Two short-seller attacks in a single month would normally crush conviction in any growth stock, but Bloom Energy’s case is proving more nuanced. A growing chorus of Wall Street analysts is pushing back against the bearish narrative, even as the shares have tumbled more than a third from their all-time high. The real test arrives on July 28, when second-quarter earnings give management a chance to address the supply-chain allegations head‑on with audited financials.
By Thursday’s close, the fuel cell maker’s stock had slid to 200.00 euros, a 4.08% loss on the day and a drop of more than 35% from the record high of 308.50 euros set just a month earlier on June 25. The week had already been punishing — a loss of 11.11% — and the monthly deficit stood at 17.36%. A sharp 6% rally on the day Hunterbrook Media published its critical report on July 8 evaporated almost immediately, and the broader fuel cell sector’s retreat compounded the damage with an 8% single-day rout.
The analyst community, however, is far from united in its gloom. RBC Capital stands as the most aggressive defender, reiterating a buy rating with a $335 price target and dismissing the short-seller claims as factually flawed. The bank argues that the material-consumption estimates ignore a decade of improvements and that critics conflate current supply volumes with available capacity. Mizuho holds a neutral stance with a $285 target, Baird maintains its “Outperform” at $310, and Clear Street lifted its price objective to $290 from $250 on July 1, albeit with a “Hold” rating that reflects lingering valuation caution.
Jefferies offers the most cautious bull case. It raised its target to $246 from $207 — a 19% increase — but refused to upgrade the stock beyond “Hold.” The reason: the share price already embeds a very favorable scenario through 2030. Jefferies projects EBITDA of $4.3 billion by that year, a full $400 million below the consensus estimate. While the bank acknowledges that AI-driven data center demand and marquee contracts such as Oracle’s Project Jupiter and the expanded Brookfield financing strengthen Bloom’s market position, it also points to real execution risks. The AEP Wyoming agreement and air-permit delays for Project Jupiter still carry meaningful approval and contract uncertainty.
The short-seller attacks themselves are two-pronged. Hunterbrook Capital centered its accusations on Bloom’s reliance on Chinese scandium for its fuel cells, while Crossroads Capital separately disclosed its own short position. Bloom Energy has rejected the allegations, stating its supply chain is transparent and capable of producing up to 25 gigawatts of fuel cells annually. RBC Capital’s note gave credence to that defense, calling the dependency a legitimate but already-disclosed risk — addressed in an 8-K filing and a company blog post — and urging investors to use the dip as an entry point.
Should investors sell immediately? Or is it worth buying Bloom Energy?
None of this debate changes the underlying operational momentum. First-quarter 2026 revenue surged 130.4% to $751.1 million, with product revenue jumping 208.4% to $653.3 million. GAAP operating income hit $72.2 million, and on a non‑GAAP basis it reached $129.7 million. Management now expects full-year revenue of $3.4 billion to $3.8 billion, implying roughly 80% growth from the prior year. The problem is the price paid for that growth. With a market capitalization of about 58.1 billion euros, Bloom Energy trades at roughly 28 times revenue — a multiple nearly eight times the sector average of 3.75 times for green‑energy companies.
The technical picture reflects the tug‑of‑war between optimism and doubt. The 50‑day moving average sits at 242.91 euros, meaning the stock is 17.66% below that level. Yet the 200‑day average of 143.38 euros still leaves the shares almost 40% above it, signaling that the longer‑term uptrend remains intact. The relative strength index of 40 is neutral, but the annualized 30‑day volatility of over 109% reveals how violently sentiment can swing in either direction.
Despite the summer sell‑off, the longer‑term returns are staggering. The stock is up 137.56% year‑to‑date and 842.29% over the trailing twelve months. That kind of move inevitably raises the valuation debate, and the divergence between Jefferies’ measured view and the more enthusiastic peers underscores how much the future depends on the execution of those high‑profile AI‑data‑center deals.
All eyes now turn to July 28. That is when Bloom Energy will report second‑quarter results — the first opportunity for management to respond to both short‑seller reports with confirmed financial data. Until then, the stock will likely oscillate between the bull case built on breakneck revenue growth and the bear case fixated on supply‑chain exposure and a multiple that leaves little room for disappointment.
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