Palumbo Wealth Management LLC Takes $263,000 Position in Bloom Energy Co. (NYSE:BE)

Palumbo Wealth Management LLC acquired a new position in shares of Bloom Energy Co. (NYSE:BE) in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 11,831 shares of the company’s stock, valued at approximately $263,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. JAT Capital Mgmt LP raised its holdings in shares of Bloom Energy by 50.0% in the 3rd quarter. JAT Capital Mgmt LP now owns 2,198,974 shares of the company’s stock valued at $23,221,000 after buying an additional 733,363 shares during the period. Elemental Capital Partners LLC purchased a new stake in Bloom Energy during the fourth quarter worth about $33,612,000. Van ECK Associates Corp lifted its position in shares of Bloom Energy by 13.1% during the third quarter. Van ECK Associates Corp now owns 661,932 shares of the company’s stock worth $6,990,000 after purchasing an additional 76,536 shares in the last quarter. Pier Capital LLC boosted its stake in shares of Bloom Energy by 0.9% in the third quarter. Pier Capital LLC now owns 461,744 shares of the company’s stock valued at $4,876,000 after purchasing an additional 4,082 shares during the period. Finally, Mizuho Markets Americas LLC boosted its stake in shares of Bloom Energy by 8.2% in the third quarter. Mizuho Markets Americas LLC now owns 410,555 shares of the company’s stock valued at $4,335,000 after purchasing an additional 31,189 shares during the period. Hedge funds and other institutional investors own 77.04% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the stock. JPMorgan Chase & Co. raised their price target on shares of Bloom Energy from $14.00 to $16.00 and gave the company a “neutral” rating in a research report on Thursday, January 23rd. BMO Capital Markets boosted their target price on Bloom Energy from $12.00 to $19.50 and gave the stock a “market perform” rating in a research note on Friday, November 15th. UBS Group increased their price target on Bloom Energy from $21.00 to $33.00 and gave the company a “buy” rating in a research report on Tuesday, November 26th. Bank of America lowered their price objective on Bloom Energy from $20.00 to $18.00 and set an “underperform” rating for the company in a research report on Tuesday, January 28th. Finally, Morgan Stanley raised their target price on shares of Bloom Energy from $20.00 to $28.00 and gave the company an “overweight” rating in a report on Monday, November 18th. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating, nine have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $23.72.

Bloom Energy Price Performance

Shares of NYSE BE opened at $25.47 on Friday. The company has a debt-to-equity ratio of 3.09, a current ratio of 3.36 and a quick ratio of 2.33. The company has a market cap of $5.82 billion, a PE ratio of -45.48 and a beta of 3.06. The stock has a fifty day moving average price of $24.14 and a 200 day moving average price of $17.18. Bloom Energy Co. has a 1-year low of $8.41 and a 1-year high of $29.83.

Insider Transactions at Bloom Energy

In other Bloom Energy news, insider Shawn Marie Soderberg sold 1,639 shares of the stock in a transaction on Thursday, January 16th. The stock was sold at an average price of $23.42, for a total value of $38,385.38. Following the completion of the transaction, the insider now owns 171,040 shares in the company, valued at approximately $4,005,756.80. This represents a 0.95 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Kr Sridhar sold 72,903 shares of the business’s stock in a transaction on Wednesday, November 20th. The stock was sold at an average price of $25.02, for a total transaction of $1,824,033.06. Following the sale, the chief executive officer now owns 1,869,593 shares in the company, valued at $46,777,216.86. The trade was a 3.75 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 122,528 shares of company stock worth $3,061,501. Company insiders own 8.81% of the company’s stock.

Bloom Energy 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.