Fluence Energy (NASDAQ:FLNC) Hits New 12-Month Low on Disappointing Earnings

Shares of Fluence Energy, Inc. (NASDAQ:FLNC) hit a new 52-week low during trading on Tuesday following a dissappointing earnings announcement. The company traded as low as $6.75 and last traded at $6.86, with a volume of 12441501 shares changing hands. The stock had previously closed at $13.07.

The company reported ($0.32) EPS for the quarter, missing analysts’ consensus estimates of ($0.17) by ($0.15). Fluence Energy had a net margin of 0.89% and a return on equity of 4.10%.

Analysts Set New Price Targets

FLNC has been the topic of a number of recent research reports. BNP Paribas upgraded shares of Fluence Energy from an “underperform” rating to a “neutral” rating and set a $22.00 target price on the stock in a report on Friday, November 8th. Citigroup reduced their price objective on shares of Fluence Energy from $24.00 to $10.00 and set a “neutral” rating on the stock in a research note on Tuesday. Guggenheim downgraded Fluence Energy from a “buy” rating to a “sell” rating and cut their price target for the company from $26.00 to $6.00 in a report on Tuesday. Canaccord Genuity Group decreased their price objective on Fluence Energy from $37.00 to $34.00 and set a “buy” rating on the stock in a report on Friday, November 29th. Finally, Bank of America dropped their target price on Fluence Energy from $25.00 to $20.00 and set a “buy” rating for the company in a research note on Tuesday, January 28th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat, Fluence Energy presently has a consensus rating of “Hold” and an average price target of $23.15.

Insider Activity at Fluence Energy

In related news, Director Herman E. Bulls purchased 10,000 shares of the firm’s stock in a transaction on Monday, December 23rd. The stock was purchased at an average price of $15.57 per share, for a total transaction of $155,700.00. Following the acquisition, the director now directly owns 75,861 shares in the company, valued at $1,181,155.77. The trade was a 15.18 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.65% of the company’s stock.

Institutional Investors Weigh In On Fluence Energy

Several hedge funds and other institutional investors have recently added to or reduced their stakes in FLNC. Sanders Morris Harris LLC purchased a new stake in shares of Fluence Energy during the fourth quarter worth about $812,000. SG Americas Securities LLC increased its stake in shares of Fluence Energy by 79.2% in the fourth quarter. SG Americas Securities LLC now owns 48,883 shares of the company’s stock worth $776,000 after buying an additional 21,597 shares during the last quarter. FMR LLC raised its holdings in Fluence Energy by 9.0% in the third quarter. FMR LLC now owns 1,606,100 shares of the company’s stock valued at $36,475,000 after acquiring an additional 132,868 shares in the last quarter. Cidel Asset Management Inc. bought a new position in shares of Fluence Energy during the fourth quarter worth about $350,000. Finally, Principal Financial Group Inc. acquired a new position in shares of Fluence Energy in the 3rd quarter worth approximately $5,742,000. 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 $1.27 billion, a price-to-earnings ratio of 53.85, a P/E/G ratio of 0.49 and a beta of 2.37. The business’s fifty day simple moving average is $15.47 and its 200 day simple moving average is $18.22.

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.