Canaccord Genuity Group Cuts Fluence Energy (NASDAQ:FLNC) Price Target to $34.00

Fluence Energy (NASDAQ:FLNC) had its price objective reduced by Canaccord Genuity Group from $37.00 to $34.00 in a report published on Friday morning,Benzinga reports. Canaccord Genuity Group currently has a buy rating on the stock.

A number of other research analysts have also recently weighed in on FLNC. Guggenheim raised Fluence Energy from a “neutral” rating to a “buy” rating and set a $26.00 price objective on the stock in a research report on Friday, August 9th. Citigroup cut shares of Fluence Energy from a “buy” rating to a “neutral” rating and lowered their target price for the company from $32.00 to $24.00 in a research note on Tuesday, October 1st. BNP Paribas upgraded Fluence Energy from an “underperform” rating to a “neutral” rating and set a $22.00 price target for the company in a research note on Friday, November 8th. Susquehanna upped their price objective on Fluence Energy from $23.00 to $28.00 and gave the stock a “positive” rating in a research note on Wednesday, October 16th. Finally, Truist Financial increased their target price on Fluence Energy from $25.00 to $28.00 and gave the stock a “buy” rating in a research report on Wednesday, October 16th. Five analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $26.85.

Fluence Energy Stock Performance

Shares of Fluence Energy stock opened at $18.81 on Friday. The stock’s fifty day moving average is $21.08 and its 200 day moving average is $19.66. Fluence Energy has a one year low of $12.74 and a one year high of $27.80. The stock has a market cap of $3.40 billion, a P/E ratio of 144.69, a P/E/G ratio of 0.64 and a beta of 2.54.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in FLNC. Hsbc Holdings PLC lifted its stake in shares of Fluence Energy by 3.8% in the 2nd quarter. Hsbc Holdings PLC now owns 24,250 shares of the company’s stock valued at $420,000 after purchasing an additional 897 shares during the last quarter. US Bancorp DE raised its holdings in Fluence Energy by 676.6% during the 3rd quarter. US Bancorp DE now owns 1,693 shares of the company’s stock valued at $38,000 after buying an additional 1,475 shares during the period. Blue Trust Inc. lifted its position in Fluence Energy by 45.3% in the third quarter. Blue Trust Inc. now owns 4,821 shares of the company’s stock worth $109,000 after buying an additional 1,502 shares during the last quarter. PARK CIRCLE Co bought a new position in Fluence Energy during the second quarter valued at $28,000. Finally, CWM LLC increased its position in Fluence Energy by 164.4% during the third quarter. CWM LLC now owns 2,842 shares of the company’s stock valued at $65,000 after acquiring an additional 1,767 shares during the last quarter. Hedge funds and other institutional investors 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.