Shares of Bloom Energy plunged about 33% in the last month and dropped over 10% in just five days, despite reports of a potential big contract in Panama. The company’s stock barely gained 1% at the opening on Friday, as investors remain cautious following short-seller accusations and delays linked to an Oracle project.

Analyst Confidence Remains Strong

EdgeMode CEO Charlie Faulkner revealed two new 1.2GW data center projects in Panama. RBC Capital analyst Chris Dendrinos quickly suggested Bloom Energy could be the power supplier for these developments, building on their ongoing collaboration in solid-oxide fuel cell tech in Europe. This potential deal highlights ongoing demand for Bloom’s solutions.

Dendrinos reiterated a Buy rating with a $335 price target, reflecting a roughly 54% upside from current prices. JPMorgan also upheld its Buy stance, pointing to increasing power needs and describing the recent decline in clean energy shares as a "compelling entry point" for investors.

Bloom Energy secured a massive $1.7 billion tech investment last week, underscoring confidence in the company even while shares remain under pressure. Institutional investors continue to back Bloom aggressively: Goldman Sachs boosted holdings by 50% in Q1, Amundi grew its stake nearly fourfold in Q4, and Norges Bank opened a new position worth close to $240 million. Currently, institutional investors own about 77% of the stock.

The Wall Street consensus rates Bloom Energy as a Moderate Buy, with an average target price of $289.40, about 33% above Friday’s close.

Bloom’s Q1 earnings beat expectations significantly, reporting $0.44 EPS against $0.12 estimates and revenue soaring 130% year-over-year to $751 million. For 2026, the company projects EPS between $1.85 and $2.25, while analysts anticipate a more conservative $1.43.

Despite this optimism, insider selling continues, with nearly 154,000 shares sold worth around $44 million over the past three months. The stock swings between a 12-month low of $29.90 and a high of $351.28, currently tracking near its 50-day moving average.