Key Points
Bloom Energy popped on little to no news today.
Rivals Ballard and Plug have had some news this week, with Plug reporting a big net loss, but Ballard getting a price target hike.
Bloom is a very expensive fuel cell stock.
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Shares of Bloom Energy (NYSE: BE), one of a handful of fuel cell manufacturers and producers of hydrogen fuel, jumped 6% through 1:11 p.m. ET Wednesday. And why did the shares jump?
That’s an excellent question. Next question, please.
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Bloom isn’t Plug, and it also isn’t Ballard
I jest, of course. But it turns out there isn’t much news specific to Bloom Energy that might be moving the stock today. What is, is a bit of news on Bloom’s rivals this week.
Plug Power (NASDAQ: PLUG), for example, recently reported Q2 earnings showing sales rising 21% and gross losses on sales improving. That could be a promising development for other fuel cell companies, but to be honest, the fact that Plug also reported a huge $0.20 per share loss — worse than Wall Street expected — dampens my enthusiasm a bit.
Separately, Bloom rival Ballard Power (NASDAQ: BLDP) scored a near-50% price target hike from Roth Capital on Monday. Again, the improved sentiment on Ballard might translate to Bloom stock. But Roth didn’t actually recommend buying Ballard stock, and warned that the “environment” for fuel cells remains “difficult.”
Is Bloom Energy stock a buy?
From where I sit, that’s not good news for Bloom Energy stock at all. Speaking of which, Bloom stock costs $44 and only earned $0.11 per share over the past 12 reported months. That’s a P/E ratio of 400, folks, which is quite a lot of money to be paying for a stock that’s rising on no good news particular to itself. And considering the company has three times more debt than cash on its balance sheet, Bloom’s valuation is arguably even richer than that.
Ultimately, Bloom stock looks more like a sell than a buy to me.
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Rich Smith has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
