Fluence Energy (NASDAQ:FLNC) Releases Earnings Results

Fluence Energy (NASDAQ:FLNC) posted its quarterly earnings results on Wednesday. The company reported ($0.07) EPS for the quarter, hitting the consensus estimate of ($0.07), Briefing.com reports. Fluence Energy had a negative return on equity of 11.18% and a negative net margin of 2.72%. The business had revenue of $623.14 million for the quarter, compared to analyst estimates of $538.42 million. During the same quarter in the previous year, the firm earned ($0.21) EPS. The company’s quarterly revenue was down 10.7% compared to the same quarter last year. Fluence Energy updated its FY 2024 guidance to EPS.

Fluence Energy Stock Down 8.0 %

Fluence Energy stock traded down $1.63 during midday trading on Thursday, hitting $18.75. The company’s stock had a trading volume of 4,429,748 shares, compared to its average volume of 2,245,873. The stock’s 50-day moving average price is $16.41 and its 200-day moving average price is $19.15. The company has a market capitalization of $3.35 billion, a PE ratio of -35.83 and a beta of 2.48. Fluence Energy has a 12 month low of $13.03 and a 12 month high of $31.32.

Wall Street Analyst Weigh In

FLNC has been the subject of a number of recent analyst reports. BMO Capital Markets upgraded shares of Fluence Energy from a “market perform” rating to an “outperform” rating and set a $27.00 price target for the company in a report on Tuesday, January 16th. The Goldman Sachs Group dropped their price objective on shares of Fluence Energy from $32.00 to $26.00 and set a “buy” rating on the stock in a research note on Friday, March 22nd. Piper Sandler dropped their price objective on shares of Fluence Energy from $25.00 to $20.00 and set a “neutral” rating on the stock in a research note on Thursday, April 11th. JPMorgan Chase & Co. upgraded shares of Fluence Energy from a “neutral” rating to an “overweight” rating and set a $23.00 price target for the company in a research note on Friday, February 23rd. Finally, Raymond James upgraded shares of Fluence Energy from a “market perform” rating to an “outperform” rating and set a $22.00 price target for the company in a research note on Wednesday, April 3rd. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and fourteen have given a buy rating to the company. According to data from MarketBeat.com, Fluence Energy presently has a consensus rating of “Moderate Buy” and an average target price of $28.56.

About Fluence Energy

Fluence Energy, Inc, through its subsidiaries, offers energy storage products and solution, services, and artificial intelligence enabled software-as-a-service products for renewables and storage applications in the Americas, the Asia Pacific, Europe, the Middle East, and Africa. The company sells energy storage products with integrated hardware, software, and digital intelligence.