Bloom Energy Corp closed at $235.55, up 8.41% from the prior close.

Among the notable activity, a large out-of-the-money call purchase worth $4.14 million stood out as the most aggressive bullish position, while a distant bear call spread collected $220 thousand in premium. The combination points to a market that is primarily positioned for further upside, with some traders selling far-away call spreads to fund long exposure or express a view that a massive rally beyond $470.00 is unlikely before January 2027.

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Options Indicators

BE’s implied volatility is 87.03%, while its IV percentile is just 1.98%, which indicates that although the absolute IV level remains high, it is sitting near the bottom of its own recent range. In that context, options appear cheaply priced relative to their historical volatility regime rather than expensive, and the IV/HV ratio of 1.25 suggests implied volatility is only moderately above realized volatility, pointing to fairly reasonable option premium levels overall. The Call/Put volume ratio is 1.70.

Large Trades

A bear call spread collecting $220 thousand was one of the standout structured trades, with 1,039 contracts sold on the January 15, 2027 $470.0 call and 1,039 contracts bought on the January 15, 2027 $510.0 call. This is a bearish call spread established for a net credit of $220 thousand, indicating premium collection tied to the view that BE is unlikely to rally beyond the short strike area by expiration. With both strikes well out of the money versus the $235.55 reference stock price, the position reflects a moderately bearish to range-bound outlook rather than an outright aggressive downside bet.

A call purchase worth $4.14 million was the largest outright trade, consisting of 1,650 contracts bought on the November 20, 2026 $250.0 call. This was an out-of-the-money bullish position, positioned above the current $235.55 stock reference, and it signals expectations for upside over a longer time horizon. The buyer is paying premium for directional exposure to a continued advance in BE, suggesting confidence that the shares can move through the $250.0 strike before expiration and deliver leveraged upside participation.

Overall, the bulk-order flow leans bullish. The dominant signal comes from the much larger outright call buying, while the bearish spread appears more consistent with premium harvesting at distant upside strikes than with a high-conviction negative view on the stock’s near-term fundamentals. Taken together, the large-trade activity suggests institutional sentiment is constructive on BE, with traders positioning for upside while also seeing the far upper end of the rally range as an area to sell volatility or cap expectations.

Strategy Reference

For traders seeking a low assignment probability, selling a cash-secured put below the $150.00 strike or using a bull call spread such as the November 2026 $250.00/$300.00 call spread can offer defined risk while aligning with the prevailing bullish flow without posting excessive margin.