Bloom Energy’s $9M insider stock sell-off raises eyebrows amid record growth
Bloom Energy, the fuel cell technology company, has seen a wave of insider share sales, totaling over $9 million in a single week. This comes amidst record-breaking revenue and ambitious expansion plans.
The company reported a staggering 57.1% year-over-year increase in revenue to $519 million in the third quarter. Bloom Energy plans to double its production capacity by 2026. However, several key executives have been selling their shares. Chief Accounting Officer Maciej Kurzymski sold shares worth $1.88 million, Director Jim H. Snabe sold $2.86 million, and Chief Legal Officer Shawn Marie Soderberg sold over $5.1 million.
In recent weeks, other directors and executives sold shares worth about $12 million at prices near the 52-week high. This includes Director Eddy Zervigon, Director Mary K. Bush, and Chief Legal Officer Shawn Marie Soderberg, who sold shares worth over $5.1 million. Despite this, Bloom Energy is pursuing an aggressive capital strategy, expanding a convertible bond issuance to $2.2 billion and negotiating a $600 million revolving credit facility.
The company's share price has been volatile, with a recent 7% plunge following a nearly 500% rally this year.
Bloom Energy's remarkable financial performance and expansion plans contrast with the significant share sales by its executives. While the company secures substantial capital, investors may be watching the insider sales closely as the share price continues to fluctuate.
