Bloom Energy (BE) Stock Rebounds 9% on Google and NTT DATA Power Deals

TLDR

• Bloom Energy (BE) stock rose 8.9% in morning trading on Monday after a 16% drop on Friday.
• Two deals announced November 5, with NTT DATA and Google, total 1,602 MW.
• The selloff followed midterm votes that passed most local data center referendums.
• Buyers stepped in near $163 support, and FuelCell Energy and Plug Power also rose.
• The stock remains well below its 52-week high of $351.28.

Bloom Energy (BE) stock jumped 8.9% in morning trading on Monday, November 9. It opened at $173.35, and later quotes showed a gain above 11%.

Bloom Energy Corporation, BE

The bounce follows a rough Friday. The stock dropped about 16% on November 6 as election results rattled AI power names.

Lost in that selloff was a busy news day for Bloom. On November 5, the company announced two deals that add up to more than 1,600 megawatts of contracted capacity.

Two Deals Buried by the Selloff

The first is a 900 MW onsite power agreement with NTT DATA. It covers multiple data center projects around the world.

The second is a 702 MW role supplying fuel cells for Google’s new $17 billion data center campus in Wyoming. Both are signed commitments.

Put together, that is 1,602 MW announced in a single day. The stock then fell 16% the very next session.

The trigger was the midterm vote, where most local referendums on data center limits passed. That raised questions about the rules for AI power projects.

Buyers Return Near $163

Some investors now think the selling went too far. Technical buyers stepped in near $163, a support level that has held several times this year.

Barclays upgraded the stock to Overweight earlier this month. FuelCell Energy rose 5.9% and Plug Power gained 2.6% alongside Bloom.

The wider market helped too. The S&P 500 rose 1.5% and the Nasdaq climbed 1.8% during the session.

Bloom last reported earnings on October 22. It posted EPS of $0.94 against a $0.69 estimate, and revenue of $1.24 billion topped the $1.07 billion forecast.

Revenue rose 138.1% from a year earlier. Bloom also raised its full-year outlook.

The stock still sits well below its 52-week high of $351.28. Its 50-day average is $246.00, and its 200-day average is $220.98.

Analysts lean cautious. MarketBeat shows a consensus rating of Hold with an average price target of $263.05, based on one Strong Buy, eleven Buy, thirteen Hold and one Sell.

Insiders have also been sellers. They sold stock worth about $21 million over the last 90 days, and director Barbara Burger sold about $502,000 of stock.

Elite Wealth Management went the other way in its latest 13F filing. It raised its Bloom stake by 195.8% in the third quarter, to about $7.7 million.

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