STEM - Why Stem Shares Jumped Today
Stem (NYSE: STEM) , maker of smart battery storage solutions, reported record revenue and assets under management (AUM) in its third-quarter financial results last night, sending shares as much as 13% higher Wednesday morning. As of 2:50 p.m. EST, Stem stock was still 5.75% higher on the day.
Stem uses artificial intelligence (AI) -driven technology to provide energy storage that aims to maximize clean energy and renewable energy generation. Its revenue of $39.8 million for the three-month period ended Sept. 30, grew 334% compared to the prior-year period, and was more than double its sales from just the prior quarter. The company also reaffirmed its prior guidance for full-year 2021 revenue of $147 million.
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Why Stem Shares Jumped Today