New York, Jan 30, 2026, 14:05 ET — Regular session
- Shares dropped for the second day in a row following earlier sharp swings this week.
- Traders are digesting new analyst reports while gauging how much of the data-center power narrative is already baked into the price.
- Bloom Energy’s quarterly report, set for Feb. 5, is the next major checkpoint.
Bloom Energy shares fell 3.4% to $151.18 in afternoon trading, after an early pop gave way to a dip as low as $146.60. The stock hit an intraday high of $161.59, with roughly 6.8 million shares changing hands.
The stock continued its volatile slide following an 8.6% surge on Jan. 28. It dropped 5.4% on Thursday and slipped further on Friday, despite a broadly weaker market where the Nasdaq fell roughly 0.7% and the S&P 500 lost about 0.4%.
Why now? Nasdaq’s website published a report revealing that Barclays has started covering Bloom Energy, issuing an equal-weight rating. This neutral stance usually suggests the stock will perform roughly in line with its peers. The report also noted that the average one-year price target it tracked points to roughly a 30% drop from the recent closing price, highlighting just how lofty expectations have become following the recent surge.
The wider fuel-cell sector took a hit as well. Plug Power slid roughly 8.3%, FuelCell Energy dropped close to 7.8%, and Ballard Power Systems declined around 5.4%.
Bloom Energy’s surge this month is linked to bets on big data centers snapping up “behind-the-meter” power—generation installed on-site, behind the customer’s utility meter. A key catalyst: a Jan. 8 announcement from American Electric Power. One of its units agreed to buy solid oxide fuel cells worth about $2.65 billion for a plant near Cheyenne. The deal includes a 20-year offtake contract to sell power to an unnamed customer. A filing revealed that the offtake agreement hinges on conditions expected by Q2 2026. Reuters
The company has been leaning heavily into the “off-grid” narrative in its messaging. In a Jan. 20 report focused on data-center power, it noted a shift toward onsite generation and direct-current systems. “Data center and AI factory developers can’t afford delays,” said Natalie Sunderland. Bloom Energy
The trade isn’t one-sided. Large projects often face delays in permitting, fuel supply, equipment delivery, or customer financing. Contracts may include clauses that work both ways. Given the stock’s tendency for sharp intraday moves, any letdown in orders or margins could sting.
Bloom Energy is set to release its fourth-quarter 2025 earnings after the market closes on Feb. 5. The company will follow up with a conference call at 5 p.m. ET.
Investors want clarity on deployment plans, fresh details about large-site demand, and insight into the cash and capacity needed to handle volumes suggested by recent deals.
