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

Fluence Energy, Inc. (NASDAQ:FLNC)’s stock price gapped down prior to trading 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.

Wall Street Analysts Forecast Growth

FLNC has been the subject of several analyst reports. Jefferies Financial Group initiated coverage on Fluence Energy in a research report on Wednesday, September 4th. They set a “buy” rating and a $26.00 target price for the company. Baird R W cut shares of Fluence Energy from a “strong-buy” rating to a “hold” rating in a report on Wednesday. Canaccord Genuity Group dropped their price objective on Fluence Energy from $37.00 to $34.00 and set a “buy” rating on the stock in a research note on Friday, November 29th. Citigroup lowered shares of Fluence Energy from a “buy” rating to a “neutral” rating and dropped their price objective for the company from $32.00 to $24.00 in a research report on Tuesday, October 1st. Finally, Robert W. Baird reaffirmed a “neutral” rating and issued a $20.00 price objective (down from $24.00) on shares of Fluence Energy in a report on Wednesday. Seven investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $26.65.

Fluence Energy Stock Performance

The firm’s fifty day moving average is $19.77 and its two-hundred day moving average is $19.25. The company has a market cap of $2.72 billion, a P/E ratio of 115.38, a P/E/G ratio of 0.54 and a beta of 2.39.

Fluence Energy (NASDAQ:FLNC) last issued its quarterly earnings data 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 return on equity of 4.10% and a net margin of 0.89%. The firm’s quarterly revenue was up 82.5% on a year-over-year basis. During the same period in the prior year, the business posted $0.02 EPS. On average, equities research analysts expect that Fluence Energy, Inc. will post 0.56 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. PARK CIRCLE Co purchased a new position in Fluence Energy in the 2nd quarter valued at approximately $28,000. US Bancorp DE grew its holdings in shares of 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 buying an additional 1,475 shares during the last quarter. Blue Trust Inc. acquired a new position in Fluence Energy in the 2nd quarter valued at $58,000. CWM LLC increased its stake in shares of Fluence Energy by 164.4% during the third quarter. CWM LLC now owns 2,842 shares of the company’s stock worth $65,000 after acquiring an additional 1,767 shares during the period. Finally, Point72 DIFC Ltd acquired a new position in Fluence Energy during the third quarter worth $74,000. 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.