Franklin Resources Inc. Acquires 48,258 Shares of Bloom Energy Co. (NYSE:BE)

Franklin Resources Inc. raised its stake in Bloom Energy Co. (NYSE:BE) by 62.4% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 125,598 shares of the company’s stock after buying an additional 48,258 shares during the period. Franklin Resources Inc. owned 0.05% of Bloom Energy worth $1,314,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the stock. Peapack Gladstone Financial Corp grew its stake in shares of Bloom Energy by 4.4% in the third quarter. Peapack Gladstone Financial Corp now owns 271,924 shares of the company’s stock worth $2,871,000 after purchasing an additional 11,525 shares during the last quarter. Wilmington Savings Fund Society FSB acquired a new position in Bloom Energy during the 3rd quarter worth about $34,000. Duff & Phelps Investment Management Co. bought a new stake in shares of Bloom Energy in the 3rd quarter valued at about $517,000. Pier Capital LLC increased 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 buying an additional 4,082 shares during the period. Finally, Main Management ETF Advisors LLC bought a new position in shares of Bloom Energy during the third quarter worth about $615,000. Institutional investors own 77.04% of the company’s stock.

Insider Activity at Bloom Energy

In other Bloom Energy news, CEO Kr Sridhar sold 72,903 shares of the stock in a transaction that occurred on Wednesday, November 20th. The shares were sold at an average price of $25.02, for a total value of $1,824,033.06. Following the sale, the chief executive officer now directly owns 1,869,593 shares in the company, valued at $46,777,216.86. This represents a 3.75 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Shawn Marie Soderberg sold 1,289 shares of the company’s 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 completion of the transaction, the insider now directly owns 168,561 shares in the company, valued at approximately $4,139,858.16. The trade was a 0.76 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 122,975 shares of company stock worth $3,045,019. 3.50% of the stock is owned by company insiders.

Bloom Energy Price Performance

Shares of NYSE:BE opened at $22.90 on Friday. The company has a 50-day moving average price of $19.39 and a two-hundred day moving average price of $14.55. Bloom Energy Co. has a twelve month low of $8.41 and a twelve month high of $28.70. The company has a quick ratio of 2.33, a current ratio of 3.36 and a debt-to-equity ratio of 3.09. The firm has a market capitalization of $5.23 billion, a PE ratio of -40.89 and a beta of 3.02.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on BE shares. HSBC lowered 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. Hsbc Global Res raised shares of Bloom Energy to a “hold” rating in a research report on Wednesday, November 20th. Roth Capital upgraded shares of Bloom Energy to a “hold” rating in a research note on Tuesday, December 10th. Truist Financial cut their target price on shares of Bloom Energy from $13.00 to $12.00 and set a “hold” rating on the stock in a research note on Wednesday, October 16th. Finally, BTIG Research lifted their price target on shares of Bloom Energy from $20.00 to $30.00 and gave the company a “buy” rating in a research note on Monday, December 16th. One analyst has rated the stock with a sell rating, twelve have given a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $22.45.

About Bloom Energy

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.