Shawn Marie Soderberg, an executive at Bloom Energy Corp (NYSE:BE), has sold shares in the company worth $30,425. The transactions took place on July 16, 2024, with a weighted average sale price per share of $14.53. The sold shares were part of a tax withholding obligation related to the settlement of restricted stock units (RSUs), under a Rule 10b5-1 trading plan that Soderberg adopted on February 24, 2023.
The sales were executed in multiple transactions, with prices ranging from $14.25 to $14.83 per share. The specific number of shares sold at each price can be provided upon request by the SEC, the issuer, or a security holder of the issuer, as noted in the footnotes of the SEC filing.
In addition to the sales, Soderberg also acquired 4,118 Class A Common Stock shares on July 15, 2024, through the vesting of RSUs. These transactions were reported with a transaction price of $0, indicating that they were likely part of a pre-determined vesting schedule rather than open market purchases.
Following the reported transactions, Soderberg's direct holdings in Bloom Energy Corp Class A Common Stock amounted to 168,867 shares. Additionally, the executive indirectly holds 396,731 shares through The Shawn M. Soderberg 2005 Trust, where Soderberg serves as the trustee.
The SEC filing also indicates that Soderberg holds the position of Chief Legal Officer and Corporate Secretary at Bloom Energy Corp. The company, based in San Jose, California, specializes in manufacturing electrical industrial apparatus and is incorporated in Delaware.
In other recent news, Bloom Energy Corporation has been making strategic moves to meet the growing energy demands of various sectors. The company has entered a partnership with CoreWeave, Inc., to install its fuel cells at a CoreWeave data center in Illinois, scheduled for commissioning in Q3 2025. This collaboration aims to provide reliable on-site power generation for CoreWeave's AI computing solutions.
Bloom Energy has also partnered with Sembcorp Industries to deliver low-carbon electricity in Singapore, a development that has led RBC Capital to maintain its Outperform rating for the company. In addition, Bloom Energy has welcomed Gary Pinkus, Chairman of McKinsey & Company in North America, to its board, bringing extensive governance and leadership expertise.
Furthermore, the company's carbon capture technology, combined with its fuel cell system, shows promise in meeting increasing energy demands and emissions reduction goals. These recent developments indicate Bloom Energy's continuous efforts to advance in the energy sector.
InvestingPro Insights
Bloom Energy Corp (NYSE:BE) has recently seen noteworthy activity in its stock performance and financial metrics. According to InvestingPro data, the company's market capitalization stands at $3.47 billion, reflecting investor valuation of the firm. Despite a challenging quarter with revenue growth at -14.5% in Q1 2024, the stock has delivered a significant return over the last week, with a 19.38% increase in its price total return. This aligns with an InvestingPro Tip highlighting the stock's volatility and considerable return over the last week, suggesting that investors may be responding to short-term factors or market sentiment.
While the company's P/E ratio is currently negative at -11.56, indicating that it is not profitable over the last twelve months, analysts are optimistic about its future earnings potential. This is underscored by another InvestingPro Tip, which suggests that net income is expected to grow this year. Furthermore, the company is trading at a high Price / Book multiple of 7.34, which could suggest that the market is pricing in growth or other potential that might not be evident from the current earnings figures.
For investors seeking a deeper dive into Bloom Energy Corp's prospects, additional insights are available on InvestingPro. There are 11 more InvestingPro Tips for a comprehensive understanding of the company's financial health and future outlook. Readers can use the coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription for more detailed analysis and metrics.
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