Fluence Energy (NASDAQ:FLNC) Announces Earnings Results, Meets Estimates

Fluence Energy (NASDAQ:FLNC) issued its quarterly earnings data on Wednesday. The company reported ($0.07) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.07), Briefing.com reports. The firm had revenue of $623.14 million during the quarter, compared to analysts’ expectations of $538.42 million. Fluence Energy had a negative net margin of 2.72% and a negative return on equity of 11.18%. The business’s revenue for the quarter was down 10.7% on a year-over-year basis. During the same quarter in the previous year, the company earned ($0.21) earnings per share. Fluence Energy updated its FY 2024 guidance to EPS.

Fluence Energy Stock Performance

Shares of FLNC stock traded down $1.63 during midday trading on Thursday, hitting $18.75. 4,429,870 shares of the company were exchanged, compared to its average volume of 2,245,873. The firm has a market capitalization of $3.35 billion, a P/E ratio of -35.83 and a beta of 2.48. The firm’s 50 day moving average price is $16.41 and its two-hundred day moving average price is $19.15. Fluence Energy has a 52 week low of $13.03 and a 52 week high of $31.32.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the stock. The Goldman Sachs Group decreased their price objective 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. Piper Sandler lowered their price target 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. Susquehanna upgraded shares of Fluence Energy from a “neutral” rating to a “positive” rating and set a $24.00 price target on the stock in a research note on Monday, February 26th. BMO Capital Markets upgraded shares of Fluence Energy from a “market perform” rating to an “outperform” rating and set a $27.00 price target on the stock in a research note on Tuesday, January 16th. Finally, JPMorgan Chase & Co. raised shares of Fluence Energy from a “neutral” rating to an “overweight” rating and set a $23.00 price objective for the company in a research report on Friday, February 23rd. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and fourteen have assigned a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus 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.