Bloom Energy (BE) stock climbed 7.35% after S&P Dow Jones Indices confirmed it will join the S&P 500 on September 21, 2026, ahead of the quarterly rebalance.
The move brings fresh institutional attention to a stock that has already gained over 150% since the start of 2026.
UBS analyst Manav Gupta responded quickly, raising his price target on BE to $325 from $300 while keeping a Buy rating. His updated target is based on an 11.25x EV/Sales multiple applied to a 2028 sales estimate of $8.9 billion.
Gupta lifted his multiple by 0.5x specifically to reflect the S&P 500 inclusion, which he says supports a higher long-term valuation for the stock.
When a stock enters the S&P 500, index funds and ETFs are required to buy it to match the benchmark. Gupta estimates these passive funds typically end up holding 25% to 30% of a company’s free-float market cap, creating a more stable and institutional shareholder base.
Gupta currently ranks 112 out of more than 12,500 analysts tracked by TipRanks. He carries a 67% success rate on BE stock with an average return of 223.38% per rating over a one-year period.
Beyond the index news, Bloom’s underlying business has been gaining momentum. The company posted its strongest quarter ever in Q2 2026, with revenue growth of over 166% year-over-year.
Management raised its full-year revenue outlook to between $3.9 billion and $4.2 billion, which represents roughly 100% year-over-year growth at the midpoint.
Bloom holds an agreement with Oracle to supply up to 2.8 GW of fuel cell capacity. The deal highlights how data center operators are turning to behind-the-meter power solutions as an alternative to slow grid connections.
Bloom also expanded its partnership with Brookfield Asset Management this summer, increasing their funding framework fivefold to $25 billion to speed up global fuel cell deployment.
Gupta pointed to what he calls “delivered-cost math” as a key reason hyperscalers are attracted to Bloom’s technology. Behind-the-meter fuel cell systems skip many of the grid fees built into utility power, including transmission costs, congestion charges, and line losses.
He estimates Bloom’s systems can pay back their upfront cost in roughly 6.5 to 8 years depending on gas prices and efficiency, making them attractive for operators planning long-term data center power needs.
Hedge fund interest has grown sharply alongside the stock. At the end of Q2 2026, 116 hedge funds held BE in the Insider Monkey database, with a combined stake of around $10.8 billion. That is up from 91 funds holding approximately $4.5 billion the prior quarter.
The Wall Street consensus currently sits at Moderate Buy based on nine Buy ratings and eight Hold ratings, with an average price target of $269.76, implying around 6.68% upside from current levels.
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