5 Most Promising Hydrogen and Fuel Cell Stocks According to Analysts

3. Bloom Energy Corporation (NYSE:BE)

Number of Hedge Fund Holders: 24

Average Upside Potential as of February 10: 20.08%

Bloom Energy Corporation (NYSE:BE) specializes in the design, production, sales, and installation of solid-oxide fuel cell systems across the globe. The company serves various end-markets including data centers, hospitals, biotechnology facilities, and telecom among others. As of February 10, Bloom Energy Corporation (NYSE:BE) is trading at $24.05 and has an average price target of $28.88. The stock’s average price target represents an upside of 20.08% from current levels.

Bloom Energy Corporation (NYSE:BE) is one of analysts’ most promising hydrogen and fuel cell stocks to buy now. Over the past 3 months the stock has received 4 Buy ratings and 4 Hold ratings from Wall Street analysts, and has a consensus Buy rating. The stock has a high price target of $35 and a low price target of $22.

This February, Truist analyst Jordan Levy raised his price target on Bloom Energy Corporation (NYSE:BE) to $26 from $20 and maintained a Hold rating on the shares. Levy noted that the company’s fuel cell technology has an “incrementally positive” outlook and he sees “meaningful” electrolyzer orders supporting the company’s long-term growth story.

At the close of Q3 2022, Bloom Energy Corporation (NYSE:BE) was a part of 24 investors’ portfolios that disclosed positions worth $178.5 million in the company. As of December 31, Quaero Capital is the top investor in the company and has a stake worth $2.36 million.

Here is what ClearBridge Investments had to say about Bloom Energy Corporation (NYSE:BE) in its third-quarter 2022 investor letter:

“We were active in repositioning the portfolio in the quarter as market crosswinds opened idiosyncratic opportunities, adding two new industrials companies. Bloom Energy Corporation(NYSE:BE) is an electrical equipment company that makes solid-oxide fuel cell systems for on-site power generation, serving a variety of industries. Its fuel cells convert natural gas, biogas or hydrogen into baseload (non-intermittent) electricity without combustion, so there is low or no carbon emission. We expect significant upside through its ability to support the growing hydrogen economy, with a large opportunity for this in South Korea and meaningful policy support in the U.S. via the IRA, while other markets include biogas, carbon capture and marine transportation. Its natural gas energy server business is growing in the U.S. amid higher grid reliability concerns.”