Bloom Energy Corp. (NYSE:BE) stock moved higher Tuesday as investors continued to focus on the company’s power solutions for AI data centers.
Broader market sentiment was also positive. Nasdaq futures rose 0.61%, while S&P 500 futures gained 0.59%.
Barclays raised its price forecast on Bloom Energy to $308 from $276 on Friday. On Sept. 28, RBC Capital reiterated its Outperform rating and $335 price forecast.
Virginia Energy Plan Highlights Fuel Cells
The Virginia Department of Energy released its 2026 Virginia Energy Plan on Thursday. The plan outlines a “Clean-First, Least-Cost” path toward a net-zero power sector by 2050 under the Virginia Clean Economy Act.
One of its seven strategies focuses on ensuring data center growth supports the state’s energy goals.
RBC analyst Christopher Dendrinos said the plan creates a “non-combustion gas resource” category. It also identifies fuel cells as a preferred option for near-term reliability needs.
The plan calls for up to 5 gigawatts of such capacity between 2029 and 2035.
RBC Sees Faster Deployment
Dendrinos highlighted several advantages of fuel cells. These include lower local emissions and deployment timelines of 18 to 24 months, compared with years for conventional gas plants.
He also cited their shorter asset lives, which could reduce the risk of long-term carbon lock-in. In addition, fuel cells can connect to distribution infrastructure without requiring major new pipeline investments.
“Electricity demand is rising rapidly, and our energy system will need to grow at a pace we have not seen in more than 80 years,” Virginia Gov. Abigail Spanberger wrote.
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Technical Analysis
Bloom Energy remains in a strong long-term uptrend.
The stock trades about 7.3% above its 20-day simple moving average, 22.7% above its 50-day SMA and 40.7% above its 200-day SMA.
The 20-day SMA is also above the 50-day SMA, while the 50-day SMA remains above the 200-day SMA. That structure points to bullish short-, medium- and long-term trends.
Momentum indicators are also positive. The MACD remains above its signal line, while the histogram is positive. That suggests buying momentum continues to strengthen.
Bloom Energy remains below its 52-week high of $351.28, set in June. However, it is well above its 52-week low of $75.70.
Traders may now watch for a higher low followed by another attempt to challenge the upper end of the stock’s range.
- Key resistance: $302.50, a nearby area that could slow further gains.
- Key support: $251.50, an area where buyers previously stepped in.
Top ETF Exposure
Several clean-energy ETFs have significant exposure to Bloom Energy:
- iShares Global Clean Energy ETF (NASDAQ:ICLN): 9.19%
- First Trust NASDAQ Clean Edge Green Energy Index Fund (NASDAQ:QCLN): 9.89%
- VanEck Low Carbon Energy ETF (NYSE:SMOG): 7.24%
Bloom Energy’s relatively large weighting means flows into or out of these ETFs can also influence demand for the shares.
Price Action
BE Stock Price Activity: Bloom Energy shares were up 3.04% at $295.36 at the time of publication Tuesday, according to Benzinga Pro data.
Photo by Michael Vi via Shutterstock
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