Bloom Energy (BE) Stock Drops 7% as TD Cowen Flags Data Center Project Delays

TLDR

• Bloom Energy dropped 7.2% to $199.49 after TD Cowen reiterated a Hold rating with a $235 price target
• TD Cowen flagged delays on Oracle’s Project Jupiter and an AEP data center deal as key risks to 2027–2028 revenue
• The stock is down roughly 39% from its all-time high of $351.28 set in late June
• A short-seller report from Hunterbrook Media earlier this month raised concerns about supply-chain exposure and accounting practices
• Q2 2026 earnings are scheduled for July 28; consensus analyst rating is Hold with an average price target of $250.41

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Bloom Energy (BE) fell 7.2% in morning trading on Monday, dropping to $199.49, after TD Cowen published a note reiterating its Hold rating and $235 price target on the stock.

Bloom Energy Corporation, BE

The analyst note said the stock looks fully valued at current levels. TD Cowen pointed to delays at two of Bloom Energy’s most important data center projects as the main concern.

The two projects flagged are Oracle’s Project Jupiter and a contracted deal with AEP. Both are seen as execution risks that could hurt revenue in 2027 and 2028.

Oracle’s Project Jupiter has faced two regulatory rejections for an air permit in New Mexico. New York has also enacted a statewide moratorium on new data center construction, adding another layer of uncertainty.

TD Cowen did acknowledge some positives. Potential new orders in Texas and Spain were flagged as near-term opportunities, but they weren’t enough to change the overall cautious view.

The stock has now fallen around 39% from its all-time high of $351.28, which was set in late June. That’s a steep drop in a short period.

Short-Seller Report Adds Pressure

Earlier this month, short-seller Hunterbrook Media published a report raising questions about Bloom Energy’s supply-chain exposure and accounting practices. That report shook investor confidence in the company’s AI-power growth story.

BMO Capital also initiated coverage with a Hold rating on July 17, adding to a growing chorus of cautious analyst views.

The broader market wasn’t to blame for today’s move. The S&P 500 was up 0.2% and the Nasdaq gained 0.4%, making Bloom’s decline entirely company-specific.

Bloom Energy trades at a price-to-book ratio of over 66x. That elevated valuation is making investors nervous, especially with the project delay concerns now front and center.

Institutional activity has been mixed. Trivest Advisors cut its stake by 12.9% in Q1, selling 145,000 units and leaving it with 980,000 worth around $132.8 million. Bloom Energy still makes up 9.6% of Trivest’s portfolio.

Insiders Have Been Selling

Director John T. Chambers sold 55,000 units at $297.69 on May 28, a transaction worth over $16.3 million. Director Mary K. Bush sold 25,000 units at $266.96 on May 7, worth around $6.7 million.

In total, insiders have sold 153,617 units worth approximately $44 million over the past three months.

Despite the selling, Bloom Energy posted a strong Q1 beat. The company reported EPS of $0.44 versus the $0.12 consensus estimate and revenue of $751.05 million, up 130.4% year over year.

The company raised its FY 2026 guidance to $1.85–$2.25 EPS following that result.

Q2 2026 earnings are scheduled for July 28. Investors will be watching closely for any update on the Oracle and AEP project timelines.