Stock Alert: Bloom Energy Up 11%

(RTTNews) - Shares of Bloom Energy's (BE) are gaining nearly 11% on Wednesday morning, despite no news to drive the stock up. The stock had taken a beating on last Thursday after the company announced that all its financial results reported during and since its IPO will have to be restated due to an accounting error. BE is currently trading at $12.96, up $1.25 or 10.67%, on a volume of 1.3 million shares, below the three-month average volume of 2.9 million shares. Last week, the company announced it will restate certain prior period financial statements due to an accounting error related to its Managed Services Agreements. MSAs are one of the company's three customer financing options to acquire Bloom Energy servers. The revenue for the Managed Services transactions will now be recognized over the duration of the contract instead of upfront. However, Bloom Energy reassured its investors that the adjustment will have no impact on its total cash and cash equivalents or cash flows. Bloom Energy expects to report its fourth-quarter and full-year results on or before March 16.