Quick Read
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Bloom Energy beat Q2 estimates with 165% revenue growth, and BE shares surged 26% Thursday while FuelCell Energy stock jumped 27% on the sentiment wave.
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Plug Power stock lagged BE and FCEL with a 9% gain and remains up 4% YTD, while the HYDR Global X Hydrogen ETF surged 10%.
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CEO KR Sridhar declared Bloom Energy “the standard for AI onsite power,” but at 226x TTM P/E, execution risk remains elevated.
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Shares of Bloom Energy (NYSE:BE) are ripping higher Thursday, with the stock up 26% to $205.88 midday as the market finally digests Tuesday’s blowout Q2 report. FuelCell Energy (NASDAQ:FCEL) shares are right alongside, up 28% to $23.06. The fuel-cell complex is running in a broad risk-on tape, with the NASDAQ 100 up 3%.
Bloom Energy stock had lagged Wednesday, when the Q2 report was overshadowed by the Fed decision and a tech-sector wobble. Today, the good news is catching up.
Bloom’s Q2 Catches Up to the Tape
Bloom Energy reported Q2 FY2026 after the close on July 28, delivering revenue of $1.07 billion, up 165.5% year over year (YoY), and non-GAAP earnings per share of $0.78 against a $0.4066 consensus. Product revenue alone jumped 215.4%, driven by hyperscalers, neoclouds, and AI data center operators.
Bloom Energy’s management raised the company’s full-year 2026 revenue guidance to $3.9 billion to $4.2 billion and non-GAAP EPS to $2.55 to $2.85. CEO KR Sridhar declared that “Bloom is now a standard for AI onsite power” as major U.S. hyperscalers, neoclouds, AI labs, and colocation operators validate its fuel-cell systems.
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Mizuho Upgrade Pours On More Fuel
Analyst sentiment also seems to have provided fuel for the buyers today. Mizuho lifted its rating on Bloom Energy stock to Outperform from Neutral, though it set a Bloom Energy price target of $242, down from $285. The firm cited stronger-than-expected execution, accelerating margin expansion, and operating leverage materializing earlier than modeled.
The analysts also flagged Bloom’s “time-to-power advantage,” more than $27 billion of financing capacity, validation from all major U.S. hyperscalers, a backlog growing faster than revenue, and permitting progress in New Mexico. The price target trim reflected lower service-revenue assumptions and modest peer multiple compression.
Even after today’s ramp, Bloom Energy stock trades at a TTM P/E ratio of 226.32x. That’s a momentum-and-AI-power-demand valuation, and shares remain volatile. Bloom Energy stock is still up 136% year to date (YTD) despite a sharp drawdown over the prior month.
Peers and the Hydrogen ETF Follow the Move
FuelCell Energy has no immediately obvious company-specific news, so the 28% surge in FCEL shares reads as a sentiment sympathy rally tied to Bloom and the risk-on tape. Even so, FuelCell Energy stock is now up 212% YTD, with analyst ratings still cautious at a consensus target of $22.83.
Plug Power (NASDAQ:PLUG) stock is up 9% to $2.07 and remains the group’s relative laggard as it’s only up 4% YTD. There’s no Plug-specific catalyst today either.
The Global X Hydrogen ETF (NASDAQ:HYDR) is up 10% to $39.96, a sizable move for a sector fund. The ETF holds all three names, with Bloom Energy at 15.5%, Plug Power at 10.78%, and FuelCell Energy at 7.18% of net assets. That concentration cuts both ways, and investors should consider keeping their position sizes modest.
What To Watch
Investors can watch for whether Bloom Energy stock holds above $200 through the afternoon and whether FuelCell Energy shares fade without a fundamental catalyst behind them. Wall Street follow-through on Mizuho’s upgrade over the next few sessions will also be key.
The broader question is whether AI data center power demand can continue to drive fuel-cell valuations higher, or whether today’s move marks a near-term peak in sentiment. With Bloom trading at a premium multiple and FuelCell Energy still unprofitable, the execution risk remains elevated.
Position sizing matters here. These are high-beta names in a single thematic bucket, and the same market that lifted them today can reverse quickly on any hyperscaler capex commentary or rate repricing.
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Contact editorial@247wallst.com for any questions or corrections.
