Bloom Energy Corporation (NYSE:BE) is scheduled to report third-quarter earnings after the close tomorrow, Oct. 22. Zacks Consensus Estimates call for earnings of 71 cents per share on revenue of $1.07 billion, representing year-over-year increases of 373.3% and 106.3%, respectively.
BE was last seen up 7.9% at $240.29. The shares are bouncing back after a recent pullback found support at the 200-day moving average, which currently sits around $218. Today's rebound could've already been in the cards, per its 14-Day Relative Strength Index (RSI) of 27.3, which sits in "oversold" territory. Despite shedding 13.2% so far in October, the equity boasts a 176.6% year-to-date lead.
Bloom Energy has a positive-leaning post-earnings history. Looking back at the last 12 quarterly reports, the stock finished the post-earnings session higher seven times, averaging a 5.1% gain. Longer-term returns have been even more encouraging, with BE advancing two weeks after earnings in 10 of those 12 instances, averaging a 20.3% gain. This time around, the options pits are pricing in a 9.8% post-earnings move, regardless of direction.
BE's Schaeffer's put/call open interest ratio (SOIR) of 1.32 ranks in the 98th percentile of its annual range, indicating an unusually strong preference for puts among short-term traders. An unwinding of this bearish sentiment could help a post-earnings rally, especially with short interest accounting for 7.5% of the stock's available float.