Fluence Energy (NASDAQ:FLNC) Trading Down 3.2%

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

Analyst Upgrades and Downgrades

FLNC has been the subject of several research analyst reports. Roth Mkm reiterated a “buy” rating and issued a $27.00 price objective (down from $31.00) on shares of Fluence Energy in a report on Friday, May 10th. Royal Bank of Canada reiterated an “outperform” rating and issued a $29.00 price objective on shares of Fluence Energy in a report on Friday, June 14th. Guggenheim downgraded Fluence Energy from a “buy” rating to a “neutral” rating in a report on Thursday, June 6th. The Goldman Sachs Group reduced their price objective on Fluence Energy from $32.00 to $26.00 and set a “buy” rating for the company in a report on Friday, March 22nd. Finally, Morgan Stanley cut their price target on Fluence Energy from $32.00 to $30.00 and set an “equal weight” rating for the company in a research note on Friday, May 10th. One research analyst has rated the stock with a sell rating, three have given a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $28.56.

Fluence Energy Price Performance

The company has a 50-day simple moving average of $20.16 and a 200 day simple moving average of $19.24.

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

Institutional Investors Weigh In On Fluence Energy

Hedge funds have recently made changes to their positions in the company. DNB Asset Management AS purchased a new stake in shares of Fluence Energy in the 4th quarter worth $666,000. Swiss National Bank lifted its stake in shares of Fluence Energy by 37.7% during the 4th quarter. Swiss National Bank now owns 123,900 shares of the company’s stock worth $2,955,000 after purchasing an additional 33,900 shares during the last quarter. Schroder Investment Management Group lifted its stake in shares of Fluence Energy by 65.2% during the 3rd quarter. Schroder Investment Management Group now owns 2,694,654 shares of the company’s stock worth $61,950,000 after purchasing an additional 1,063,609 shares during the last quarter. Wellington Management Group LLP purchased a new stake in shares of Fluence Energy during the 3rd quarter worth $5,916,000. Finally, Norges Bank purchased a new stake in shares of Fluence Energy during the 4th quarter worth $13,931,000. 53.16% of the stock is currently owned by hedge funds and other institutional investors.

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.