Bloom Energy heads into June with its post-earnings stock price holding near $303 — but the two most pointed signals in the data are both pointing the same way: shorts are rebuilding positions, and insiders are still selling into the rally.
The short interest story has shifted materially since last week's note. After the May 21 earnings beat triggered a brief pullback in short positioning, bears have returned with conviction. Short interest has climbed 13.7% over the past week to 12.3% of the free float — up from 10.9% flagged in the prior note and now running 32.6% higher than a month ago. The pace of rebuilding is accelerating: around 530,000 additional shares were added to short positions on June 2 alone. Despite the elevated short interest, the borrow market remains remarkably unconstrained. Availability is extremely loose at roughly 2,937% — meaning nearly 30 shares are available for every one already borrowed — and cost to borrow is barely above zero at 0.45%. With borrowing this cheap and this accessible, there is no mechanical friction preventing further short-side accumulation.
Options positioning is mildly defensive but not alarming. The put/call ratio at 1.16 sits just above its 20-day average of 1.14 — a z-score of 0.31, well short of the levels that would indicate real hedging urgency. The 52-week high on the PCR hit 1.31 in late May, and the current reading has retreated from that peak. Options traders are running slightly more cautious than their recent norm, but this is not a crowded defensive setup — more a holding pattern.
The Street has re-rated the stock aggressively post-earnings, but the consensus is split on direction from here. Every major firm lifted targets after the April 28 print: JP Morgan raised to $267 (Overweight), RBC Capital moved to $335 (Outperform), and Barclays subsequently raised again in mid-May to $254 despite keeping an Equal-Weight. The aggregate mean target is $263 — notably below the current price of $303. With the stock trading above where most analysts are willing to stand behind it, the bull case rests on the data-center power demand narrative and Bloom's Oracle relationship; the bear case points to customer concentration, execution risk, and a P/E above 99x. EPS momentum scores are exceptional — 90-day rank at the 97th percentile, 12-month forward EPS growth ranked in the top percentile universe-wide — but those are the factors the market has already priced. The ORTEX short score of 47.7 has drifted higher through the past two weeks, consistent with the rebuilding short interest.
The insider picture is consistent with last week's note and has not improved. The C-suite selling that defined the prior period has continued, with multiple executives moving shares in May. The net 90-day insider figure remains positive at roughly 525,000 shares only because the CEO received an 80,000-share award at zero cost on May 19. Strip that award out, and the cash-market signal from the suite remains one-directional. Goldman Sachs added nearly 7 million shares as of March 31, making it the most notable institutional buyer in the recent disclosure window. But among corporate insiders, the behaviour is unambiguous: selling a rising stock.
The next earnings event is July 30. Between now and then, the tension worth tracking is whether the short interest rebuild above 12% of float continues to accelerate as the stock trades above analyst consensus targets — or whether the borrow market's extreme looseness draws in enough fresh shorting to pressure the price before the next catalyst arrives.
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