Why Bloom Energy Stock Jumped 10% Tuesday Morning But Then Dropped Quickly
Key Points
Wall Street is aggressively speculating that Bloom Energy could join the S&P 500 index.
Meanwhile, one analyst awarded a rival stock with a massive price target upgrade.
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Shares of Bloom Energy (NYSE: BE) shot 10.7% higher within minutes of the market's opening on Tuesday but gave up all of those gains rapidly as the day progressed. As of 2 p.m. ET, the hydrogen stock was barely in the green.
Bloom Energy stock rose on speculation, but it's worth knowing what it was.
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The two catalysts that sent Bloom Energy stock soaring
The S&P Dow Jones indexes has officially announced that Marvell Technology and Flex will be added to the S&P 500, effective prior to the market's opening on June 22, 2026.
Bloom Energy is not being added, but speculation is ripe that it could be next in line, now that its market capitalization is hovering at $70 billion. The stock also fulfills the other criteria required to join the S&P 500 index, including float, trading volume, and profitability in the last four quarters combined.
In late April, Bloom Energy reported 130% year-over-year growth in revenue and net income of $70 million for its first quarter. That profit means Bloom Energy is now profitable on a rolling four-quarter GAAP basis.
When a company is added to the S&P 500, passive index funds and exchange-traded funds are obligated to buy shares to mirror the index, and that anticipation likely drove Bloom Energy shares higher today.
Also, Canaccord Genuity may have played a role in the hydrogen stock's early morning spike. Canaccord analyst George Gianarikas upgraded rival FuelCell Energy (NASDAQ: FCEL) stock to buy, raising its price target significantly from $12 per share to $30 per share. Gianarikas expects FuelCell to secure a major data center contract in the coming months, and believes the company could replicate Bloom Energy's commercial success and become an important supplier to the power-hungry artificial intelligence (AI) data center market.
What this means for Bloom Energy stock
Regardless of whether Bloom Energy stock joins the S&P 500 or not, it remains a compelling buy.
Although the specific analyst upgrade and massive price target hike were handed over to a rival, they validate the fuel cell addressable market and confirm Bloom Energy's position as the industry bellwether. The company is also firing on all cylinders, projecting nearly 80% growth in revenue for 2026. Among its latest contracts, Bloom Energy expanded its partnership with tech giant Oracle to supply up to 2.8 gigawatts of fuel cell systems for its AI projects.
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Neha Chamaria has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Bloom Energy, Marvell Technology, and Oracle. The Motley Fool recommends Flex. The Motley Fool has a disclosure policy.
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