The escalating Bloom Energy share price and its notable 85% increase within a two-week period are being attracting attention.
Investors in Bloom Energy (BE 4.34%) are currently having a wild ride. Following a staggering 45% gain in a single day last week, the hydrogen fuel cell maker's shares continued to soar, increasing by 18% before 10:30 a.m. ET on Friday, as provided by S&P Global Market Intelligence.
At this point, Bloom Energy's share price has skyrocketed an astonishing 89% in just two weeks.
The analysts are thrilled about Bloom Energy
Several analysts have expressed optimism about Bloom Energy this week and have raised their price targets on the stock. Some of these analysts include:
- RBC Capital Markets: New price target of $28 per share, up from $15 a share.
- BMO Capital: Increased price target to $19.5 per share from $12 a share.
- Morgan Stanley: New price target of $28 per share, up from $20 apiece.
- Wells Fargo: Upped price target to $22 per share from $14 a share.
One significant event from Bloom Energy has caught the attention of the analyst community.
Bloom Energy has entered into an agreement with American Electric Power to supply the utility with up to one gigawatt (GW) of fuel cell products, starting with an order of 100 megawatts of fuel cells to power American Electric's artificial intelligence data centers. Future orders are expected in 2025.
This deal represents a significant milestone for Bloom Energy, as the company has only deployed approximately 1.3 GW worldwide since its inception. As a result, this agreement with American Electric Power alone amounts to more than 75% of all business Bloom Energy has conducted to date.
What's on the horizon for Bloom Energy stock?
Bloom Energy experienced a strong year in 2023, with its revenue increasing by 11% to a record high of $1.3 billion, and its gross margin rising to 14.8% from 12.4% in 2022. The company currently anticipates revenue of $1.4 billion to $1.6 billion in 2024.
Although Bloom Energy's stock has seen a dramatic rise in just two weeks, its agreement with American Electric Power could potentially open up substantial opportunities for the company. If Bloom Energy is able to capitalize on these opportunities, the stock could prove to be a profitable investment in the long term.
Given the current momentum of Bloom Energy's stock, investors who are interested in finance and money might consider further investing in this company. The recent agreement with American Electric Power to supply up to 1 GW of fuel cell products could lead to significant growth opportunities for Bloom Energy, potentially making it a lucrative long-term investment.
