Fluence Energy (NASDAQ:FLNC) Shares Gap Down – Here’s What Happened

Fluence Energy, Inc. (NASDAQ:FLNC) shares gapped down before the market opened on Wednesday . The stock had previously closed at $17.04, but opened at $16.60. Fluence Energy shares last traded at $17.03, with a volume of 453,646 shares trading hands.

Wall Street Analyst Weigh In

A number of analysts have recently commented on the stock. Susquehanna lifted their price target on shares of Fluence Energy from $23.00 to $28.00 and gave the stock a “positive” rating in a research note on Wednesday, October 16th. BNP Paribas raised Fluence Energy from an “underperform” rating to a “neutral” rating and set a $22.00 price target on the stock in a report on Friday, November 8th. BMO Capital Markets lifted their price objective on Fluence Energy from $24.00 to $25.00 and gave the stock an “outperform” rating in a report on Monday, October 14th. Canaccord Genuity Group lowered their target price on Fluence Energy from $37.00 to $34.00 and set a “buy” rating on the stock in a report on Friday, November 29th. Finally, Guggenheim restated a “buy” rating and set a $26.00 price target on shares of Fluence Energy in a research note on Friday, December 6th. Six analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $26.65.

Fluence Energy Stock Performance

The company has a market capitalization of $3.19 billion, a P/E ratio of 131.08, a P/E/G ratio of 0.54 and a beta of 2.39. The business’s fifty day simple moving average is $19.99 and its 200-day simple moving average is $19.30.

Fluence Energy (NASDAQ:FLNC) last released its quarterly earnings results on Monday, November 25th. The company reported $0.34 earnings per share for the quarter, beating the consensus estimate of $0.23 by $0.11. The business had revenue of $1.23 billion during the quarter, compared to analysts’ expectations of $1.28 billion. Fluence Energy had a return on equity of 4.10% and a net margin of 0.89%. The firm’s revenue for the quarter was up 82.5% compared to the same quarter last year. During the same quarter last year, the business posted $0.02 EPS. As a group, analysts forecast that Fluence Energy, Inc. will post 0.56 EPS for the current year.

Institutional Trading of Fluence Energy

A number of large investors have recently made changes to their positions in FLNC. Blue Trust Inc. bought a new stake in Fluence Energy in the second quarter worth $58,000. Bank of New York Mellon Corp boosted its stake in shares of Fluence Energy by 19.6% during the 2nd quarter. Bank of New York Mellon Corp now owns 217,709 shares of the company’s stock worth $3,775,000 after purchasing an additional 35,701 shares during the period. Allspring Global Investments Holdings LLC grew its holdings in Fluence Energy by 305.5% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 30,952 shares of the company’s stock valued at $537,000 after purchasing an additional 23,319 shares during the last quarter. Lazard Freres Gestion S.A.S. purchased a new stake in Fluence Energy in the 2nd quarter worth about $26,877,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in Fluence Energy by 1,355.7% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,024,114 shares of the company’s stock worth $17,758,000 after purchasing an additional 953,761 shares during the last quarter. 53.16% of the stock is currently owned by 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.