Fluence Energy (NASDAQ:FLNC) Shares Down 3.3% – Here’s What Happened

Fluence Energy, Inc. (NASDAQ:FLNC) shares dropped 3.3% on Wednesday . The stock traded as low as $14.11 and last traded at $15.62. Approximately 4,679,567 shares were traded during trading, an increase of 57% from the average daily volume of 2,984,020 shares. The stock had previously closed at $16.15.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the company. Royal Bank of Canada reduced their price objective on Fluence Energy from $28.00 to $27.00 and set an “outperform” rating for the company in a research note on Wednesday, November 27th. Bank of America reduced their price target on Fluence Energy from $25.00 to $24.00 and set a “buy” rating for the company in a research report on Thursday, November 7th. Citigroup lowered Fluence Energy from a “buy” rating to a “neutral” rating and lowered their price objective for the stock from $32.00 to $24.00 in a research report on Tuesday, October 1st. Truist Financial lifted their target price on shares of Fluence Energy from $25.00 to $28.00 and gave the company a “buy” rating in a report on Wednesday, October 16th. Finally, Canaccord Genuity Group decreased their target price on shares of Fluence Energy from $37.00 to $34.00 and set a “buy” rating for the company in a research note on Friday, November 29th. Seven research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $26.65.

Fluence Energy Stock Down 2.7 %

The company has a 50-day moving average of $18.05 and a 200 day moving average of $18.65. The stock has a market capitalization of $2.85 billion, a PE ratio of 120.85, a PEG ratio of 0.56 and a beta of 2.42.

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

Insider Activity

In related news, Director Herman E. Bulls acquired 10,000 shares of Fluence Energy stock in a transaction that occurred on Monday, December 23rd. The shares were purchased at an average price of $15.57 per share, for a total transaction of $155,700.00. Following the completion of the transaction, the director now owns 75,861 shares in the company, valued at $1,181,155.77. This represents a 15.18 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 0.41% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of FLNC. US Bancorp DE increased its position in Fluence Energy by 676.6% during the third quarter. US Bancorp DE now owns 1,693 shares of the company’s stock worth $38,000 after purchasing an additional 1,475 shares during the last quarter. CWM LLC increased its holdings in shares of Fluence Energy by 164.4% during the 3rd quarter. CWM LLC now owns 2,842 shares of the company’s stock worth $65,000 after buying an additional 1,767 shares during the last quarter. Point72 DIFC Ltd purchased a new stake in shares of Fluence Energy during the 3rd quarter valued at approximately $74,000. Householder Group Estate & Retirement Specialist LLC purchased a new position in Fluence Energy in the fourth quarter worth approximately $79,000. Finally, Point72 Asia Singapore Pte. Ltd. acquired a new stake in Fluence Energy during the third quarter worth $87,000. Hedge funds and other 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.