Fluence Energy (NASDAQ:FLNC) Issues Quarterly Earnings Results, Meets Expectations

Fluence Energy (NASDAQ:FLNC) posted its quarterly earnings results on Wednesday. The company reported ($0.07) earnings per share 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 during the quarter, compared to the consensus estimate of $538.42 million. During the same period in the prior year, the company posted ($0.21) EPS. The firm’s revenue for the quarter was down 10.7% compared to the same quarter last year. Fluence Energy updated its FY 2024 guidance to EPS.

Fluence Energy Stock Down 7.8 %

Shares of NASDAQ FLNC traded down $1.59 during mid-day trading on Thursday, reaching $18.79. 2,847,759 shares of the company were exchanged, compared to its average volume of 2,226,011. The firm has a 50-day moving average of $16.41 and a 200 day moving average of $19.15. Fluence Energy has a 1 year low of $13.03 and a 1 year high of $31.32. The stock has a market cap of $3.36 billion, a price-to-earnings ratio of -35.83 and a beta of 2.48.

Analysts Set New Price Targets

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