Fluence Energy (NASDAQ:FLNC) Stock Price Down 3.2%

Fluence Energy, Inc. (NASDAQ:FLNC) shares traded down 3.2% on Monday . The stock traded as low as $16.64 and last traded at $16.79. 313,368 shares were traded during mid-day trading, a decline of 87% from the average session volume of 2,374,942 shares. The stock had previously closed at $17.34.

Analyst Ratings Changes

Several equities research analysts have weighed in on the stock. Roth Mkm restated a “buy” rating and issued a $27.00 price objective (down previously from $31.00) on shares of Fluence Energy in a research report on Friday, May 10th. Royal Bank of Canada reiterated an “outperform” rating and set a $29.00 price target on shares of Fluence Energy in a research report on Friday, June 14th. Guggenheim cut shares of Fluence Energy from a “buy” rating to a “neutral” rating in a research report on Thursday, June 6th. Raymond James raised shares of Fluence Energy from a “market perform” rating to an “outperform” rating and set a $22.00 price objective on the stock in a research note on Wednesday, April 3rd. Finally, Evercore ISI cut their price target on shares of Fluence Energy from $59.00 to $47.00 and set an “outperform” rating on the stock in a research note on Monday, May 13th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and thirteen have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $28.56.

Fluence Energy Price Performance

The stock’s 50-day moving average price is $20.16 and its 200-day moving average price is $19.24.

Fluence Energy (NASDAQ:FLNC) last announced its earnings results on Wednesday, May 8th. The company reported ($0.07) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.07). The company had revenue of $623.14 million during the quarter, compared to analysts’ expectations of $538.42 million. Fluence Energy had a negative net margin of 2.10% and a negative return on equity of 8.48%. Fluence Energy’s quarterly revenue was down 10.7% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.21) earnings per share. On average, sell-side analysts forecast that Fluence Energy, Inc. will post 0.11 EPS for the current year.

Institutional Investors Weigh In On Fluence Energy

Several institutional investors and hedge funds have recently bought and sold shares of the company. GAMMA Investing LLC lifted its position in Fluence Energy by 264.9% during the second quarter. GAMMA Investing LLC now owns 2,956 shares of the company’s stock worth $51,000 after purchasing an additional 2,146 shares during the period. Comerica Bank lifted its position in Fluence Energy by 79.1% during the first quarter. Comerica Bank now owns 4,211 shares of the company’s stock worth $73,000 after purchasing an additional 1,860 shares during the period. Price T Rowe Associates Inc. MD lifted its position in Fluence Energy by 10.1% during the first quarter. Price T Rowe Associates Inc. MD now owns 22,689 shares of the company’s stock worth $394,000 after purchasing an additional 2,081 shares during the period. Healthcare of Ontario Pension Plan Trust Fund lifted its position in Fluence Energy by 5.3% during the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 507,100 shares of the company’s stock worth $8,793,000 after purchasing an additional 25,441 shares during the period. Finally, Clearbridge Investments LLC lifted its position in Fluence Energy by 3.7% during the first quarter. Clearbridge Investments LLC now owns 1,476,914 shares of the company’s stock worth $25,610,000 after purchasing an additional 52,744 shares during the period. 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.