Bloom Energy Corporation (NYSE: BE) has seized the spotlight after announcing a landmark agreement with American Electric Power (NASDAQ: AEP) to supply up to one gigawatt (GW) of solid oxide fuel cells.
Why Bloom Energy Stock Is Surging and Is Up Over 85% in Just 2 Weeks
Bloom Energy (NYSE: BE) saw its stock surge nearly 59% on November 15, becoming the top gainer on the NYSE after announcing a major deal with American Electric Power (NASDAQ: AEP) to supply up to 1 gigawatt (GW) of solid oxide fuel cells.
George Tsilis joins Under 30 to discuss Bloom Energy, an alternative energy play in hydrogen fuel cells. He compares these fuel cells to nuclear plant plays.
U.S. stocks traded lower toward the end of trading, with the Dow Jones index falling by more than 300 points on Friday.
Why Bloom Energy Stock Rocketed 48% on Friday
Last week, stationary fuel cell system provider Bloom Energy reported disappointing third quarter results, with both top- and bottom-line results falling well short of consensus expectations. Management attributed the underperformance to project delays but reiterated full-year expectations which looks like an overly aggressive target now. While analysts have reduced price targets across the board, shares have rallied approximately by 30% likely due to growing investor excitement over Bloom Energy's alleged AI data center opportunity.
Bloom Energy could be about to turn profitable.
Bloom Energy (NYSE: BE), a global leader in solid oxide fuel cell (SOFC) and electrolyzer (SOEC) technologies, has announced a landmark project to deploy fuel cells at the largest single-site installation in history. This 80 MW initiative,developed in partnership with SK Eternix, will provide reliable, sustainable energy to support critical infrastructure and regional growth at two ecoparks in South Korea.
Start Time: 17:00 January 1, 0000 5:57 PM ET Bloom Energy Corporation (NYSE:BE ) Q3 2024 Earnings Call November 07, 2024, 17:00 PM ET Company Participants KR Sridhar - Founder, Chairman and CEO Dan Berenbaum - CFO Michael Tierney - VP, IR Conference Call Participants Andrew Percoco - Morgan Stanley Manav Gupta - UBS Chris Dendrinos - RBC Capital Markets Noel Parks - Tuohy Brothers Dushyant Ailani - Jefferies Sherif Elmaghrabi - BTIG Ameet Thakkar - BMO Capital Markets Henry Roberts - Truist Securities Martin Malloy - Johnson Rice Chris Senyek - Wolfe Research David Sunderland - Baird Brett Castelli - Morningstar Colin Rusch - Oppenheimer Tim Moore - Clear Street Operator Hello, and welcome to Bloom Energy Third Quarter 2024 Earnings Conference Call. Please note that this call is being recorded.
Bloom Energy (BE) came out with a quarterly loss of $0.01 per share versus the Zacks Consensus Estimate of $0.09. This compares to earnings of $0.15 per share a year ago.
Industrials stocks have thrived in the last year amid a rush of spending, much due to the Inflation Reduction Act, the CHIPS and Science Act, and other government support. The benchmark Industrial Select Sector SPDR Fund NYSEARCA: XLI is up more than 36% in the last year as a result.