Canaccord Genuity Group Cuts Fluence Energy (NASDAQ:FLNC) Price Target to $34.00

Fluence Energy (NASDAQ:FLNC) had its target price trimmed by Canaccord Genuity Group from $37.00 to $34.00 in a research note published on Friday morning,Benzinga reports. The firm currently has a buy rating on the stock.

A number of other equities research analysts have also recently issued reports on FLNC. Royal Bank of Canada cut their price objective on shares of Fluence Energy from $28.00 to $27.00 and set an “outperform” rating for the company in a research note on Wednesday, November 27th. BMO Capital Markets upped their price target on shares of Fluence Energy from $24.00 to $25.00 and gave the company an “outperform” rating in a research report on Monday, October 14th. Bank of America lowered their target price on Fluence Energy from $25.00 to $24.00 and set a “buy” rating for the company in a research note on Thursday, November 7th. Piper Sandler raised their price target on Fluence Energy from $18.00 to $20.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 27th. Finally, Robert W. Baird lowered their price objective on Fluence Energy from $27.00 to $24.00 and set an “outperform” rating for the company in a research report on Wednesday, November 27th. Five analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $26.85.

Fluence Energy Price Performance

Shares of FLNC opened at $18.81 on Friday. Fluence Energy has a 1 year low of $12.74 and a 1 year high of $27.80. The stock has a 50 day simple moving average of $21.08 and a two-hundred day simple moving average of $19.66. The firm has a market cap of $3.40 billion, a P/E ratio of 144.69, a P/E/G ratio of 0.64 and a beta of 2.54.

Hedge Funds Weigh In On Fluence Energy

A number of hedge funds have recently bought and sold shares of the business. PARK CIRCLE Co bought a new stake in shares of Fluence Energy in the second quarter worth approximately $28,000. US Bancorp DE grew its position in Fluence Energy by 676.6% in the 3rd quarter. US Bancorp DE now owns 1,693 shares of the company’s stock worth $38,000 after purchasing an additional 1,475 shares during the period. GAMMA Investing LLC grew its position in Fluence Energy by 264.9% in the 2nd 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. Blue Trust Inc. purchased a new stake in Fluence Energy during the 2nd quarter valued at $58,000. Finally, CWM LLC grew its holdings in shares of Fluence Energy by 164.4% in 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. 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.