The Manufacturers Life Insurance Company Trims Stock Holdings in Bloom Energy Co. (NYSE:BE)

The Manufacturers Life Insurance Company reduced its position in shares of Bloom Energy Co. (NYSE:BE) by 1.2% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 113,356 shares of the company’s stock after selling 1,349 shares during the period. The Manufacturers Life Insurance Company’s holdings in Bloom Energy were worth $1,197,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. ORG Partners LLC bought a new position in shares of Bloom Energy in the 2nd quarter worth about $40,000. Quest Partners LLC boosted its stake in shares of Bloom Energy by 2,780.0% during the 2nd quarter. Quest Partners LLC now owns 3,600 shares of the company’s stock worth $44,000 after acquiring an additional 3,475 shares during the last quarter. Gilliland Jeter Wealth Management LLC bought a new stake in shares of Bloom Energy during the 2nd quarter valued at $53,000. Emerald Mutual Fund Advisers Trust purchased a new stake in shares of Bloom Energy in the 3rd quarter worth $74,000. Finally, Itau Unibanco Holding S.A. bought a new position in Bloom Energy in the 2nd quarter worth $103,000. Hedge funds and other institutional investors own 77.04% of the company’s stock.

Bloom Energy Stock Performance

Shares of BE stock opened at $23.56 on Thursday. The stock has a market cap of $5.39 billion, a PE ratio of -42.07 and a beta of 3.04. Bloom Energy Co. has a 52-week low of $8.41 and a 52-week high of $28.70. The business has a 50-day simple moving average of $16.32 and a 200-day simple moving average of $13.88. The company has a quick ratio of 2.33, a current ratio of 3.36 and a debt-to-equity ratio of 3.09.

Insiders Place Their Bets

In other news, insider Shawn Marie Soderberg sold 1,289 shares of Bloom Energy stock in a transaction on Monday, November 18th. The stock was sold at an average price of $24.56, for a total transaction of $31,657.84. Following the transaction, the insider now owns 168,561 shares in the company, valued at $4,139,858.16. The trade was a 0.76 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Kr Sridhar sold 46,697 shares of the firm’s stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $25.00, for a total transaction of $1,167,425.00. Following the sale, the chief executive officer now owns 1,822,496 shares of the company’s stock, valued at $45,562,400. This represents a 2.50 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 122,975 shares of company stock worth $3,045,019. 8.81% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the stock. Royal Bank of Canada increased their price objective on shares of Bloom Energy from $15.00 to $28.00 and gave the company an “outperform” rating in a report on Monday, November 18th. HSBC downgraded Bloom Energy from a “buy” rating to a “hold” rating and set a $24.50 target price on the stock. in a research report on Wednesday, November 20th. BMO Capital Markets raised their target price on shares of Bloom Energy from $12.00 to $19.50 and gave the stock a “market perform” rating in a report on Friday, November 15th. Hsbc Global Res raised shares of Bloom Energy to a “hold” rating in a research note on Wednesday, November 20th. Finally, Morgan Stanley increased their price objective on shares of Bloom Energy from $20.00 to $28.00 and gave the stock an “overweight” rating in a research report on Monday, November 18th. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $21.03.

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.