Cinctive Capital Management LP Grows Position in Bloom Energy Co. (NYSE:BE)

Cinctive Capital Management LP raised its holdings in Bloom Energy Co. (NYSE:BE) by 917.4% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 599,009 shares of the company’s stock after acquiring an additional 540,134 shares during the period. Bloom Energy makes up approximately 0.7% of Cinctive Capital Management LP’s investment portfolio, making the stock its 28th largest position. Cinctive Capital Management LP owned about 0.26% of Bloom Energy worth $13,304,000 as of its most recent SEC filing.

A number of other institutional investors have also bought and sold shares of BE. Bryce Point Capital LLC purchased a new stake in Bloom Energy in the 4th quarter valued at about $1,267,000. Massachusetts Financial Services Co. MA acquired a new position in shares of Bloom Energy during the fourth quarter worth $15,622,000. Trexquant Investment LP purchased a new position in shares of Bloom Energy in the 4th quarter valued at about $13,010,000. Franklin Resources Inc. increased its stake in Bloom Energy by 8.0% in 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 during the last quarter. Finally, Alliancebernstein L.P. grew its position in shares of Bloom Energy by 172.9% in the 4th quarter. Alliancebernstein L.P. now owns 686,528 shares of the company’s stock valued at $15,248,000 after buying an additional 434,919 shares during the last quarter. 77.04% of the stock is owned by hedge funds and other institutional investors.

Bloom Energy Stock Performance

Bloom Energy stock opened at $21.27 on Wednesday. The stock has a fifty day moving average price of $23.83 and a 200 day moving average price of $19.98. The company has a current ratio of 3.36, a quick ratio of 2.33 and a debt-to-equity ratio of 3.09. Bloom Energy Co. has a 52 week low of $9.02 and a 52 week high of $29.83. The firm has a market capitalization of $4.90 billion, a P/E ratio of -37.98 and a beta of 3.30.

Insider Buying and Selling

In other Bloom Energy news, insider Shawn Marie Soderberg sold 1,639 shares of Bloom Energy stock in a transaction that occurred on Thursday, January 16th. The stock was sold at an average price of $23.42, for a total transaction of $38,385.38. Following the sale, the insider now directly owns 171,040 shares in the company, valued at $4,005,756.80. The trade was a 0.95 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Satish Chitoori sold 1,020 shares of the stock in a transaction on Monday, March 17th. The shares were sold at an average price of $25.09, for a total transaction of $25,591.80. Following the transaction, the insider now owns 178,656 shares in the company, valued at $4,482,479.04. This trade represents a 0.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 8.81% of the company’s stock.

Analyst Ratings Changes

Several brokerages have recently weighed in on BE. Mizuho started coverage on shares of Bloom Energy in a research note on Tuesday, March 18th. They set a “neutral” rating and a $28.00 target price for the company. Robert W. Baird boosted their price target on shares of Bloom Energy from $15.00 to $32.00 and gave the stock an “outperform” rating in a research note on Thursday, December 12th. Truist Financial increased their price objective on Bloom Energy from $11.00 to $22.00 and gave the stock a “hold” rating in a research report on Thursday, January 16th. Roth Capital raised Bloom Energy to a “hold” rating in a research note on Tuesday, December 10th. Finally, Piper Sandler reduced their price objective on Bloom Energy from $33.00 to $31.00 and set an “overweight” rating for the company in a report on Friday, February 28th. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating, eight have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Bloom Energy has a consensus rating of “Hold” and an average target price of $25.06.

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.