Fluence Energy (NASDAQ:FLNC) Stock Price Down 5.5% – Here’s What Happened

Fluence Energy, Inc. (NASDAQ:FLNC) shares fell 5.5% on Wednesday . The company traded as low as $17.30 and last traded at $17.33. 1,138,656 shares changed hands during trading, a decline of 49% from the average session volume of 2,236,086 shares. The stock had previously closed at $18.33.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on FLNC. Bank of America dropped their price target on shares of Fluence Energy from $25.00 to $24.00 and set a “buy” rating for the company in a research report on Thursday, November 7th. Susquehanna lifted their price objective on shares of Fluence Energy from $23.00 to $28.00 and gave the company a “positive” rating in a report on Wednesday, October 16th. BMO Capital Markets lifted their price objective on shares of Fluence Energy from $24.00 to $25.00 and gave the company an “outperform” rating in a report on Monday, October 14th. Canaccord Genuity Group dropped their price objective on shares of Fluence Energy from $37.00 to $34.00 and set a “buy” rating for the company in a report on Friday, November 29th. Finally, Robert W. Baird dropped their price objective on shares of Fluence Energy from $27.00 to $24.00 and set an “outperform” rating for the company in a report on Wednesday, November 27th. Five investment analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Fluence Energy currently has a consensus rating of “Moderate Buy” and an average price target of $26.85.

Fluence Energy Stock Performance

The firm has a market cap of $3.03 billion, a PE ratio of 131.38, a P/E/G ratio of 0.62 and a beta of 2.39. The firm’s 50-day moving average price is $20.94 and its two-hundred day moving average price is $19.67.

Fluence Energy (NASDAQ:FLNC) last issued its quarterly earnings results on Monday, November 25th. The company reported $0.34 earnings per share for the quarter, topping analysts’ consensus estimates of $0.23 by $0.11. The firm had revenue of $1.23 billion during the quarter, compared to analysts’ expectations of $1.28 billion. Fluence Energy had a net margin of 0.89% and a return on equity of 4.10%. Fluence Energy’s quarterly revenue was up 82.5% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.02 EPS. As a group, sell-side analysts predict that Fluence Energy, Inc. will post 0.54 earnings per share for the current fiscal year.

Institutional Trading of Fluence Energy

Several hedge funds have recently made changes to their positions in the company. Hsbc Holdings PLC lifted its stake in shares of Fluence Energy by 3.8% in the 2nd quarter. Hsbc Holdings PLC now owns 24,250 shares of the company’s stock worth $420,000 after acquiring an additional 897 shares during the period. US Bancorp DE increased its holdings in shares of Fluence Energy by 676.6% in the 3rd quarter. US Bancorp DE now owns 1,693 shares of the company’s stock valued at $38,000 after purchasing an additional 1,475 shares in the last quarter. Blue Trust Inc. increased its holdings in shares of Fluence Energy by 45.3% in the 3rd quarter. Blue Trust Inc. now owns 4,821 shares of the company’s stock valued at $109,000 after purchasing an additional 1,502 shares in the last quarter. PARK CIRCLE Co purchased a new position in shares of Fluence Energy in the 2nd quarter valued at about $28,000. Finally, CWM LLC increased its holdings in shares of Fluence Energy by 164.4% in the 3rd quarter. CWM LLC now owns 2,842 shares of the company’s stock valued at $65,000 after purchasing an additional 1,767 shares in the last quarter. Institutional investors and hedge funds own 53.16% of the company’s stock.

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.