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

Shares of Fluence Energy, Inc. (NASDAQ:FLNC) were down 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

A number of research firms have weighed in on FLNC. Susquehanna raised shares of Fluence Energy from a “neutral” rating to a “positive” rating and set a $24.00 target price for the company in a research report on Monday, February 26th. JPMorgan Chase & Co. raised shares of Fluence Energy from a “neutral” rating to an “overweight” rating and set a $23.00 target price for the company in a research note on Friday, February 23rd. BMO Capital Markets upgraded 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 report on Tuesday, January 16th. The Goldman Sachs Group decreased their price target on Fluence Energy from $32.00 to $26.00 and set a “buy” rating for the company in a 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 note on Wednesday, April 3rd. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and fourteen have issued a buy rating to the stock. According to MarketBeat.com, Fluence Energy presently has an average rating of “Moderate Buy” and an average price target of $28.56.

Fluence Energy Trading Down 6.4 %

The firm’s 50-day moving average is $16.41 and its 200-day moving average is $19.15. The firm has a market cap of $3.41 billion, a price-to-earnings ratio of -35.83 and a beta of 2.48.

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

Institutional Trading of Fluence Energy

Several institutional investors and hedge funds have recently modified their holdings of FLNC. Vanguard Group Inc. grew its holdings in Fluence Energy by 41.0% during the fourth 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. BNP PARIBAS ASSET MANAGEMENT Holding S.A. grew its stake in shares of Fluence Energy by 21.2% in the 1st quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 4,330,198 shares of the company’s stock worth $75,086,000 after acquiring an additional 757,105 shares in the last quarter. FMR LLC increased its stake in Fluence Energy by 146.9% in the 3rd quarter. FMR LLC now owns 3,959,313 shares of the company’s stock valued at $91,025,000 after buying an additional 2,355,849 shares during the last quarter. Handelsbanken Fonder AB lifted its position in shares of Fluence Energy by 145.5% during the 4th quarter. Handelsbanken Fonder AB now owns 2,880,052 shares of the company’s stock worth $68,689,000 after buying an additional 1,706,808 shares in the last quarter. Finally, Schroder Investment Management Group boosted its stake in shares of Fluence Energy by 65.2% in 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. 53.16% of the stock is owned by hedge funds and other institutional investors.

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.