On February 29, 2024, analyst Ameet Thakkar of BMO Capital decided to maintain a Market Perform rating on Stem (NYSE: STEM) but lowered the price target to $3.25 from $4. Thakkar, who specializes in the Utilities sector and has a success rate of 31.91%, made this adjustment after previously reaffirming a Hold rating on Stem Inc (STEM) with a price target of $6.5. This decision marks another occasion where BMO Capital has provided a Hold rating and price target for Stem Inc (STEM).
STEM Stock Plummets on February 29, 2024: Trading Near 52-Week Low
On February 29, 2024, STEM stock experienced a decline in its performance, trading near the bottom of its 52-week range and below its 200-day simple moving average. The price of STEM shares decreased by $0.06, representing a 2.20% drop from the previous market close. The stock opened at $2.51, which was $0.22 lower than its previous closing price.
STEM Stock Performance Analysis: Revenue Soars While Net Income Declines
On February 29, 2024, STEM stock had a mixed performance based on the financial data provided by CNN Money. The company reported a total revenue of $362.98 million for the past year, which represented a significant increase of 184.98% compared to the previous year. Additionally, the total revenue for the third quarter of the year was $133.74 million, showing a 43.89% increase from the previous quarter.
However, despite the impressive revenue growth, STEM reported a net income of -$124.05 million for the past year, which was a decrease of 22.57% compared to the previous year. The net income for the third quarter was even lower at -$77.07 million, representing a significant decrease of 503.05% from the previous quarter.
Furthermore, the earnings per share (EPS) for STEM stock were reported at -$0.81 for the past year, showing a modest increase of 15.67% compared to the previous year. However, the EPS for the third quarter was -$0.49, indicating a sharp decline of 92.6% from the previous quarter.
Overall, the financial performance of STEM stock on February 29, 2024, reflected a mixed picture. Investors may want to closely monitor the company’s financial health and future outlook before making any investment decisions.
