Should You Consider Adding Bloom Energy Corporation (BE) to Your Portfolio?

ClearBridge Investments, an investment management company, released its “ClearBridge Sustainability Leaders Strategy” third 2022 investor letter. A copy of the same can be downloaded here. The strategy outperformed its benchmark in the third quarter, the Russell 3000 Index. Only the industrial sector contributed positively to the strategy’s absolute performance among the ten sectors the strategy invested in. The significant performance detractors were materials, consumer discretionary, and real estate sectors. In addition, please check the fund’s top five holdings to know its best picks in 2022.

ClearBridge Investments highlighted stocks like Bloom Energy Corporation (NYSE:BE) in its Q3 2022 investor letter. Headquartered in San Jose, California, Bloom Energy Corporation (NYSE:BE) is a  power generation platform. On November 22, 2022, Bloom Energy Corporation (NYSE:BE) stock closed at $21.47 per share. One-month return of Bloom Energy Corporation (NYSE:BE) was 19.48%, and its shares lost 24.75% of their value over the last 52 weeks. Bloom Energy Corporation (NYSE:BE) has a market capitalization of $4.19 billion.

ClearBridge Investments made the following comment about Bloom Energy Corporation (NYSE:BE) in its Q3 2022 investor letter:

“We were active in repositioning the portfolio in the quarter as market crosswinds opened idiosyncratic opportunities, adding two new industrials companies. Bloom Energy Corporation (NYSE:BE) is an electrical equipment company that makes solid-oxide fuel cell systems for on-site power generation, serving a variety of industries. Its fuel cells convert natural gas, biogas or hydrogen into baseload (non-intermittent) electricity without combustion, so there is low or no carbon emission. We expect significant upside through its ability to support the growing hydrogen economy, with a large opportunity for this in South Korea and meaningful policy support in the U.S. via the IRA, while other markets include biogas, carbon capture and marine transportation. Its natural gas energy server business is growing in the U.S. amid higher grid reliability concerns.”

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Bloom Energy Corporation (NYSE:BE) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 24 hedge fund portfolios held Bloom Energy Corporation (NYSE:BE) at the end of the third quarter, which was 24 in the previous quarter.

We discussed Bloom Energy Corporation (NYSE:BE) in another article and shared the best green energy stocks to invest in. In addition, please check out our hedge fund investor letters Q3 2022 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.