Bloom Energy Corporation closed at USD 202.48, down 2.01%.

Large options activity was decisively bearish, with total bullish flow at USD 0.00 million versus total bearish flow at USD 66.10 million. The standout trade was a USD 49.77 million net-debit double-long put combination, while a separate USD 29.08 million net-credit put package added to the negative tone. Overall, institutional-sized flow leaned heavily toward further downside positioning.

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Options Indicators

BE’s implied volatility is 88.53%, but its IV percentile is only 2.39%, which indicates that despite the high absolute IV level, current option pricing sits near the bottom of its own historical range. Combined with an IV/HV ratio of 0.67, this suggests implied volatility is relatively subdued versus realized volatility, so options appear cheaply priced and volatility is on the low side rather than overstretched. The Call/Put volume ratio is 0.57.

Large Trades

A directional double-long PUT combination with a USD 49.77 million net debit was one of the clearest bearish trades on the tape. The buyer accumulated the August 21, 2026 USD 250.00 puts and USD 240.00 puts, and both strikes are already in the money versus the USD 202.48 reference stock price. As a same-direction two-leg put purchase, this structure reflects a net debit bearish bet aimed at capturing a substantial downside move, with the use of two in-the-money strikes suggesting the trader wanted high delta exposure rather than cheap tail-risk lottery tickets.

A four-leg PUT combination executed for a USD 29.08 million net credit was the other standout block and appears primarily structured around premium collection. The trade sold significant size in the August 21, 2026 USD 250.00 puts, bought the USD 240.00 puts, and added further short exposure through the USD 260.00 puts and additional USD 250.00 puts; all listed strikes are in the money relative to the current stock price. Because this package was done for a net credit, the strategy points more toward income generation or a hedged overwrite-style put structure than an outright long-volatility downside chase, although the concentration in short in-the-money puts still indicates the trader was comfortable taking on downside-related exposure within a defined multi-leg framework.

Overall sentiment in the large orders was bearish, with total bullish flow at USD 0.00 million versus total bearish flow at USD 66.10 million. The directional judgment is clearly negative: the most aggressive trade was a large net-debit double-put purchase explicitly positioned for further downside, and the rest of the notable flow did nothing to offset that pressure. Taken together, the block activity suggests institutional traders were either actively positioning for additional weakness in BE or monetizing elevated put demand through complex short-put structures, but the net message from the figures is still decisively bearish.

Strategy Reference

For traders who prefer not to post heavy margin on short in-the-money puts, a bear put spread using the August 21, 2026 USD 230.00/200.00 strikes could define risk while still aligning with the prevailing downside flow.