Fluence Energy (NASDAQ:FLNC) Shares Down 6.8%

Fluence Energy, Inc. (NASDAQ:FLNC - Get Free Report) shares were down 6.8% during mid-day trading on Thursday . The company traded as low as $18.88 and last traded at $18.99. Approximately 453,802 shares traded 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.

Analyst Upgrades and Downgrades

FLNC has been the topic of a number of research analyst reports. Raymond James upgraded Fluence Energy from a "market perform" rating to an "outperform" rating and set a $22.00 price target on the stock in a research note on Wednesday, April 3rd. BMO Capital Markets raised Fluence Energy from a "market perform" rating to an "outperform" rating and set a $27.00 target price on the stock in a research report on Tuesday, January 16th. Piper Sandler dropped their price target on Fluence Energy from $25.00 to $20.00 and set a "neutral" rating for the company in a report on Thursday, April 11th. JPMorgan Chase & Co. raised 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. Finally, The Goldman Sachs Group dropped their target price on Fluence Energy from $32.00 to $26.00 and set a "buy" rating for the company in a report on Friday, March 22nd. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and fourteen have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $28.56.

Fluence Energy Stock Down 8.0 %

The stock has a market cap of $3.35 billion, a price-to-earnings ratio of -35.83 and a beta of 2.48. The company has a 50 day simple moving average of $16.41 and a 200 day simple moving average of $19.15.

Fluence Energy (NASDAQ:FLNC - Get Free Report) last announced its quarterly earnings results on Wednesday, May 8th. The company reported ($0.07) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.07). Fluence Energy had a negative net margin of 2.72% and a negative return on equity of 11.18%. The company had revenue of $623.14 million during the quarter, compared to the consensus estimate of $538.42 million. During the same period in the prior year, the business earned ($0.21) earnings per share. The company's revenue for the quarter was down 10.7% compared to the same quarter last year. As a group, analysts predict that Fluence Energy, Inc. will post 0.14 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Fluence Energy

A number of institutional investors have recently added to or reduced their stakes in FLNC. SageView Advisory Group LLC acquired a new position in shares of Fluence Energy during the first quarter worth $78,000. BNP PARIBAS ASSET MANAGEMENT Holding S.A. grew its stake in Fluence Energy by 21.2% during the first quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 4,330,198 shares of the company's stock worth $75,086,000 after purchasing an additional 757,105 shares during the period. ProShare Advisors LLC boosted its holdings in shares of Fluence Energy by 8.5% during the 1st quarter. ProShare Advisors LLC now owns 10,539 shares of the company's stock worth $183,000 after buying an additional 830 shares in the last quarter. Avantax Advisory Services Inc. grew its position in shares of Fluence Energy by 62.5% during the 1st quarter. Avantax Advisory Services Inc. now owns 20,515 shares of the company's stock worth $356,000 after buying an additional 7,890 shares during the period. Finally, SG Americas Securities LLC bought a new stake in shares of Fluence Energy in the 1st quarter valued at $4,082,000. 53.16% of the stock is owned by 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.