Independent Advisor Alliance has made a significant investment in Bloom Energy Corporation, acquiring 84,748 shares valued at approximately $7.17 million. This acquisition occurred during the third quarter of 2023, as detailed in the firm’s recent filing with the Securities and Exchange Commission (SEC). This move underscores growing institutional interest in the clean energy sector.
Several other institutional investors have also adjusted their positions in Bloom Energy. CWM LLC increased its holdings by 3.3%, now owning 5,111 shares worth about $432,000. Similarly, Seelaus Asset Management LLC raised its stake by 2.4%, bringing its total to 11,420 shares valued at $966,000. Parkside Financial Bank & Trust demonstrated a remarkable increase, boosting its holdings by 250.9% to now hold 393 shares worth $33,000.
Prospera Financial Services Inc. and GAMMA Investing LLC also made modest adjustments. Prospera Financial increased its stake by 0.3%, owning 95,532 shares valued at $2.29 million. GAMMA Investing raised its position by 14.1%, acquiring a total of 2,708 shares worth $229,000. Collectively, institutional investors own approximately 77.04% of Bloom Energy’s stock, indicating strong confidence in the company.
Stock Performance and Analyst Ratings
On October 20, 2023, Bloom Energy’s shares opened at $151.37, with a market capitalization of $35.80 billion. The stock’s fifty-day moving average price is $113.51, while its two-hundred-day moving average stands at $88.49. Over the past year, Bloom Energy’s stock has ranged significantly, with a fifty-two week low of $15.15 and a high of $167.57. The company maintains a price-to-earnings ratio of 869.50, indicating high growth expectations.
Research firms have recently updated their ratings for Bloom Energy. Wells Fargo & Company raised its price target to $95.00 with an “equal weight” rating on October 21, 2023. Daiwa Capital Markets set a price target of $98.00 on December 2, 2023. Barclays initiated coverage with an “equal weight” rating and a price objective of $153.00. Mizuho set its target at $89.00, while Oppenheimer maintained a “market perform” rating.
Currently, Bloom Energy has received a mixed reception from analysts. One analyst rates the stock as a Strong Buy, eleven have given it a Buy rating, another eleven have assigned a Hold rating, and three have marked it with a Sell rating. According to MarketBeat.com, the consensus rating for Bloom Energy is “Hold” with an average target price of $109.83.
About Bloom Energy Corporation
Founded in 2001, Bloom Energy is a clean energy technology company specializing in solid oxide fuel cell systems for on-site power generation. Its flagship product, the Bloom Energy Server, enables the conversion of natural gas, biogas, or hydrogen into electricity through an electrochemical reaction. This technology offers customers a reliable, low-carbon alternative to traditional grid power.
The company also provides various services, including system installation, remote monitoring, and preventative maintenance, ensuring long-term performance and uptime for its clients. As the shift towards sustainable energy solutions accelerates, Bloom Energy continues to position itself as a key player in the clean energy landscape.
Investors and stakeholders are closely monitoring Bloom Energy’s progress, particularly in light of recent institutional investments and analyst evaluations. With a solid financial foundation and innovative technology, the company appears well-prepared to navigate the evolving energy market landscape.
