Why Bloom Energy Corporation Stock Is Higher Today

Bloom Energy Corporation BE shares are trading higher on Thursday after the company reported better-than-expected third-quarter financial results.

The Details:

After the market close on Wednesday, Bloom Energy reported quarterly earnings of 15 cents per share, beating the analyst consensus estimate of a loss of 4 cents per share by 475% and representing a 175% increase over losses of 20 cents per share from the same period last year.

The company reported quarterly sales of $400.27 million, beating the analyst consensus estimate of $369.6 million by 8.3% and representing a 36.95% increase over sales of $292.27 million year-over-year.

Shares of BE are moving on heavy trading volume following the earnings report. According to data from Benzinga Pro, more than 4.8 million shares have already been traded in the session, surpassing the stock's 100-day average of 4.121 million shares.

Bloom Energy shares have attracted attention from short-sellers with 17.37% of available shares being sold short.

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BE Price Action: According to Benzinga Pro, Bloom Energy shares are up over 15% at $11.60 at the time of publication.

Image: Larisa Koshkina from Pixabay