Bloom Energy Stock Brushes Off Bull Notes

The stock has erased its strong premarket gains

Deputy Editor
Jan 10, 2024 at 11:07 AM
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The shares of Bloom Energy Corp (NYSE:BE) have erased their premarket lead, which came after Baird upgraded the hydrogen producer to "outperform" from "neutral," and raised its price target to $22 from $16. The firm cited a myriad of catalysts, including cost reductions and manufacturing improvements. Jefferies threw in a price-target hike as well, raising it to $29 from $24. 

At last glance, BE was down 0.3% at $13.27, with close support from its 50-day moving average. The stock has been trading choppily since its Oct. 30, more than three-year low of $9.51, and is sporting a 39.1% year-over-year deficit. 

Though short interest has been unwinding, it still represents 15.9% of the Bloom Energy stock's available float. It would take shorts nearly six days to cover their bets, at the equity's average pace of trading. 

Meanwhile, at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), puts have been traded at a higher rate than usual. This is per BE's 10-day put/call volume ratio of 1.06, which ranks higher than 89% of readings from the past year. 


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