Bank of America Cuts Fluence Energy (NASDAQ:FLNC) Price Target to $24.00

Fluence Energy (NASDAQ:FLNC) had its price target trimmed by Bank of America from $25.00 to $24.00 in a research report sent to investors on Thursday morning,Benzinga reports. The firm currently has a buy rating on the stock.

Other equities research analysts have also recently issued reports about the company. Guggenheim raised Fluence Energy from a “neutral” rating to a “buy” rating and set a $26.00 price objective for the company in a research note on Friday, August 9th. Jefferies Financial Group began coverage on shares of Fluence Energy in a report on Wednesday, September 4th. They issued a “buy” rating and a $26.00 price target for the company. JPMorgan Chase & Co. lifted their target price on Fluence Energy from $25.00 to $28.00 and gave the stock an “overweight” rating in a report on Tuesday, July 16th. Barclays dropped their price target on Fluence Energy from $30.00 to $28.00 and set an “overweight” rating on the stock in a research report on Friday, July 26th. Finally, BMO Capital Markets increased their target price on Fluence Energy from $24.00 to $25.00 and gave the stock an “outperform” rating in a research note on Monday, October 14th. Five equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $26.63.

Fluence Energy Price Performance

FLNC opened at $20.67 on Thursday. The firm has a 50 day simple moving average of $20.99 and a 200 day simple moving average of $19.45. Fluence Energy has a fifty-two week low of $12.74 and a fifty-two week high of $27.80. The company has a market cap of $3.73 billion, a price-to-earnings ratio of -108.78, a price-to-earnings-growth ratio of 0.68 and a beta of 2.54.

Insider Buying and Selling at Fluence Energy

In related news, Director Herman E. Bulls acquired 10,000 shares of the firm’s stock in a transaction on Tuesday, August 13th. The shares were purchased at an average cost of $16.81 per share, for a total transaction of $168,100.00. Following the completion of the acquisition, the director now directly owns 65,861 shares in the company, valued at approximately $1,107,123.41. This trade represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 0.41% of the company’s stock.

Institutional Trading of Fluence Energy

A number of institutional investors have recently bought and sold shares of the business. Intech Investment Management LLC acquired a new stake in shares of Fluence Energy in the third quarter valued at approximately $309,000. Moors & Cabot Inc. acquired a new position in Fluence Energy in the 3rd quarter valued at $404,000. EagleClaw Capital Managment LLC raised its holdings in Fluence Energy by 62.0% in the 3rd quarter. EagleClaw Capital Managment LLC now owns 195,175 shares of the company’s stock valued at $4,432,000 after acquiring an additional 74,700 shares in the last quarter. Advisors Asset Management Inc. grew its holdings in shares of Fluence Energy by 39.3% during the 3rd quarter. Advisors Asset Management Inc. now owns 35,948 shares of the company’s stock worth $816,000 after purchasing an additional 10,144 shares in the last quarter. Finally, SCP Investment LP grew its holdings in shares of Fluence Energy by 76.9% during the 3rd quarter. SCP Investment LP now owns 36,800 shares of the company’s stock worth $836,000 after purchasing an additional 16,000 shares in the last quarter. Institutional investors 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.