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Bloom Energy Corp. (NYSE: BE) stock moved higher Tuesday as investors kept their eyes on the company's power solutions for AI data centers. The broader market was in a good mood too, with Nasdaq futures up 0.61% and S&P 500 futures gaining 0.59%.
The analyst crowd has been busy. Barclays raised its price forecast on Bloom Energy to $308 from $276 on Friday. And on Sept. 28, RBC Capital reiterated its Outperform rating along with a $335 price forecast.
The Virginia Department of Energy released its 2026 Virginia Energy Plan on Thursday. The plan lays out a "Clean-First, Least-Cost" path toward a net-zero power sector by 2050 under the Virginia Clean Economy Act.
One of its seven strategies is making sure data center growth supports the state's energy goals. RBC analyst Christopher Dendrinos said the plan creates a "non-combustion gas resource" category, and it identifies fuel cells as a preferred option for near-term reliability needs.
The plan calls for up to 5 gigawatts of such capacity between 2029 and 2035.
Dendrinos highlighted several advantages of fuel cells. They produce lower local emissions and can be deployed in 18 to 24 months, compared with years for conventional gas plants.
He also pointed to their shorter asset lives, which could reduce the risk of long-term carbon lock-in. On top of that, fuel cells can connect to distribution infrastructure without requiring major new pipeline investments.
"Electricity demand is rising rapidly, and our energy system will need to grow at a pace we have not seen in more than 80 years," Virginia Gov. Abigail Spanberger wrote.
Bloom Energy remains in a strong long-term uptrend. The stock trades about 7.3% above its 20-day simple moving average, 22.7% above its 50-day SMA and 40.7% above its 200-day SMA.
The 20-day SMA is also above the 50-day SMA, while the 50-day SMA remains above the 200-day SMA. That structure points to bullish short-, medium- and long-term trends.
Momentum indicators are positive as well. The MACD remains above its signal line, while the histogram is positive. That suggests buying momentum continues to strengthen.
Bloom Energy remains below its 52-week high of $351.28, set in June. However, it is well above its 52-week low of $75.70.
Traders may now watch for a higher low followed by another attempt to challenge the upper end of the stock's range.
Several clean-energy ETFs have significant exposure to Bloom Energy:
Bloom Energy's relatively large weighting means flows into or out of these ETFs can also influence demand for the shares.
BE Stock Price Activity: Bloom Energy shares were up 3.04% at $295.36 at the time of publication Tuesday, according to market data.
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