Fluence Energy (NASDAQ:FLNC) Trading Down 5.4% After Analyst Downgrade

Fluence Energy, Inc. (NASDAQ:FLNC)’s stock price dropped 5.4% on Tuesday after Bank of America lowered their price target on the stock from $25.00 to $20.00. Bank of America currently has a buy rating on the stock. Fluence Energy traded as low as $13.15 and last traded at $12.96. Approximately 753,541 shares were traded during trading, a decline of 77% from the average daily volume of 3,317,409 shares. The stock had previously closed at $13.69.

A number of other equities research analysts have also issued reports on FLNC. Susquehanna increased their target price on Fluence Energy from $23.00 to $28.00 and gave the company a “positive” rating in a research note on Wednesday, October 16th. BMO Capital Markets boosted their target price on shares of Fluence Energy from $24.00 to $25.00 and gave the stock an “outperform” rating in a research report on Monday, October 14th. Citigroup lowered shares of Fluence Energy from a “buy” rating to a “neutral” rating and lowered their price target for the company from $32.00 to $24.00 in a report on Tuesday, October 1st. Truist Financial upped their price objective on shares of Fluence Energy from $25.00 to $28.00 and gave the company a “buy” rating in a research report on Wednesday, October 16th. Finally, Barclays dropped their target price on Fluence Energy from $28.00 to $22.00 and set an “overweight” rating on the stock in a research report on Wednesday, January 22nd. Eight analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $25.60.

Insider Buying and Selling

In other news, Director Herman E. Bulls purchased 10,000 shares of Fluence Energy stock in a transaction dated Monday, December 23rd. The stock was bought at an average price of $15.57 per share, with a total value of $155,700.00. Following the completion of the acquisition, the director now owns 75,861 shares in the company, valued at $1,181,155.77. The trade was a 15.18 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.41% of the stock is owned by company insiders.

Institutional Trading of Fluence Energy

A number of large investors have recently modified their holdings of the company. Handelsbanken Fonder AB grew its position in Fluence Energy by 47.3% in the 3rd quarter. Handelsbanken Fonder AB now owns 6,376,024 shares of the company’s stock worth $144,800,000 after purchasing an additional 2,047,063 shares during the last quarter. FMR LLC grew its holdings in Fluence Energy by 9.0% in the 3rd quarter. FMR LLC now owns 1,606,100 shares of the company’s stock worth $36,475,000 after buying an additional 132,868 shares in the last quarter. Geode Capital Management LLC increased its position in Fluence Energy by 4.2% in the 3rd quarter. Geode Capital Management LLC now owns 1,508,003 shares of the company’s stock valued at $34,253,000 after acquiring an additional 60,633 shares during the period. Clearbridge Investments LLC raised its stake in Fluence Energy by 1.6% during the 2nd quarter. Clearbridge Investments LLC now owns 1,500,841 shares of the company’s stock valued at $26,025,000 after acquiring an additional 23,927 shares in the last quarter. Finally, Erste Asset Management GmbH acquired a new position in Fluence Energy during the 3rd quarter worth $22,059,000. Institutional investors and hedge funds own 53.16% of the company’s stock.

Fluence Energy Stock Up 4.7 %

The company has a market cap of $2.40 billion, a P/E ratio of 101.92, a PEG ratio of 0.44 and a beta of 2.42. The company has a 50 day moving average price of $16.65 and a 200-day moving average price of $18.41.

Fluence Energy (NASDAQ:FLNC) last announced its earnings results on Monday, November 25th. The company reported $0.34 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.23 by $0.11. The firm had revenue of $1.23 billion during the quarter, compared to analyst estimates of $1.28 billion. Fluence Energy had a net margin of 0.89% and a return on equity of 4.10%. Fluence Energy’s revenue was up 82.5% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.02 EPS. On average, research analysts expect that Fluence Energy, Inc. will post 0.55 earnings per share for the current fiscal year.

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.