Shares of Stem (NYSE:STEM) plunged today after it reported earnings for its fourth quarter of Fiscal Year 2022. Earnings per share came in at -$0.23, which missed analysts’ consensus estimate of -$0.20 per share.
Sales increased by 195.5% year-over-year, with revenue hitting $156 million. This was $10 million below expectations.
Looking forward, management now expects revenue and adjusted EBITDA for Fiscal Year 2023 to be in the ranges of $550 million to $650 million and $5 million to $35 million, respectively. For reference, analysts were expecting $647 million in revenue.
Overall, Wall Street analysts have a consensus price target of $15.20 on STEM stock, implying almost 85% upside potential, as indicated by the graphic above.
