RESEARCH — THE FILING TAPE #12

Two of 83: Both Superinvestors Cut Bloom Energy as the Price Rose 123.4%

October 9, 2026

GetCoattail Research — Bloom Energy just reported its first billion-dollar quarter — revenue up 165.5%, full-year guidance raised to as much as $4.2 billion, a backlog near $20 billion — and its stock has risen 232.8% this year in our price file. We ran it through every filing lens we maintain. The broad register piled in. The two concentrated holders both cut, in the very quarter the price rose 123.4%.

Start with the narrative. Bloom Energy reported second-quarter 2026 results with revenue of $1.065 billion, up 165.5% year over year and the company's first quarter above $1 billion; adjusted EPS of $0.78 against expectations of about $0.39; and full-year guidance raised to $3.9 billion to $4.2 billion. The demand story is data-center power: a total backlog near $20 billion, a Brookfield AI infrastructure partnership whose funding framework has been expanded to $25 billion, and an Oracle collaboration covering up to 2.8 gigawatts. Bloom was the tenth most-searched ticker on Benzinga Pro for September. UBS raised its price target to $350 on October 8, even as a MarketBeat consensus compilation put the average target at $257.18 — below where the stock trades.

Now the filings. GetCoattail tracks the portfolios, trades and disclosures of the investors best placed to know any given company: superinvestors, institutions as a whole, insiders, members of Congress, and 5% holders. For Bloom Energy — the twelfth Filing Tape audit, after IREN, CoreWeave, Micron, NVIDIA, Tesla, AMD, Apple, Amazon, Meta, Oracle and Dell — the broad market's story and the concentrated filings' story are again not the same story, with one lens pointing the other way.

Lens 1: the superinvestors — two holders, and both cut

We track 83 large, mostly long-only managers whose 13F portfolios we collect directly from SEC EDGAR. As of June 30, 2026, two held Bloom Energy in long common-stock positions — every reported row is a long position, with no option rows in the count. On a like-for-like pipeline basis the cohort's combined position fell from 127,262 shares at March 31 to 93,403 shares at June 30 — down 26.6% — in a quarter when the share price did the opposite, closing at $135.49 on March 31 and $302.70 on June 30 in our price file (+123.4%). The pipeline and EDGAR-collection second-quarter totals agree exactly, at 93,403 shares, worth $28,273,088.

The detail is short enough to print in full. Torray Funds holds 52,565 shares — 56.3% of the cohort — and cut 12.4%. Polen Capital Management holds 40,838 shares and cut 39.3%. Of the two holders, two decreased, none increased, none was new. Bloom's cohort is two names long, and in the best quarter in the company's history both sold into a 123.4% rise.

Bloom Energy through six filing lenses
Chart 1: Signal presence by cohort. Superinvestors: 83 managers, 2026Q2 13F (as of Jun 30, 2026). Institutions: full-market 13F aggregation, same date. Insiders: Form 4 record through Oct 2, 2026. Congress: Senate and House PTR record through Oct 3, 2026. 13D/G: filings through Aug 14, 2026. Short interest: FINRA biweekly settlement data through Sep 15, 2026. Source: SEC EDGAR; FINRA; GetCoattail collections.

Lens 2: institutions — 1,291 filers, up 32.1%

Zoom out to the whole 13F market and the register points the other way, as it did for Oracle and Dell. At June 30, 2026, 1,291 institutions reported positions in Bloom Energy, up from 977 at March 31 — a 32.1% rise — and 1,278 of them reported long positions. Reported share counts rose 6.89%, from 215,649,055 to 230,513,363 shares, with 1,151 filers entering and 837 exiting during the quarter. The dataset's reported aggregate value rose 149.1% to $86,537,330,697, a rise mostly explained by the quarter's 123.4% price increase; the aggregate includes option rows, so we treat filer and share counts as the reliable series and the dollar figure as reported (see methodology). The contrast inside one quarter is the fact: breadth expanded by almost a third and the full register added shares, while both concentrated holders cut.

Lens 3: the 5% register — the largest holder has cut at four straight filings

Bloom's 5% register is the deepest in this audit. Nineteen SC 13D/G filings cover the stock in our full-parse aggregation — three 13D filings and sixteen 13G filings, from 19 reporters, the most recent filed August 14, 2026. The largest chain belongs to Ameriprise Financial, whose amended 13G reported 46,833,019 shares (20.0%) as of June 30, 2025, then 30,147,240 (12.9%) in September 2025, 22,897,843 (8.1%) in March 2026, and 18,231,962 shares (6.4%) as of June 30, 2026 — a decline at every one of the four parsed filings, and 61.1% below the first. Its Columbia Management affiliate's row fell the same way, from 45,096,840 shares to 17,202,053. BlackRock's chain rose through 2025 and then turned: 18,218,213 shares (7.8%) in June 2025, 22,345,779 (9.4%) in December, 22,911,282 (8.2%) in March 2026, and 17,011,609 shares (6.0%) as of June 30, 2026, a 25.8% cut in the latest quarter alone. The strategic holder on the register, SK ecoplant, reported 13,491,701 shares (5.8%) as of July 10, 2025 in its amended 13D and 10,883,701 shares (4.7%) as of August 14, 2025. D. E. Shaw's passive position fell from 12,501,566 shares (5.3%) to 9,622,403 (3.4%). The one new large row is Jane Street Group's 13G reporting 14,874,272.16 shares (5.1%) as of July 29, 2026 — a market-making register entry rather than a fundamental one, on the pattern of earlier audits. No new 13D — the filing an investor uses when it wants something from management — has appeared.

Lens 4: insiders — zero purchases, in every window

The insider lens matches the superinvestor lens. Across the entire parsed Form 4 record for Bloom Energy (123 filings through October 2, 2026), there is not one open-market purchase transaction — zero in the last 90 days, zero in the last year, and zero across the full parsed record, by officers or by any other insider. The selling side is continuous. In the 90 days through October 2, 2026, insiders filed 15 reports covering 11 sale transactions totalling 89,698 shares and $21,780,757.90, by six sellers; counts here are transaction rows, and a single filing can carry many. Over the full year, sales total 56 transactions and $165,199,000.95 by 11 sellers. Across the entire parsed record, sales total 87 transactions and $462,704,627.78 by 12 sellers. Some selling is mechanical — vesting, tax withholding and pre-arranged plans generate filings regardless of anyone's view — and we assign no motives. What the record establishes is narrower: in a year when the stock rose 232.8% in our price file, no insider at any point recorded a purchase at market price.

Lens 5: Congress — the one lens pointing the other way

Across the Senate and House transaction record we maintain (as of October 3, 2026), Bloom Energy shows two purchase transactions and zero sales, by one member, recorded in the House aggregate, with the most recent purchase dated July 28, 2026. The Senate aggregate carries no Bloom record at all. Congressional disclosures report value ranges rather than exact amounts, so we record direction only. Two purchases by one member is a thin record — but in a series where this lens is usually blank or selling, it is the only register in this audit that added exposure in 2026.

Lens 6: short interest — down 64.5% from the peak, still 6.68% of the share count

As of September 15, 2026 — the most recent FINRA settlement date — 18,994,065 Bloom Energy shares were sold short, down 1.13% from 19,210,585 at the August 31 settlement. That is 6.68% of the 284,443,868 shares outstanding in our fundamentals file (a share count as of April 24, 2026), with days-to-cover of 1.33.

Short interest in Bloom Energy, January 2021 to September 2026
Chart 2: Shares sold short in Bloom Energy at each FINRA biweekly settlement, Jan 15, 2021 – Sep 15, 2026 (n = 137 settlements). The series peaked at 53,484,118 shares on Mar 14, 2025; the latest reading, 18,994,065 shares on Sep 15, 2026, is 64.5% below that peak and down 53.5% from 40,831,427 a year earlier. Source: FINRA Equity Short Interest files; GetCoattail collection (be_short_interest_series.csv).

Short interest peaked at 53,484,118 shares on March 14, 2025 — long before the 2026 run — and the latest reading is 64.5% below that peak and 53.5% below the 40,831,427 shares recorded a year earlier. Over the last five settlements the series has been roughly flat, between 18,260,304 and 20,361,513 shares. The borrow has been retreating for eighteen months; at 6.68% of the share count, it has not disappeared.

The gap, stated plainly

Bloom Energy's filing record splits by register size, with one exception. The broad register accumulated: 1,291 filers, up 32.1% in a quarter, reported shares up 6.89%. The concentrated registers did the opposite. Both tracked superinvestors cut — the cohort fell from 127,262 shares to 93,403, down 26.6% in a quarter when the price rose 123.4%, and neither holder added a share. The largest 5% holder, Ameriprise, has reduced its reported stake at four consecutive filings, from 46,833,019 shares to 18,231,962. BlackRock cut 25.8% in the latest quarter. Insiders have sold $462,704,627.78 across the parsed record and recorded zero purchases in it. The short borrow is down 64.5% from its March 2025 peak. Against all of that stands the congressional lens: two purchases, zero sales, by one House member. One plausible reading is that the record describes a stock carried upward by breadth, index machinery and a genuine operating print, while nearly every register that requires a named, concentrated decision has been reducing. The record supports each clause separately; it does not say which register is right.

What would change the picture

Nothing above is a recommendation. It is a record. These are the filings that would change the description:

Until one of those prints, the filing record describes a stock the broad register accumulated and both of its concentrated holders left smaller, whose largest 5% holder has cut at four straight filings, whose insiders have never recorded a purchase — and which one member of Congress has been buying.

Related reading: Three of 83: The Superinvestors Cut Dell Shares 82.8% While the Price Rose 162.9% — Filing Tape #11; Zero of 83: The Superinvestors Aren't in IREN — Filing Tape #1; 80% Overlap, No Copycat Signal: Congress vs. the Superinvestors. Bloom Energy's own page: Bloom Energy (BE) on GetCoattail.

Methodology and data notes

This article describes public filings as of the dates stated. It is not investment advice and makes no recommendation. Filings lag reality: 13F positions are as of June 30, 2026, and later trading is not yet public.

Revision history

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