Massachusetts Financial Services Co. MA Buys New Position in Bloom Energy Co. (NYSE:BE)

Massachusetts Financial Services Co. MA purchased a new position in Bloom Energy Co. (NYSE:BE) in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 703,386 shares of the company’s stock, valued at approximately $15,622,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Trexquant Investment LP bought a new stake in shares of Bloom Energy during the 4th quarter worth $13,010,000. Franklin Resources Inc. raised its position in Bloom Energy by 8.0% during the fourth quarter. Franklin Resources Inc. now owns 135,639 shares of the company’s stock valued at $3,013,000 after purchasing an additional 10,041 shares in the last quarter. Alliancebernstein L.P. lifted its stake in Bloom Energy by 172.9% during the fourth quarter. Alliancebernstein L.P. now owns 686,528 shares of the company’s stock worth $15,248,000 after purchasing an additional 434,919 shares during the last quarter. Wellington Management Group LLP boosted its holdings in shares of Bloom Energy by 306.3% in the 4th quarter. Wellington Management Group LLP now owns 1,383,897 shares of the company’s stock worth $30,736,000 after purchasing an additional 1,043,326 shares in the last quarter. Finally, DnB Asset Management AS bought a new position in shares of Bloom Energy during the 4th quarter valued at about $3,779,000. Hedge funds and other institutional investors own 77.04% of the company’s stock.

Bloom Energy Price Performance

Shares of Bloom Energy stock opened at $16.65 on Monday. The business has a 50 day moving average of $23.31 and a 200 day moving average of $20.17. Bloom Energy Co. has a 52 week low of $9.02 and a 52 week high of $29.83. The company has a market cap of $3.84 billion, a PE ratio of -29.73 and a beta of 3.27. The company has a quick ratio of 2.33, a current ratio of 3.36 and a debt-to-equity ratio of 3.09.

Analyst Ratings Changes

A number of research firms recently weighed in on BE. Piper Sandler dropped their target price on Bloom Energy from $33.00 to $31.00 and set an “overweight” rating for the company in a research report on Friday, February 28th. Mizuho initiated coverage on shares of Bloom Energy in a report on Tuesday, March 18th. They issued a “neutral” rating and a $28.00 price objective for the company. Roth Mkm initiated coverage on shares of Bloom Energy in a report on Wednesday, December 11th. They set a “neutral” rating and a $25.00 target price on the stock. Bank of America lowered their price target on shares of Bloom Energy from $20.00 to $18.00 and set an “underperform” rating for the company in a research note on Tuesday, January 28th. Finally, Truist Financial raised their price objective on Bloom Energy from $11.00 to $22.00 and gave the company a “hold” rating in a research note on Thursday, January 16th. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and an average price target of $25.06.

Insider Buying and Selling at Bloom Energy

In related news, insider Shawn Marie Soderberg sold 1,639 shares of the company’s 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 sale, the insider now directly owns 171,040 shares of the company’s stock, valued at $4,005,756.80. This represents a 0.95 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Satish Chitoori sold 1,020 shares of the stock in a transaction on Monday, March 17th. The stock was sold at an average price of $25.09, for a total value of $25,591.80. Following the completion of the transaction, the insider now owns 178,656 shares of the company’s stock, valued at approximately $4,482,479.04. This trade represents a 0.57 % decrease in their position. The disclosure for this sale can be found here. 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.