Bloom Energy (BE) Stock Tanks 18% — Here’s What Triggered the Selloff – CoinCentral

TLDR

• BE stock fell sharply from a 52-week high, pulling back after a 1,300%+ surge over the past twelve months
• A Chevron-Microsoft deal to use natural gas turbines for a Texas data center raised questions about fuel cell competition
• The DOE announced $17.5 billion in nuclear energy financing, adding another rival power source to the mix
• Short-seller Jim Chanos called the AI energy space a bubble; Barclays set a price target of $276 — right at then-current trading levels
• Insiders have sold over $83 million net in BE stock over the past twelve months, adding caution for investors

Bloom Energy (BE) stock dropped as much as 18.49% on Friday, hitting $252.02 intraday after touching a 52-week high the session before. The stock had been trading around $309 before the slide began.

Bloom Energy Corporation, BE

The pullback comes after BE climbed more than 1,300% over the past twelve months. That kind of run leaves a stock exposed when sentiment turns.

Profit-taking kicked off the selling. When a stock moves that fast, it doesn’t take much to flip the mood.

But a few specific catalysts sharpened the drop. Chevron and Microsoft announced a deal to power a Texas AI data center using natural gas turbines — not fuel cells. That’s a direct signal that BE’s technology has real competition in the AI infrastructure space.

The U.S. Department of Energy also announced $17.5 billion in nuclear energy financing this week. That puts another power source into the conversation as tech companies look to feed their data center demand.

Short-Seller Piles On

Jim Chanos, a well-known short-seller, publicly stated that the AI energy space is in bubble territory. His comments gained traction given that BE was already trading well above most analyst price targets.

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Barclays raised its price target on BE to $276 on June 23rd, with an Equal Weight rating. That placed a ceiling almost exactly at where the stock was trading, making the bullish case harder to argue.

The broader market didn’t offer much cover either. The S&P 500 and Nasdaq were both near flat on the day, meaning this was entirely a BE-specific move.

Fuel cell peers weren’t spared. FuelCell Energy and Plug Power also saw selling pressure in recent sessions, pointing to a broader rotation out of high-momentum AI energy names.

Insider Sales and Institutional Moves

Insider selling has been a running theme. Company insiders sold more than $83 million net in BE stock over the past twelve months. Director John T. Chambers sold 55,000 shares on May 28th at $297.69 per share, a transaction worth over $16.3 million. Insider Shawn Marie Soderberg sold 35,000 shares at $279.00 on April 29th.

Despite some insiders cashing out, institutional ownership remains high at 77.04%.

On the fundamental side, BE’s most recent quarterly earnings were strong. The company reported EPS of $0.44 versus a $0.12 consensus estimate. Revenue came in at $751.05 million, well ahead of the $539.94 million expected — up 130.4% year-over-year.

Wesbanco Bank reduced its BE position by 43.9% in Q1, leaving it with 29,932 shares valued at around $4.05 million.

The stock’s average analyst rating is Moderate Buy, with an average price target of $224.36. UBS has the highest target at $322.00.

BE’s next earnings report is expected in late July.