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

Fluence Energy, Inc. (NASDAQ:FLNC) dropped 2.2% during mid-day 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 traded 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 equities analysts have also issued research reports about the company. Bank of America cut their price target on Fluence Energy from $25.00 to $24.00 and set a “buy” rating on the stock in a research note on Thursday, November 7th. Robert W. Baird lowered their price target on shares of Fluence Energy from $27.00 to $24.00 and set an “outperform” rating for the company in a research report on Wednesday. Guggenheim raised shares of Fluence Energy from a “neutral” rating to a “buy” rating and set a $26.00 price objective on the stock in a report on Friday, August 9th. Jefferies Financial Group assumed coverage on Fluence Energy in a report on Wednesday, September 4th. They set a “buy” rating and a $26.00 target price for the company. Finally, Piper Sandler lifted their price target on Fluence Energy from $18.00 to $20.00 and gave the company a “neutral” rating in a report on Wednesday. Five equities research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. Based on data from MarketBeat.com, Fluence Energy has an average rating of “Moderate Buy” and an average target price of $26.47.

Institutional Trading of Fluence Energy

Several large investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its holdings in shares of Fluence Energy by 11.9% during the first quarter. Vanguard Group Inc. now owns 6,178,218 shares of the company’s stock worth $107,130,000 after purchasing an additional 656,839 shares during the period. Price T Rowe Associates Inc. MD lifted its stake in Fluence Energy by 10.1% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 22,689 shares of the company’s stock valued at $394,000 after acquiring an additional 2,081 shares during the period. Comerica Bank boosted its holdings in shares of Fluence Energy by 79.1% in the 1st quarter. Comerica Bank now owns 4,211 shares of the company’s stock valued at $73,000 after acquiring an additional 1,860 shares during the last quarter. GAMMA Investing LLC increased its stake in shares of Fluence Energy by 264.9% in the second quarter. GAMMA Investing LLC now owns 2,956 shares of the company’s stock worth $51,000 after acquiring an additional 2,146 shares during the period. Finally, Renaissance Capital LLC raised its holdings in shares of Fluence Energy by 42.0% during the second quarter. Renaissance Capital LLC now owns 54,288 shares of the company’s stock worth $941,000 after purchasing an additional 16,045 shares during the last quarter. Hedge funds and other institutional investors own 53.16% of the company’s stock.

Fluence Energy Stock Down 3.3 %

The company has a market capitalization of $3.32 billion, a price-to-earnings ratio of 138.31, a P/E/G ratio of 0.79 and a beta of 2.54. The business’s 50-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.