Bloom Energy (BE) Stock Reverses Hard — Here’s What Triggered the Selloff

TLDR

• Bloom Energy stock dropped ~10.7% to $276.16, pulling back from a 52-week high of $351.28 set the prior session
• A Chevron-Microsoft deal using natural gas turbines for a Texas data center raised competition concerns for Bloom’s fuel cell tech
• Short-seller Jim Chanos called the AI energy space a bubble; Barclays set a price target of $276 — right at current levels
• Last quarter, Bloom posted EPS of $0.44 vs. a $0.12 estimate, with revenue up 130.4% year-over-year to $751 million
• Insiders have sold over $83 million in stock net over the past twelve months; Wall Street consensus is “Moderate Buy” with a $224.36 target

Bloom Energy (BE) stock dropped 10.7% in morning trading on June 26, hitting $276.16 — a sharp reversal after the stock touched a 52-week high of $351.28 the prior session.

Bloom Energy Corporation, BE

The selloff came after a run that few saw coming. Over the past twelve months, BE surged more than 1,300%, riding the wave of AI data center power demand. That kind of move tends to attract profit-takers, and that’s exactly what happened.

The stock opened Friday at $257.80, giving it a market cap of $73.33 billion. Its beta sits at 3.73 — a reminder that what goes up fast can come down just as quickly.

A few catalysts hit at once. Chevron and Microsoft announced a deal to use natural gas turbines to power a Texas data center. That’s a direct signal to the market that Bloom’s fuel cell systems have credible competition in the AI infrastructure race.

Then came the DOE’s announcement of $17.5 billion in nuclear energy financing, adding yet another power source into the conversation for AI infrastructure.

Short-seller Jim Chanos weighed in publicly, calling the AI energy space a bubble. That kind of commentary tends to land harder when a stock is already trading above its analyst consensus target.

Barclays raised its price target on June 23 to $276, maintaining an Equal Weight rating. That target landed right at current trading levels — which some read as a ceiling rather than a floor.

Analyst Targets and Institutional Activity

Not everyone is bearish. Morgan Stanley has an Overweight rating with a $310 target. Royal Bank of Canada went higher, reaffirming Outperform with a $335 target. BTIG Research set a Buy with a $295 target. The consensus from MarketBeat sits at “Moderate Buy” with an average target of $224.36.

Institutional investors own 77% of the stock. Apella Capital opened a new position in Q1, buying 4,950 shares worth approximately $671,000. Several other firms including WPG Advisers and Ritholtz Wealth Management also added to their positions in Q4.

But insider activity tells a different story. Over the past twelve months, insiders have sold more than $83 million net. In June alone, two insiders sold a combined total of over $1.6 million in stock — though both sales were disclosed as tax-related transactions tied to vesting equity awards.

Strong Earnings, But Rich Valuation

Bloom’s last earnings report, released April 28, beat expectations handily. The company posted EPS of $0.44 against a consensus estimate of $0.12, and revenue came in at $751 million — up 130.4% year-over-year versus expectations of $539.94 million.

The company set FY2026 guidance at $1.85 to $2.25 EPS. Analysts expect $1.31 for the full year.

Fuel cell peers also saw selling pressure. FuelCell Energy and Plug Power both pulled back in recent sessions, pointing to a broader rotation out of high-momentum AI energy names.

Bloom’s 50-day moving average stands at $274.84. Its 200-day sits at $185.22. The next major catalyst is the company’s next earnings report, expected in late July.

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