Fluence Energy (NASDAQ:FLNC) Shares Gap Down - Here's What Happened

Fluence Energy, Inc. (NASDAQ:FLNC - Get Free Report)'s share price gapped down before the market opened on Thursday . The stock had previously closed at $5.01, but opened at $4.71. Fluence Energy shares last traded at $4.80, with a volume of 924,197 shares.

Analysts Set New Price Targets

Several analysts have recently commented on FLNC shares. Truist Financial reduced their price target on Fluence Energy from $28.00 to $13.00 and set a "buy" rating for the company in a report on Wednesday, February 12th. Hsbc Global Res downgraded shares of Fluence Energy from a "strong-buy" rating to a "hold" rating in a report on Monday, April 28th. Susquehanna lowered their target price on shares of Fluence Energy from $10.00 to $8.00 and set a "positive" rating on the stock in a research report on Monday, April 14th. Roth Mkm downgraded shares of Fluence Energy from a "buy" rating to a "neutral" rating and reduced their price target for the company from $20.00 to $6.50 in a research report on Wednesday, February 12th. Finally, Barclays reissued an "equal weight" rating and set a $5.00 price target (down previously from $9.00) on shares of Fluence Energy in a research note on Tuesday, April 8th. Two research analysts have rated the stock with a sell rating, eighteen have assigned a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, Fluence Energy presently has an average rating of "Hold" and a consensus price target of $8.21.

Fluence Energy Stock Down 3.1%

The stock has a market capitalization of $881.24 million, a price-to-earnings ratio of -96.90 and a beta of 2.49. The firm has a 50-day moving average of $4.60 and a 200 day moving average of $10.89. The company has a current ratio of 1.57, a quick ratio of 1.14 and a debt-to-equity ratio of 0.74.

Fluence Energy (NASDAQ:FLNC - Get Free Report) last posted its earnings results on Wednesday, May 7th. The company reported ($0.24) EPS for the quarter, missing analysts' consensus estimates of ($0.21) by ($0.03). Fluence Energy had a negative return on equity of 0.36% and a negative net margin of 0.08%. The firm had revenue of $431.62 million for the quarter, compared to analyst estimates of $328.17 million. During the same period in the previous year, the firm posted ($0.07) earnings per share. The company's revenue for the quarter was down 30.7% on a year-over-year basis. On average, sell-side analysts anticipate that Fluence Energy, Inc. will post 0.08 earnings per share for the current year.

Insider Activity at Fluence Energy

In other news, Director Cynthia A. Arnold acquired 33,000 shares of Fluence Energy stock in a transaction that occurred on Monday, May 12th. The shares were purchased at an average cost of $5.90 per share, for a total transaction of $194,700.00. Following the completion of the purchase, the director now directly owns 86,202 shares of the company's stock, valued at $508,591.80. This trade represents a 62.03% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Herman E. Bulls purchased 10,000 shares of Fluence Energy stock in a transaction dated Wednesday, March 5th. The stock was acquired at an average price of $5.41 per share, for a total transaction of $54,100.00. Following the completion of the transaction, the director now owns 115,861 shares in the company, valued at approximately $626,808.01. The trade was a 9.45% increase in their position. The disclosure for this purchase can be found here. 0.65% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Fluence Energy

Several institutional investors and hedge funds have recently bought and sold shares of the business. Voleon Capital Management LP bought a new position in shares of Fluence Energy during the first quarter valued at approximately $55,000. Goldman Sachs Group Inc. grew its position in shares of Fluence Energy by 189.7% during the first quarter. Goldman Sachs Group Inc. now owns 3,171,146 shares of the company's stock worth $15,380,000 after acquiring an additional 2,076,668 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of Fluence Energy by 2.9% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 118,559 shares of the company's stock worth $575,000 after acquiring an additional 3,364 shares during the period. Jacobs Levy Equity Management Inc. bought a new stake in Fluence Energy in the 1st quarter valued at about $109,000. Finally, AQR Capital Management LLC boosted its stake in Fluence Energy by 1,441.8% during the 1st quarter. AQR Capital Management LLC now owns 900,674 shares of the company's stock valued at $4,368,000 after purchasing an additional 842,257 shares during the period. 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.

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