Bloom Energy Corporation (NYSE:BE) shares ticked lower on Friday. On Thursday, the company announced its expanded partnership with MiTAC Computing for AI-focused on-site power.
What Is Bloom Energy’s Expanded Partnership With MiTAC?
Bloom Energy will deploy a fuel cell microgrid at MiTAC’s AI server manufacturing campus in Fremont, California.
The project expands Bloom’s onsite power footprint across MiTAC’s California operations.
The islanded microgrid will support current operations and future AI server production growth, building on Bloom’s existing installation at MiTAC’s San Jose facility.
Bloom said AI infrastructure customers are increasingly turning to on-site power as grid constraints and lengthy interconnection timelines delay expansion. Its fuel cell systems can be deployed quickly while reducing challenges tied to permitting, water use and noise.
Bloom now serves nearly two dozen AI infrastructure customers representing about 250 MW of capacity, up from almost none two years ago.
The company has announced data center partnerships with AEP, Brookfield, Equinix, Nebius and Oracle. These deals increase Bloom Energy’s exposure to rising AI-driven power demand.
Critical Price Levels To Watch For Bloom Energy
Bloom Energy remains in a strong long-term uptrend, with shares up 522.17% over the past year, though near-term momentum has cooled.
At $237.50, the stock trades 11.6% above its 20-day SMA ($213.39), 6.6% below the 50-day SMA ($255.00), and 31.6% above the 200-day SMA ($180.98).
RSI stands at 49.84, signaling neutral momentum after reaching overbought levels in May. The 20-day SMA remains below the 50-day SMA, signaling near-term weakness.
However, the 50-day SMA stays above the 200-day SMA, preserving the longer-term bullish trend.
Holding near the 100-day SMA ($235.35) and 50-day EMA ($237.13) would support the view that the stock is consolidating within its longer-term uptrend rather than breaking down.
- Key Support: $230.50 — A nearby pivot close to the 100-day SMA.
Analyst Consensus & Recent Actions
The stock carries a Buy rating with an average price forecast of $274.71 (with targets ranging from $176.00 to $350.00 across 37 analysts). Recent analyst moves include:
- Wells Fargo: Equal-Weight (Lowers Target to $176.00) (July 30)
- Mizuho: Upgraded to Outperform (Lowers Target to $242.00) (July 30)
- Truist Securities: Hold (Lowers Target to $218.00) (July 30)
Top ETFs Holding Bloom Energy (BE) Stock
- Corgi Battery Energy Storage Systems ETF (NASDAQ:WATS): 8.27% Weight
- NestYield Dynamic Income ETF (NYSE:EGGY): 8.04% Weight
- NestYield Visionary ETF (NASDAQ:EGGQ): 7.14% Weight
Significance: Because BE carries such a heavy weight in these funds, any significant inflows or outflows for these ETFs will likely force automatic buying or selling of the stock.
BE Price Action: Bloom Energy shares were down 1.31% at $225.97 at the time of publication on Friday, according to Benzinga Pro data.
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