Shawn Marie Soderberg, the Chief Legal Officer and Corporate Secretary of Bloom Energy Corp (NYSE:BE), recently sold 1,289 shares of Class A Common Stock. The transaction, which took place on November 18, was conducted at a weighted average price of $24.56 per share, resulting in a total sale value of approximately $31,657.
This sale was executed to cover a tax withholding obligation incurred upon the settlement of restricted stock units, as per a Rule 10b5-1 trading plan adopted earlier this year. Following this transaction, Soderberg directly owns 168,561 shares. Additionally, she holds 396,731 shares indirectly through The Shawn M. Soderberg 2005 Trust, where she serves as trustee.
In other recent news, Bloom Energy has seen several significant developments. RBC (TSX:RY) Capital Markets raised its stock target to $28.00, retaining an Outperform rating, following a 1 GW agreement with American Electric Power (NASDAQ:AEP). The company's recent quarterly earnings showed revenues of $330 million and EBITDA of $21 million. Despite falling short of Susquehanna Financial Group's expectations, Bloom Energy maintained its full-year revenue and gross margin forecasts.
BMO (TSX:BMO) Capital Markets also raised its price target for Bloom Energy to $19.50, maintaining a Market Perform rating following the AEP agreement. Piper Sandler upgraded Bloom Energy's stock rating from Neutral to Overweight and doubled the price target to $20.00, anticipating future similar agreements.
Bloom Energy secured three new orders, including an 80 megawatt project in South Korea, and is increasing its manufacturing capacity in Fremont in response to anticipated demand. The company projects full-year revenue between $1.4 to $1.6 billion and a non-GAAP operating income of $75 to $100 million. These are among the recent developments that investors will be keenly watching.
InvestingPro Insights
As Bloom Energy Corp's (NYSE:BE) Chief Legal Officer executes a strategic stock sale, recent InvestingPro data sheds light on the company's financial landscape. Despite the stock's recent surge, with a remarkable 124.51% price return over the past month, Bloom Energy faces profitability challenges. The company reported a negative operating income of $75.27 million in the last twelve months, translating to an operating margin of -5.98%.
However, there are signs of potential improvement. InvestingPro Tips indicate that net income is expected to grow this year, and analysts predict the company will turn profitable. This optimism is reflected in the fact that 10 analysts have revised their earnings upwards for the upcoming period.
Investors should note that Bloom Energy's stock is trading at a high Price / Book multiple of 12.6, suggesting a premium valuation compared to its book value. This could be attributed to market expectations of future growth and profitability improvements.
For those seeking a deeper understanding of Bloom Energy's financial health and market position, InvestingPro offers 17 additional tips, providing a comprehensive analysis to inform investment decisions.
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