Management has lifted its position by 58.91% or 1.99 million shares – to 5.38 million shares.
With over 2.78 million Bloom Energy Corporation (BE) shares trading Friday and a closing price of $20.12 on the day, the dollar volume was approximately $55.93 million. The shares have shown a negative half year performance of -21.89% and its price on 03/10/23 lost nearly -5.23%. Currently, there are 201.34M common shares owned by the public and among those 162.93M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 22 analysts who have offered their price forecasts for BE have a consensus price objective of $29.68. The analysts have set the share’s price value over the next 12 months at a high of $40.00 and a low of $21.00. The average price target is 32.26% above its recent price level and an upside to the estimated low will see the stock gain 4.19% over that period. But an upside of 49.7% will see the stock hit the forecast high price target while median target price for the stock is $30.00.
Insiders at the company have transacted a total of 113 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 69 of these insider trades were purchases, accounting for 11,409,589 shares. Insider sales of the common stock occurred on 44 occasions, with total insider shares sold totaling 399,531 shares.
The top 3 mutual fund holders in Bloom Energy Corporation are Columbia Seligman Technology & In, Government Pension Fund – Global, and Vanguard Total Stock Market Index. Columbia Seligman Technology & In owns 10.4 million shares of the company’s stock, all valued at over $225.6 million. Government Pension Fund – Global bought 1.99 million shares to see its total holdings expand to 5.38 million shares valued at over $116.65 million and representing 2.82% of the shares outstanding. Vanguard Total Stock Market Index bought 6899.0 shares to bring its total holdings to over 4.93 million shares at a value of $106.98 million. Vanguard Total Stock Market Index now owns shares totaling to 2.59% of the shares outstanding.
Shares of Bloom Energy Corporation (NYSE: BE) opened at $21.11, down -$0.12 from a prior closing price of $21.23. However, the script later moved the day high at 21.25, down -5.23%. The company’s stock has a 5-day price change of -11.29% and 0.40% over the past three months. BE shares are trading 5.23% year to date (YTD), with the 12-month market performance down to -15.82% lower. It has a 12-month low price of $11.47 and touched a high of $31.47 over the same period. BE has an average intraday trading volume of 2.33 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -11.09%, -11.14%, and -4.24% respectively.
Institutional ownership of Bloom Energy Corporation (NYSE: BE) shares accounts for 81.80% of the company’s 201.34M shares outstanding. Mutual fund holders own 27.11%, while other institutional holders and individual stakeholders account for 47.40% and 23.64% respectively.
It has a market capitalization of $4.38B and a beta (3y monthly) value of 2.89. The earnings-per-share (ttm) stands at -$1.65. Price movements for the stock have been influenced by the stock’s volatility, which stands at 5.20% over the week and 4.99% over the month.
Analysts forecast that Bloom Energy Corporation (BE) will achieve an EPS of -$0.05 for the current quarter, -$0.02 for the next quarter and $0.65 for 2024. The lowest estimate earnings-per-share for the quarter is -$0.24 while analysts give the company a high EPS estimate of $0.06. Comparatively, EPS for the current quarter was -$0.32 a year ago. Earnings per share for the fiscal year are expected to decrease by -71.00%, and 662.50% over the next financial year.
Looking at the support for the BE, a number of firms have released research notes about the stock. JP Morgan stated their Neutral rating for the stock in a research note on February 10, 2023, with the firm’s price target at $29-$27. Morgan Stanley coverage for the Bloom Energy Corporation (BE) stock in a research note released on January 10, 2023 offered a Overweight rating with a price target of $35. Wells Fargo was of a view on January 06, 2023 that the stock is Equal Weight, while UBS gave the stock Buy rating on December 14, 2022, issuing a price target of $35. Jefferies on their part issued Buy rating on October 19, 2022.
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