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

Fluence Energy (NASDAQ:FLNC) posted its quarterly earnings data on Wednesday. The company reported ($0.07) EPS for the quarter, meeting 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 for the quarter, compared to the consensus estimate of $538.42 million. During the same quarter in the prior year, the business earned ($0.21) earnings per share. Fluence Energy’s revenue for the quarter was down 10.7% on a year-over-year basis. Fluence Energy updated its FY 2024 guidance to EPS.

Fluence Energy Stock Down 8.0 %

FLNC stock traded down $1.63 during mid-day trading on Thursday, hitting $18.75. The company had a trading volume of 4,429,870 shares, compared to its average volume of 2,245,873. The company has a 50-day moving average price of $16.41 and a 200 day moving average price of $19.15. The company has a market capitalization of $3.35 billion, a price-to-earnings ratio of -35.83 and a beta of 2.48. Fluence Energy has a 12-month low of $13.03 and a 12-month high of $31.32.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the company. BMO Capital Markets upgraded Fluence Energy from a “market perform” rating to an “outperform” rating and set a $27.00 target price on the stock in a research report on Tuesday, January 16th. JPMorgan Chase & Co. upgraded Fluence Energy from a “neutral” rating to an “overweight” rating and set a $23.00 target price on the stock 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 on the stock in a research report on Monday, February 26th. Piper Sandler lowered their price objective on Fluence Energy from $25.00 to $20.00 and set a “neutral” rating on the stock in a research report on Thursday, April 11th. Finally, The Goldman Sachs Group reduced their target price on Fluence Energy from $32.00 to $26.00 and set a “buy” rating on the stock in a research note on Friday, March 22nd. One research analyst has rated the stock with a sell rating, two have given a hold rating and fourteen have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $28.56.

Fluence Energy Company Profile

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.