Fluence Energy (NASDAQ:FLNC) Trading 6.1% Higher - Here's What Happened

Fluence Energy, Inc. (NASDAQ:FLNC - Get Free Report) shares shot up 6.1% on Tuesday . The stock traded as high as $8.55 and last traded at $8.43. 594,992 shares changed hands during mid-day trading, a decline of 85% from the average session volume of 3,928,087 shares. The stock had previously closed at $7.94.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on FLNC. Morgan Stanley increased their target price on Fluence Energy from $4.00 to $5.00 and gave the stock an "equal weight" rating in a report on Monday, May 19th. The Goldman Sachs Group lowered their price objective on Fluence Energy from $9.00 to $8.00 and set a "buy" rating for the company in a research report on Friday, May 9th. UBS Group lifted their price objective on Fluence Energy from $4.50 to $6.00 and gave the stock a "neutral" rating in a research report on Tuesday, May 13th. Hsbc Global Res lowered Fluence Energy from a "strong-buy" rating to a "hold" rating in a research report on Monday, April 28th. Finally, Canaccord Genuity Group decreased their target price on Fluence Energy from $14.00 to $10.00 and set a "buy" rating for the company in a research report on Wednesday, April 16th. Two equities research analysts have rated the stock with a sell rating, eighteen have assigned a hold rating and four have given a buy rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $7.78.

Fluence Energy Stock Up 8.7%

The company has a debt-to-equity ratio of 0.78, a current ratio of 1.51 and a quick ratio of 0.99. The stock has a market capitalization of $1.63 billion, a P/E ratio of -40.73 and a beta of 2.65. The firm has a 50-day simple moving average of $6.09 and a 200 day simple moving average of $7.32.

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 the consensus estimate of ($0.21) by ($0.03). Fluence Energy had a negative net margin of 1.10% and a negative return on equity of 4.40%. The firm had revenue of $431.62 million during the quarter, compared to the consensus estimate of $328.17 million. During the same quarter in the prior year, the business posted ($0.07) earnings per share. Fluence Energy's revenue for the quarter was down 30.7% compared to the same quarter last year. On average, equities research analysts forecast that Fluence Energy, Inc. will post 0.08 EPS for the current year.

Insider Buying and Selling

In other Fluence Energy news, Director Cynthia A. Arnold purchased 33,000 shares of the company's stock in a transaction that occurred on Monday, May 12th. The shares were acquired at an average cost of $5.90 per share, for a total transaction of $194,700.00. Following the completion of the acquisition, the director owned 86,202 shares of the company's stock, valued at $508,591.80. The trade was a 62.03% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.65% of the company's stock.

Hedge Funds Weigh In On Fluence Energy

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Millennium Management LLC grew its position in Fluence Energy by 257.2% during the fourth quarter. Millennium Management LLC now owns 720,828 shares of the company's stock worth $11,447,000 after buying an additional 519,049 shares in the last quarter. Raymond James Financial Inc. bought a new stake in Fluence Energy during the fourth quarter worth about $1,221,000. Janney Montgomery Scott LLC bought a new stake in Fluence Energy during the first quarter worth about $403,000. Trexquant Investment LP lifted its stake in Fluence Energy by 577.5% during the fourth quarter. Trexquant Investment LP now owns 876,463 shares of the company's stock worth $13,918,000 after purchasing an additional 747,103 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC bought a new stake in Fluence Energy during the first quarter worth about $128,000. 53.16% of the stock is currently 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.