Fluence Energy (NASDAQ:FLNC) Shares Down 2.2% Following Analyst Downgrade

Fluence Energy, Inc. (NASDAQ:FLNC)’s share price dropped 2.2% during trading on Wednesday after Royal Bank of Canada lowered their price target on the stock from $28.00 to $27.00. Royal Bank of Canada currently has an outperform rating on the stock. Fluence Energy traded as low as $18.50 and last traded at $18.58. Approximately 508,635 shares changed hands during mid-day trading, a decline of 77% from the average daily volume of 2,216,312 shares. The stock had previously closed at $19.00.

Other analysts also recently issued reports about the stock. BNP Paribas raised shares of 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. Jefferies Financial Group began coverage on shares of Fluence Energy in a research note on Wednesday, September 4th. They set a “buy” rating and a $26.00 target price on the stock. Susquehanna lifted their price target on Fluence Energy from $23.00 to $28.00 and gave the company a “positive” rating in a research note on Wednesday, October 16th. Truist Financial upped their price target on Fluence Energy from $25.00 to $28.00 and gave the stock a “buy” rating in a report on Wednesday, October 16th. Finally, Piper Sandler raised their price objective on Fluence Energy from $18.00 to $20.00 and gave the company a “neutral” rating in a report on Wednesday. Five investment analysts have rated the stock with a hold rating and fifteen 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 price target of $26.47.

Institutional Trading of Fluence Energy

Several large investors have recently bought and sold shares of FLNC. Hsbc Holdings PLC grew its position in shares of Fluence Energy by 3.8% in the second quarter. Hsbc Holdings PLC now owns 24,250 shares of the company’s stock valued at $420,000 after purchasing an additional 897 shares in the last quarter. US Bancorp DE grew its holdings in 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 buying an additional 1,475 shares in the last quarter. Blue Trust Inc. increased its stake 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 worth $109,000 after acquiring an additional 1,502 shares during the last quarter. PARK CIRCLE Co purchased a new position in shares of Fluence Energy during the 2nd quarter worth $28,000. Finally, CWM LLC boosted its position in shares of Fluence Energy by 164.4% during the 3rd quarter. CWM LLC now owns 2,842 shares of the company’s stock valued at $65,000 after acquiring an additional 1,767 shares during the last quarter. Hedge funds and other institutional investors own 53.16% of the company’s stock.

Fluence Energy Price Performance

The stock has a market cap of $3.32 billion, a PE ratio of 138.31, a price-to-earnings-growth ratio of 0.79 and a beta of 2.54. The stock’s fifty day moving average is $21.26 and its 200-day moving average is $19.65.

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.