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

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

Fluence Energy Stock Performance

Shares of NASDAQ FLNC opened at $18.75 on Friday. The stock has a 50 day moving average price of $16.48 and a 200 day moving average price of $19.15. The stock has a market capitalization of $3.35 billion, a PE ratio of -35.38 and a beta of 2.48. Fluence Energy has a 52 week low of $13.03 and a 52 week high of $31.32.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on FLNC. Raymond James upgraded Fluence Energy from a “market perform” rating to an “outperform” rating and set a $22.00 price target for the company in a report on Wednesday, April 3rd. JPMorgan Chase & Co. upgraded Fluence Energy from a “neutral” rating to an “overweight” rating and set a $23.00 price target for the company in a report on Friday, February 23rd. BMO Capital Markets upgraded 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 lowered their price target on Fluence Energy from $32.00 to $26.00 and set a “buy” rating for the company in a report on Friday, March 22nd. Finally, Piper Sandler reduced their price objective on Fluence Energy from $25.00 to $20.00 and set a “neutral” rating for the company in a research report on Thursday, April 11th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and fourteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average 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.