Fairview HK: Energy Sector Will Benefit From the Inflation Reduction Act

Fluence Energy (FLNC), today's IBD 50 Stocks To Watch selection, is having its better fiscal performance eroded by an unfavorable outside day for the growth company.
CENTRAL, Hong Kong - Aug. 24, 2023 - PRLog -- The business stated Wednesday that third-quarter revenues increased 124% to $536.4 million. On the bottom line, things are beginning to look better for the growth stock. The corporation reported a loss of 20 cents per share, down from 86 cents the previous year. The adjusted gross profit margin increased dramatically to 4.4% from a negative 1.1% the previous year.

Fluence secured a contract with AESC to purchase battery cells produced in the United States during the third quarter. As a consequence of the Inflation Reduction Act, the firm stands to gain from a 10% bonus in investment tax credit for employing domestic material.

The energy company boosted its fiscal 2023 sales forecast to $2 billion-$2.1 billion, while also raising its profit forecast to $117 million-$132 million.

FactSet surveyed analysts predict sales of $481.8 million, a 9% rise over the previous year, with losses falling drastically to 7 cents per share.

The Composite Rating of the IBD 50 is 79. A Comp Rating of 80 or greater is usually desired. In the meanwhile, the EPS Rating is 54.

However, the Relative Strength Rating is virtually excellent at 97. The growth stock is also ranked second in IBD's alternative energy sector.

Fund Interest in Growth Stocks Is Growing

Fluence offers renewable energy firms energy storage devices and services, as well as cloud-based software. The Fluence IQ Platform is a software-as-a-service feature that assists in the management of renewables and storage from any source. As a consequence, Fluence devices contribute to the reliability of the electrical system.

The joint venture between Siemens and AES went public in October 2021 and began trading on the Nasdaq at 28 per share, valuing the firm at about $1 billion.

Fairview HK Limited is one of the foremost privately owned Asia-Pacific orientated, boutique wealth management firms in Hong Kong. We offer our services to a selected group of families, family offices, institutions and fund managers, you may visit our website https://fairviewhk.com/ or contact us via email.

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