Bloom Energy Corp (NYSE:BE) has reported that its Chairman and CEO, Sridhar KR, sold a portion of his company shares on March 18, 2024. The transaction involved the sale of 50,746 shares of Class A Common Stock at an average price of $9.74, amounting to a total of approximately $494,266.
The shares were sold in multiple transactions with prices ranging from $9.69 to $9.84, indicating a calculated weighted average sale price. This sale was made to cover tax withholding obligations incurred upon the settlement of performance stock units (PSUs), as per the details provided in the associated footnotes of the SEC filing.
Prior to this sale, on March 15, Sridhar KR was granted shares as part of a PSU award, which was determined based on the achievement of certain financial performance criteria. The CEO partially met the performance criteria, resulting in a payout of 101,445 shares, which vested immediately upon the Compensation Committee's determination. The shares from this award were acquired at no cost ($0.00 per share).
Following these transactions, Sridhar KR's direct holdings in Bloom Energy Corp have been adjusted to 2,702,608 shares of Class A Common Stock. Additionally, the SEC filing disclosed indirect holdings by trusts, which did not change the number of shares indirectly beneficially owned by the CEO.
Investors often monitor the buying and selling activities of company executives as an indicator of their confidence in the firm's prospects. The recent transactions by Bloom Energy's CEO provide such data for consideration.
InvestingPro Insights
Amidst the recent transactions by Bloom Energy Corp's (NYSE:BE) CEO, the company's financial outlook and market performance offer additional context for investors. According to InvestingPro data, Bloom Energy has a market capitalization of $2.22 billion and has experienced a revenue growth of 11.2% over the last twelve months as of Q4 2023. Despite this growth, the company's revenue has seen a quarterly decrease of 22.84% in Q4 2023. Investors should note that the company's stock has fluctuated, with a 14.19% return over the last month but a significant 34.01% decrease over the past three months.
One InvestingPro Tip suggests that Bloom Energy's stock price movements are quite volatile, which aligns with the recent price total return data. Another tip points out that the company is quickly burning through cash, which may be of concern considering the negative operating income of approximately $85.21 million over the same period. This financial situation is reflected in the company's negative Price/Earnings (P/E) ratio of -6.96, adjusted to -9.89 for the last twelve months as of Q4 2023.
Investors interested in a deeper analysis of Bloom Energy Corp can find additional InvestingPro Tips by visiting InvestingPro. To enhance your investment research, use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription. Currently, there are several more InvestingPro Tips available, which may provide further insights into the company's financial health and stock performance.
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