Stem (NYSE:STEM) Shares Gap Up to $6.80

Posted by Defense World Staff on Aug 6th, 2023

Stem, Inc. (NYSE:STEM – Get Free Report) gapped up before the market opened on Friday . The stock had previously closed at $6.80, but opened at $7.28. Stem shares last traded at $7.50, with a volume of 2,175,265 shares changing hands.

Wall Street Analysts Forecast Growth

STEM has been the topic of several analyst reports. Janney Montgomery Scott initiated coverage on Stem in a research report on Tuesday, June 6th. They set a “buy” rating and a $12.00 target price on the stock. UBS Group lowered their price objective on Stem from $9.50 to $8.00 in a research report on Tuesday, May 9th. Evercore ISI started coverage on Stem in a research report on Tuesday, May 23rd. They issued an “outperform” rating and a $11.00 price objective on the stock. BMO Capital Markets began coverage on Stem in a research report on Monday, April 17th. They issued a “market perform” rating and a $3.50 price objective on the stock. Finally, Piper Sandler began coverage on Stem in a research report on Friday, June 23rd. They issued a “neutral” rating and a $6.00 target price on the stock. One research analyst has rated the stock with a sell rating, four have given a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat.com, Stem currently has a consensus rating of “Moderate Buy” and an average price target of $12.03.

Stem Stock Performance

The company has a quick ratio of 1.70, a current ratio of 1.85 and a debt-to-equity ratio of 0.87. The stock has a market cap of $1.08 billion, a P/E ratio of -6.94 and a beta of 2.01. The business has a 50 day moving average price of $6.15 and a 200 day moving average price of $6.54.

Stem (NYSE:STEM – Get Free Report) last announced its quarterly earnings results on Thursday, May 4th. The company reported ($0.29) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.05). The firm had revenue of $67.00 million during the quarter, compared to analysts’ expectations of $63.34 million. Stem had a negative net margin of 22.92% and a negative return on equity of 25.85%. The firm’s revenue for the quarter was up 63.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.21) EPS. As a group, sell-side analysts expect that Stem, Inc. will post -0.64 EPS for the current year.

Stem announced that its board has authorized a share repurchase program on Wednesday, May 3rd that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the company to reacquire up to 81.1% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.

Insiders Place Their Bets

In other Stem news, Director Lisa L. Troe sold 6,150 shares of the company’s stock in a transaction on Friday, June 16th. The stock was sold at an average price of $6.40, for a total transaction of $39,360.00. Following the completion of the sale, the director now owns 19,872 shares in the company, valued at $127,180.80. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 9.12% of the stock is owned by company insiders.

Institutional Trading of Stem

Hedge funds and other institutional investors have recently made changes to their positions in the business. Armstrong Advisory Group Inc. purchased a new stake in shares of Stem during the 2nd quarter valued at $25,000. SailingStone Capital Partners LLC acquired a new position in shares of Stem in the 4th quarter valued at $34,000. U.S. Capital Wealth Advisors LLC acquired a new position in shares of Stem in the 4th quarter valued at $35,000. Exchange Traded Concepts LLC acquired a new position in shares of Stem in the 1st quarter valued at $53,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank acquired a new position in shares of Stem in the 2nd quarter valued at $53,000. Hedge funds and other institutional investors own 60.84% of the company’s stock.

Stem Company Profile

(Get Free Report)

Stem, Inc operates as a digitally connected and intelligent energy storage network provider in the United States and internationally. The company offers energy storage systems sourced from original equipment manufacturers (OEMs). It also provides Athena, an artificial intelligence platform, which offers battery hardware and software-enabled services to operate the energy storage systems.