Fluence Energy (NASDAQ:FLNC) Stock Price Up 3.2%

Shares of Fluence Energy, Inc. (NASDAQ:FLNC) shot up 3.2% during mid-day trading on Wednesday . The stock traded as high as $16.80 and last traded at $16.57. 485,568 shares traded hands during trading, a decline of 79% from the average session volume of 2,276,263 shares. The stock had previously closed at $16.05.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on FLNC. BMO Capital Markets raised shares of Fluence Energy from a “market perform” rating to an “outperform” rating and set a $27.00 target price on the stock in a research note on Tuesday, January 16th. The Goldman Sachs Group lowered their target price on shares of Fluence Energy from $32.00 to $26.00 and set a “buy” rating on the stock in a research note on Friday, March 22nd. Bank of America raised their price target on shares of Fluence Energy from $26.00 to $28.00 and gave the company a “buy” rating in a research note on Thursday, January 4th. JPMorgan Chase & Co. raised shares of Fluence Energy from a “neutral” rating to an “overweight” rating and set a $23.00 price target on the stock in a research note on Friday, February 23rd. Finally, Susquehanna raised shares of Fluence Energy from a “neutral” rating to a “positive” rating and set a $24.00 price target on the stock in a research note on Monday, February 26th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and fourteen have issued a buy rating to the company. According to MarketBeat.com, Fluence Energy currently has an average rating of “Moderate Buy” and an average target price of $28.56.

Fluence Energy Trading Down 2.5 %

The company has a market cap of $2.78 billion, a price-to-earnings ratio of -29.40 and a beta of 2.57. The stock’s fifty day simple moving average is $16.55 and its 200 day simple moving average is $19.45.

Fluence Energy (NASDAQ:FLNC) last released its quarterly earnings data on Wednesday, February 7th. The company reported ($0.14) EPS for the quarter, missing analysts’ consensus estimates of ($0.13) by ($0.01). The business had revenue of $363.96 million during the quarter, compared to analyst estimates of $403.93 million. Fluence Energy had a negative net margin of 2.72% and a negative return on equity of 11.18%. The firm’s revenue was up 17.2% on a year-over-year basis. During the same quarter in the previous year, the company posted ($0.21) EPS. On average, analysts predict that Fluence Energy, Inc. will post 0.14 EPS for the current year.

Institutional Trading of Fluence Energy

Hedge funds and other institutional investors have recently made changes to their positions in the company. DNB Asset Management AS acquired a new stake in shares of Fluence Energy during the 4th quarter worth approximately $666,000. Schroder Investment Management Group increased its holdings in shares of Fluence Energy by 65.2% during the 3rd quarter. Schroder Investment Management Group now owns 2,694,654 shares of the company’s stock worth $61,950,000 after buying an additional 1,063,609 shares during the last quarter. Wellington Management Group LLP acquired a new stake in shares of Fluence Energy during the 3rd quarter worth approximately $5,916,000. Assenagon Asset Management S.A. increased its holdings in shares of Fluence Energy by 6.6% during the 4th quarter. Assenagon Asset Management S.A. now owns 13,648 shares of the company’s stock worth $326,000 after buying an additional 849 shares during the last quarter. Finally, DekaBank Deutsche Girozentrale increased its holdings in shares of Fluence Energy by 43.4% during the 4th quarter. DekaBank Deutsche Girozentrale now owns 909,841 shares of the company’s stock worth $22,364,000 after buying an additional 275,489 shares during the last quarter. Institutional investors and hedge funds own 53.16% of the company’s stock.

About Fluence Energy

Fluence Energy, Inc, through its subsidiaries, offers energy storage products and solution, services, and artificial intelligence enabled software-as-a-service products for renewables and storage applications in the Americas, the Asia Pacific, Europe, the Middle East, and Africa. The company sells energy storage products with integrated hardware, software, and digital intelligence.