Bloom Energy Corp. (NYSE:BE) stock surged nearly 9% during Wednesday's premarket session as AI infrastructure stocks rebounded following strong quarterly results from CoreWeave Inc. (NASDAQ:CRWV).
The rebound follows a recent sell-off in AI infrastructure stocks, including data center and cloud computing companies. Investors have grown concerned about elevated valuations, rising capital spending and the costs of expanding AI infrastructure.
CoreWeave's results helped ease some of those concerns, lifting sentiment across the sector. Broader market strength also supported the rally. Nasdaq futures climbed 1.89%, while S&P 500 futures gained 0.85%.
CoreWeave Results Lift AI Infrastructure Stocks
CoreWeave's stronger-than-expected third-quarter results and higher full-year revenue forecast helped improve sentiment toward AI infrastructure stocks.
Bloom Energy develops fuel cell systems that provide reliable, on-site electricity for data centers and other facilities.
Its technology can run on natural gas, biogas and hydrogen, making the company a potential beneficiary of rising power demand from AI data centers.
Bloom Energy Stock Faces Technical Resistance
Despite Wednesday's rally, Bloom Energy remains below several key moving averages.
The stock trades 4.2% below its 20-day simple moving average (SMA) of $210.11 and 18% below its 50-day SMA of $245.31.
Shares also remain 9.7% below their 200-day SMA of $222.88, signaling continued technical weakness.
Meanwhile, the moving average convergence divergence (MACD) indicator remains below its signal line. The negative histogram suggests bearish momentum persists.
The stock has gained 45.92% over the past 12 months. Traders are watching $189 as a key support level.
Analyst Outlook
Wall Street maintains a consensus Buy rating on Bloom Energy, with an average price forecast of $290.22. Recent analyst actions include:
- RBC Capital maintained its Outperform rating and set a $335 price forecast on Nov. 9.
- Barclays upgraded Bloom Energy to Overweight and lowered its price forecast to $289 on Nov. 3.
- Citigroup maintained its Neutral rating and raised its price forecast to $284 on Oct. 29.
BE Stock Price Action
Bloom Energy shares climbed 8.54% to $201.25 in Wednesday's premarket trading, according to market data.
