Why Bloom Energy Stock Dropped 12% Today
Easy come, easy go. One month ago, Bloom Energy (NYSE: BE) stock soared 11% in a day after reporting strong sales (but a big GAAP loss) in its Q2 2024 earnings report. Today, the fuel cell stock is moving in the opposite direction, down 11.7% through 10:05 a.m. ET.
You can blame investment bank Jefferies for that.
In a note covered on StreetInsider.com, Jefferies analyst Lloyd Byrne took Bloom Energy management to task today for giving investors "minimal transparency" surrounding its 2023 announcement of a deal to sell 500 megawatts' worth of Bloom fuel cell boxes to Korea's SK Group -- and generate $4.5 billion in revenue for Bloom over the next 20 years.
Source Fool.com
