Why This Was a Good Week to Plow Into Bloom Energy Stock
Key Points
It delivered a blowout third quarter.
The fuel cell developer also posted its fourth straight all-time high revenue figure.
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Stock market players were more than energized about Bloom Energy (NYSE: BE) over the past several trading days. Thanks to a well-received quarterly earnings report, a clutch of fresh analyst price target hikes, and some news on the financing front, the company's shares were on the rise.
As of early Friday morning, according to data compiled by S&P Global Market Intelligence, they had gained nearly 16% week to date.
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Four in a row
Bloom, a developer of cutting-edge fuel cell products, posted its third-quarter results on Tuesday. The company didn't hesitate to say that with its $519 million on the top line -- 57% higher year over year, by the way -- it notched its fourth straight all-time high revenue figure.
Image source: Getty Images.
Net income not according to generally accepted accounting principles (GAAP) also saw a supercharged leap, rising by 60% to exceed $34 million.
On average, analysts were collectively modeling only $428 million on the top line, and $0.10 per share for non-GAAP (adjusted) net income.
Inspired by that over-performance, analysts tracking Bloom wasted little time making bullish adjustments to their takes. Among the Bloom-watchers raising their price targets were Morgan Stanley, Mizuho, and HSBC.
A $1.75 billion move
Bloom also had news to report in the financing sphere. On Thursday, it divulged that it intended to float a $1.75 billion aggregate principal amount of convertible senior notes bearing interest of 0% and maturing on Nov. 15, 2030. The notes will be convertible into its class A stock, cash, or a mix of both, although it hasn't published any details yet.
Bloom said it would use its proceeds from the issue for "general corporate purposes," which include the support of research and development and its manufacturing efforts.
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HSBC Holdings is an advertising partner of Motley Fool Money. Eric Volkman has no position in any of the stocks mentioned. The Motley Fool recommends HSBC Holdings. The Motley Fool has a disclosure policy.
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