Fluence Energy (NASDAQ:FLNC) Stock Price Down 6.8%

Fluence Energy, Inc. (NASDAQ:FLNC)’s stock price dropped 6.8% on Thursday . The stock traded as low as $18.88 and last traded at $18.99. Approximately 453,802 shares changed hands during mid-day trading, a decline of 79% from the average daily volume of 2,201,950 shares. The stock had previously closed at $20.38.

Analysts Set New Price Targets

FLNC has been the subject of several recent research reports. Piper Sandler cut their target price on shares of Fluence Energy from $25.00 to $20.00 and set a “neutral” rating for the company in a research report on Thursday, April 11th. BMO Capital Markets upgraded Fluence Energy from a “market perform” rating to an “outperform” rating and set a $27.00 price objective for the company in a research note on Tuesday, January 16th. Susquehanna upgraded Fluence Energy from a “neutral” rating to a “positive” rating and set a $24.00 target price on the stock in a research report on Monday, February 26th. The Goldman Sachs Group reduced their price target on Fluence Energy from $32.00 to $26.00 and set a “buy” rating for the company in a research report on Friday, March 22nd. Finally, Raymond James raised Fluence Energy from a “market perform” rating to an “outperform” rating and set a $22.00 price objective on the stock in a research report on Wednesday, April 3rd. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and fourteen have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $28.56.

Fluence Energy Stock Down 6.4 %

The company has a market capitalization of $3.41 billion, a PE ratio of -35.83 and a beta of 2.48. The company’s 50 day moving average is $16.41 and its two-hundred day moving average is $19.15.

Fluence Energy (NASDAQ:FLNC) last issued its earnings results on Wednesday, May 8th. The company reported ($0.07) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.07). The firm had revenue of $623.14 million for the quarter, compared to analysts’ expectations of $538.42 million. Fluence Energy had a negative return on equity of 11.18% and a negative net margin of 2.72%. The business’s revenue was down 10.7% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.21) earnings per share. Analysts forecast that Fluence Energy, Inc. will post 0.14 EPS for the current year.

Institutional Trading of Fluence Energy

Several hedge funds have recently modified their holdings of the company. FMR LLC increased its position in Fluence Energy by 146.9% in the third quarter. FMR LLC now owns 3,959,313 shares of the company’s stock worth $91,025,000 after purchasing an additional 2,355,849 shares during the last quarter. Handelsbanken Fonder AB lifted its position in Fluence Energy by 145.5% during the fourth quarter. Handelsbanken Fonder AB now owns 2,880,052 shares of the company’s stock valued at $68,689,000 after purchasing an additional 1,706,808 shares during the last quarter. Vanguard Group Inc. grew its stake in shares of Fluence Energy by 41.0% in the 4th quarter. Vanguard Group Inc. now owns 5,521,379 shares of the company’s stock worth $131,685,000 after buying an additional 1,605,345 shares in the last quarter. Clean Energy Transition LLP bought a new stake in shares of Fluence Energy in the 4th quarter worth about $32,124,000. Finally, Schroder Investment Management Group raised its position 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 valued at $61,950,000 after buying an additional 1,063,609 shares in the last quarter. 53.16% of the stock is owned by hedge funds and other institutional investors.

Fluence Energy Company Profile

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.