Bloom Energy heads into its July 30 results having already absorbed a bruising month — down 34% — yet with options traders and short sellers both stepping back from the bearish extreme.
The options shift is the most striking development since the July 25 preview. The put/call ratio has eased further to 1.10, now running 1.7 standard deviations below its 20-day average of 1.23. That is a meaningful move toward calls in a stock that closed Tuesday at $166.84 after shedding another 11% in a single session. The previous article noted the bullish persistence in options even as the stock fell; that persistence has extended. The PCR 52-week low is 0.57, so positioning is not at an extreme, but the direction of travel — toward calls, into a falling tape — is unusual and worth flagging. Borrow conditions remain loose: availability is above 4,200%, and the cost to borrow has fallen 31% on the week to just 0.34%. No squeeze pressure, no lending-market tension.
Short interest has edged higher on the week — up around 7% — to 8.1% of the free float, a small reversal from the covering wave that dominated July. The absolute level is still well below the 12%-plus readings of early July, and with availability this deep, the incremental short build carries little urgency. The lending pool is effectively uncrowded. The divergence between what options traders are doing (buying calls) and what short sellers are doing (gently rebuilding positions) remains the central tension in the setup.
The analyst community has been busy. JP Morgan's Mark Strouse raised his target to $346 from $267 on July 21, maintaining Overweight — the most aggressive bull call from a bellwether name heading into the print. The broader consensus mean target of $286 implies roughly 71% upside from the current price, though that gap has been inflated by a stock that has lost a third of its value in a month. Targets from Susquehanna, UBS, and Evercore all cluster in the $298-$350 range, while Hold ratings from TD Cowen ($235), Truist ($250), and Jefferies ($246) reflect a more cautious middle ground. The bull case centres on surging demand for on-site power generation and Bloom's positioning as a clean infrastructure play; bears point to execution risk, hydrogen remaining a niche market, and a valuation that — even after the selloff — leaves the P/E above 53 and EV/EBITDA near 43.
One detail worth noting: insider activity in the 90 days through July 1 shows a net positive figure driven largely by stock awards, but the pattern of individual sales is consistent — the CCO, COO, CLO, and CAO all sold in June, with director John Chambers offloading $16 million in late May. None of those trades are large relative to the float, but the directional uniformity is notable context for a stock that had rallied sharply. EPS momentum tells a different story: the 90-day and 30-day readings rank in the 98th and 92nd percentiles respectively, with forward EPS growth ranked at 100 — the fundamental momentum underpinning the bull case remains intact even as the stock has repriced.
The July 30 print will test whether the underlying order book and margin trajectory justify the multiple that bulls were pricing in at $250-plus — or whether the selloff has already done the work of resetting expectations to a level the company can clear.
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