Truist Financial Corp Invests $7.64 Million in Bloom Energy Corporation $BE

Truist Financial Corp purchased a new stake in Bloom Energy Corporation (NYSE:BE) during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 90,283 shares of the company’s stock, valued at approximately $7,635,000.

Several other hedge funds also recently added to or reduced their stakes in BE. EFG Asset Management North America Corp. bought a new stake in shares of Bloom Energy in the 3rd quarter worth about $728,000. Straight Path Wealth Management bought a new position in shares of Bloom Energy during the third quarter worth about $1,099,000. Vanguard Personalized Indexing Management LLC grew its stake in Bloom Energy by 17.1% in the third quarter. Vanguard Personalized Indexing Management LLC now owns 11,983 shares of the company’s stock worth $1,013,000 after purchasing an additional 1,748 shares in the last quarter. Harvey Capital Management Inc. bought a new stake in Bloom Energy in the third quarter valued at about $651,000. Finally, Sage Rhino Capital LLC bought a new stake in Bloom Energy in the third quarter valued at about $602,000. 77.04% of the stock is owned by institutional investors and hedge funds.

Bloom Energy Stock Performance

Shares of NYSE:BE opened at $156.08 on Tuesday. The business has a 50-day moving average price of $114.72 and a two-hundred day moving average price of $89.87. Bloom Energy Corporation has a 1-year low of $15.15 and a 1-year high of $167.57. The stock has a market capitalization of $36.91 billion, a P/E ratio of 840.94, a P/E/G ratio of 12.75 and a beta of 3.07. The company has a current ratio of 4.40, a quick ratio of 2.88 and a debt-to-equity ratio of 1.98.

Insider Buying and Selling at Bloom Energy

In related news, Director Jim H. Snabe sold 20,000 shares of the business’s stock in a transaction that occurred on Wednesday, November 5th. The shares were sold at an average price of $143.04, for a total transaction of $2,860,800.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Maciej Kurzymski sold 13,105 shares of Bloom Energy stock in a transaction on Wednesday, November 5th. The stock was sold at an average price of $144.09, for a total transaction of $1,888,299.45. Following the transaction, the insider directly owned 93,269 shares in the company, valued at approximately $13,439,130.21. This represents a 12.32% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 120,410 shares of company stock worth $16,557,185 over the last ninety days. 3.50% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

BE has been the topic of a number of research analyst reports. Roth Mkm reaffirmed a “neutral” rating and set a $103.00 target price on shares of Bloom Energy in a report on Wednesday, October 29th. TD Cowen reissued a “hold” rating on shares of Bloom Energy in a research report on Wednesday, October 29th. Barclays initiated coverage on shares of Bloom Energy in a research note on Wednesday, January 28th. They set an “equal weight” rating and a $153.00 target price for the company. Truist Financial set a $68.00 price objective on shares of Bloom Energy in a research report on Friday, January 9th. Finally, Wedbush set a $39.00 price target on Bloom Energy in a report on Tuesday, November 25th. One investment analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, eleven have issued a Hold rating and three have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $109.83.

Bloom Energy Company Profile

Bloom Energy is a clean energy technology company that designs, manufactures and deploys solid oxide fuel cell systems for on-site power generation. Its flagship product, the Bloom Energy Server, converts natural gas, biogas or hydrogen into electricity through an electrochemical reaction, offering customers a reliable, low-carbon alternative to grid power. The company also provides a suite of services that includes system installation, remote monitoring and preventative maintenance to ensure long-term performance and uptime.

Founded in 2001 by Dr.