NEW YORK, June 28, 2026, 16:01 EDT
- Bloom Energy NYSE:BE dropped 18.5% Friday. Trading hit 57.20 million shares, more than the previous four sessions together.
- FTSE Russell has shifted Bloom out of the Russell 2000 and into the Russell 1000. Monday is the first day that change takes effect.
- Bloom shares on Friday traded around 20x the midpoint of its 2026 revenue forecast at its market cap.
Bloom Energy Corporation NYSE:BE is coming off a wild week. Shares ended Friday at $252.02, down 18.49% on the day. That’s after closing Monday at $345.85. The stock turned over 57.20 million shares Friday, topping the 46.95 million shares traded from Monday through Thursday.
FTSE Russell said Bloom was among 42 companies getting bumped up from the Russell 2000 to the Russell 1000, and called Bloom the biggest stock by size and weight dropping out of the Russell 2000 Growth benchmark. LSEG said the updated indexes went into effect after the U.S. market closed on June 26.
| Bloom Energy daily tape | Close | Day move | Volume |
|---|---|---|---|
| Jun. 22 | $345.85 | up 5.15% | 11.31 mln |
| Jun. 23 | $321.98 | down 6.90% | 11.49 mln |
| Jun. 24 | $326.19 | added 1.31% | 11.02 mln |
| Jun. 25 | $309.18 | fell 5.21% | 13.13 mln |
| Jun. 26 | $252.02 | slid 18.49% | 57.20 mln |
Bloom dropped 18.49% on Friday, taking a much harder hit than the broad and clean-energy ETFs. SPDR S&P 500 ETF Trust (NYSEARCA:SPY) lost around 0.5%, iShares Global Clean Energy ETF NASDAQ:ICLN slid about 4.0%, and First Trust Nasdaq Clean Edge Green Energy Index Fund (NASDAQ:QCLN) dropped roughly 5.6%. Numbers are based on stated last prices and dollar moves.
| Friday comparison | Last price | Friday move |
|---|---|---|
| Bloom Energy NYSE:BE | $252.02 | -18.49% |
| SPDR S&P 500 ETF Trust (NYSEARCA:SPY) | $728.99 | -0.5% |
| iShares Global Clean Energy ETF NASDAQ:ICLN | $19.50 | -4.0% |
| First Trust Nasdaq Clean Edge Green Energy Index Fund (NASDAQ:QCLN) | $57.40 | -5.6% |
Jefferies analyst Steven DeSanctis told Reuters ahead of the rebalance that Friday might see a “really massive trade.” Stephens analyst Melissa Roberts called it a “key liquidity day.” Reuters said Bloom was shifting out of the Russell 2000 to join the Russell 200 megacap index, after climbing more than 1,000% over the past year on AI data-center power deals. Reuters
Nasdaq, Inc. NASDAQ:NDAQ reported its Closing Cross moved 4.59 billion shares, totaling $334.03 billion in value, during the June Russell reconstitution for Nasdaq-listed stocks. The exchange said the new Russell membership kicks in when trading opens on June 29. Nasdaq added about $10.6 trillion of assets are tied to or invested in products tracking Russell U.S. indexes.
Valuation is the key issue. Google Finance puts Bloom’s market cap at $71.69 billion, with 10.75 million shares trading on average and 284.44 million shares outstanding. With that share count, the move from Monday’s close to Friday’s close wiped out roughly $26.7 billion of implied equity value.
| Bloom valuation check | Figure |
|---|---|
| Market cap at Friday close | $71.69 bln |
| 2026 sales target, midpoint | $3.60 bln |
| Market cap to sales target | 19.9x |
| 2026 non-GAAP EPS target, midpoint | $2.05 |
| Price to non-GAAP EPS target | 123x |
The bull side is still about execution. In April, Bloom posted Q1 revenue of $751.1 million, up 130.4%. Product revenue landed at $653.3 million, up 208.4%. The company lifted its 2026 revenue forecast to $3.4 billion-$3.8 billion and its non-GAAP EPS range to $1.85-$2.25. CEO KR Sridhar said Bloom is turning into the “go-to choice” for on-site power. CFO Simon Edwards wants to “scale the business.” Bloom Energy Investors
Wall Street analysts remain divided on the stock. According to Google Finance, 19 analysts published ratings over the past three months: nine have buy ratings, 10 are at hold, and none are at sell. The average 12-month target price is $268.21, with the highest at $335 and the lowest at $179. Most recent calls listed are Barclays’ Christine Cho CFA with a hold and $276 target dated June 23, and UBS’ Manav Gupta at buy with a $322 target from June 18.
Four standard sessions on the calendar this week. NYSE core hours are 9:30 a.m. to 4:00 p.m. ET. Friday, July 3, is marked closed for Independence Day observed. For Bloom, watch the $247.74 low and $252.02 close from Friday, plus $268.21 as Google Finance’s analyst target and Barclays at $276.
