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

Fluence Energy (NASDAQ:FLNC) posted its quarterly earnings data on Wednesday. The company reported ($0.07) earnings per share for the quarter, hitting the consensus estimate of ($0.07), Briefing.com reports. The company 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%. Fluence Energy’s revenue for the quarter was down 10.7% compared to the same quarter last year. During the same period 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

FLNC traded down $1.59 during midday trading on Thursday, reaching $18.79. The company had a trading volume of 2,847,759 shares, compared to its average volume of 2,226,011. The business has a 50-day moving average price of $16.41 and a two-hundred day moving average price of $19.15. Fluence Energy has a 12-month low of $13.03 and a 12-month high of $31.32. The stock has a market cap of $3.36 billion, a PE ratio of -35.83 and a beta of 2.48.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on FLNC shares. The Goldman Sachs Group lowered their price objective on Fluence Energy from $32.00 to $26.00 and set a “buy” rating for the company in a research report on Friday, March 22nd. Piper Sandler dropped their price target on 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. 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. Susquehanna upgraded Fluence Energy from a “neutral” rating to a “positive” rating and set a $24.00 target price for the company in a research note on Monday, February 26th. Finally, BMO Capital Markets upgraded Fluence Energy from a “market perform” rating to an “outperform” rating and set a $27.00 price target on the stock in a report on Tuesday, January 16th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and fourteen have issued a buy rating to the company. According to MarketBeat, the stock currently 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.