Fluence Energy (NASDAQ:FLNC) Trading Down 7.6%

Fluence Energy, Inc. (NASDAQ:FLNC - Get Free Report) dropped 7.6% during mid-day trading on Tuesday . The stock traded as low as $16.07 and last traded at $16.09. Approximately 740,129 shares were traded during trading, a decline of 69% from the average daily volume of 2,422,581 shares. The stock had previously closed at $17.42.

Analyst Ratings Changes

A number of brokerages have weighed in on FLNC. JPMorgan Chase & Co. upgraded shares of Fluence Energy from a "neutral" rating to an "overweight" rating and set a $23.00 price objective on the stock in a report on Friday, February 23rd. Roth Capital raised shares of Fluence Energy from a "neutral" rating to a "buy" rating in a research note on Monday, December 4th. Morgan Stanley lifted their price objective on shares of Fluence Energy from $27.00 to $32.00 and gave the stock an "equal weight" rating in a research note on Friday, December 8th. Roth Mkm raised shares of Fluence Energy from a "neutral" rating to a "buy" rating and lifted their price objective for the stock from $27.00 to $31.00 in a research note on Monday, December 4th. Finally, The Goldman Sachs Group lowered their target price on shares of Fluence Energy from $32.00 to $26.00 and set a "buy" rating for the company in a report on Friday, March 22nd. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and fifteen have assigned a buy rating to the company. According to data from MarketBeat.com, Fluence Energy presently has a consensus rating of "Moderate Buy" and a consensus price target of $29.00.

Fluence Energy Price Performance

The firm has a market capitalization of $2.80 billion, a PE ratio of -29.62 and a beta of 2.57. The company's fifty day simple moving average is $17.37 and its 200-day simple moving average is $19.92.

Fluence Energy (NASDAQ:FLNC - Get Free Report) last posted its quarterly earnings data on Wednesday, February 7th. The company reported ($0.14) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.13) by ($0.01). The company had revenue of $363.96 million for the quarter, compared to analysts' expectations of $403.93 million. Fluence Energy had a negative net margin of 2.72% and a negative return on equity of 11.18%. The business's revenue for the quarter was up 17.2% on a year-over-year basis. During the same period in the previous year, the business earned ($0.21) earnings per share. Analysts forecast that Fluence Energy, Inc. will post 0.14 earnings per share for the current year.

Institutional Investors Weigh In On Fluence Energy

A number of hedge funds have recently modified their holdings of FLNC. National Bank of Canada FI acquired a new stake in Fluence Energy during the third quarter worth about $27,000. Quarry LP acquired a new stake in Fluence Energy during the fourth quarter worth about $38,000. Point72 Hong Kong Ltd acquired a new stake in Fluence Energy during the second quarter worth about $39,000. Allspring Global Investments Holdings LLC increased its position in Fluence Energy by 185.3% during the third quarter. Allspring Global Investments Holdings LLC now owns 2,137 shares of the company's stock worth $49,000 after purchasing an additional 1,388 shares during the last quarter. Finally, Comerica Bank increased its position in Fluence Energy by 724.9% during the fourth quarter. Comerica Bank now owns 2,351 shares of the company's stock worth $56,000 after purchasing an additional 2,066 shares during the last quarter. 53.16% of the stock is currently owned by institutional investors and hedge funds.

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.