Fluence Energy (NASDAQ:FLNC) Announces Earnings Results

Fluence Energy (NASDAQ:FLNC - Get Free Report) issued its quarterly earnings results on Wednesday. The company reported ($0.07) earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of ($0.07), Briefing.com reports. The business had revenue of $623.14 million for 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 quarterly revenue was down 10.7% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($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 mid-day trading on Thursday, hitting $18.75. The company's stock had a trading volume of 4,429,870 shares, compared to its average volume of 2,245,873. The company's fifty day simple moving average is $16.41 and its 200-day simple moving average is $19.15. Fluence Energy has a 52 week low of $13.03 and a 52 week high of $31.32. The company has a market cap of $3.35 billion, a PE ratio of -35.83 and a beta of 2.48.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the company. The Goldman Sachs Group reduced their price target on Fluence Energy from $32.00 to $26.00 and set a "buy" rating on the stock in a research report on Friday, March 22nd. Susquehanna raised Fluence Energy from a "neutral" rating to a "positive" rating and set a $24.00 price target on the stock in a research report on Monday, February 26th. Piper Sandler reduced their target price on Fluence Energy from $25.00 to $20.00 and set a "neutral" rating on the stock in a report on Thursday, April 11th. BMO Capital Markets raised Fluence Energy from a "market perform" rating to an "outperform" rating and set a $27.00 target price on the stock in a report on Tuesday, January 16th. Finally, JPMorgan Chase & Co. raised 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. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and fourteen have issued a buy rating to the stock. According to data from MarketBeat, Fluence Energy currently has an average 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.