Bloom Energy (BE) Stock Rebounds 9% on Google and NTT DATA Power Deals
Key Takeaways
- •Bloom Energy announced two signed agreements on November 5 totaling 1,602 megawatts of contracted capacity: a 900 MW onsite power deal with NTT DATA covering global data center projects and a 702 MW fuel cell supply role for Google's $17 billion Wyoming data center campus.
- •The stock fell about 16% on November 6 after midterm elections saw most local referendums imposing limits on data centers pass, raising regulatory questions for AI power infrastructure projects.
- •Shares recovered 8.9% on Monday, November 9, opening at $173.35 with gains later exceeding 11%, as technical buyers entered near a $163 support level and Barclays upgraded the stock to Overweight.
- •Bloom's October 22 quarterly report beat expectations with EPS of $0.94 against a $0.69 estimate and revenue of $1.24 billion, up 138.1% year over year, alongside a raised full-year outlook.
- •Despite the rebound, the stock remains far below its 52-week high of $351.28, analysts maintain a Hold consensus with a $263.05 average price target, and insiders have sold roughly $21 million in shares over the past 90 days.
Bloom Energy Corporation (BE) shares jumped 8.9% in morning trading on Monday, November 9, rebounding from a sharp selloff at the end of the previous week. The stock opened at $173.35, and later quotes showed the gain extending above 11%.
The bounce follows a rough Friday. On November 6, Bloom dropped roughly 16% as midterm election results rattled companies tied to powering artificial intelligence data centers.
Lost in that selloff was a busy news day for Bloom. On November 5, one session before the drop, the company announced two agreements totaling 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, covering 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, the two deals add up to 1,602 MW announced in a single day.
The agreements highlight how power availability has become a gating factor in the AI buildout, with data center operators increasingly turning to onsite generation to secure large, constant loads rather than waiting on grid interconnections that can stretch for years. Converting those signed commitments into deployed capacity is the execution thread to follow from here.
News of the Google deal was shared on X by First Squawk on November 5:
GOOGLE SAYS THE FUEL CELLS FOR THE WYOMING PROJECT WILL BE MADE IN AMERICA – BLOG — First Squawk (@FirstSquawk) November 5, 2026
The stock nonetheless fell about 16% in the very next session. The trigger was the midterm vote, in which most local referendums imposing limits on data centers passed. The outcome raised questions about the rules governing AI power projects, underscoring that siting decisions for power-hungry AI infrastructure are increasingly contested at the local level — a regulatory thread likely to stay in focus for companies building data center capacity.
Buyers Return Near $163
Some investors now view the selling as overdone. 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.
Fuel cell peers moved higher alongside Bloom. FuelCell Energy rose 5.9%, and Plug Power gained 2.6%. The broader market provided a tailwind as well, with the S&P 500 up 1.5% and the Nasdaq up 1.8% during the session.
Strong Earnings Backdrop
The rebound comes against the backdrop of a strong quarterly report. Bloom last reported earnings on October 22, posting EPS of $0.94 against a $0.69 estimate. Revenue of $1.24 billion topped the $1.07 billion forecast, rising 138.1% from a year earlier. The company also raised its full-year outlook.
Despite the rebound, the stock remains well below its 52-week high of $351.28. Its 50-day moving average stands at $246.00, and its 200-day average at $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 rating.
Insiders have been sellers as well, unloading roughly $21 million worth of stock over the past 90 days. Among them, director Barbara Burger sold about $502,000 of stock. Elite Wealth Management moved in the opposite direction: in its latest 13F filing, the firm reported raising its Bloom stake by 195.8% in the third quarter, to about $7.7 million.
