Fluence Energy (NASDAQ:FLNC) Coverage Initiated at Scotiabank

Scotiabank started coverage on shares of Fluence Energy (NASDAQ:FLNC) in a note issued to investors on Thursday, MarketBeat reports. The brokerage set a “sector perform” rating and a $21.00 price target on the stock. Scotiabank’s price objective suggests a potential upside of 13.27% from the company’s current price.

Several other analysts also recently issued reports on FLNC. Morgan Stanley lowered their price objective on shares of Fluence Energy from $32.00 to $30.00 and set an “equal weight” rating for the company in a research report on Friday, May 10th. The Goldman Sachs Group dropped their price target on shares of Fluence Energy from $32.00 to $26.00 and set a “buy” rating on the stock in a research note on Friday, March 22nd. Piper Sandler decreased their price objective on shares of Fluence Energy from $20.00 to $18.00 and set a “neutral” rating for the company in a research report on Friday, May 10th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $29.00 target price on shares of Fluence Energy in a research report on Friday, June 14th. Finally, Truist Financial started coverage on Fluence Energy in a report on Wednesday. They issued a “buy” rating and a $25.00 price target for the company. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and fourteen have given a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $27.94.

Fluence Energy Trading Up 1.9 %

NASDAQ:FLNC opened at $18.54 on Thursday. The firm’s fifty day simple moving average is $20.05 and its 200 day simple moving average is $18.88. Fluence Energy has a twelve month low of $13.03 and a twelve month high of $31.32. The firm has a market capitalization of $3.33 billion, a price-to-earnings ratio of -47.54 and a beta of 2.50.

Fluence Energy (NASDAQ:FLNC) last issued its quarterly earnings data on Wednesday, May 8th. The company reported ($0.07) EPS for the quarter, hitting analysts’ consensus estimates 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 analysts’ expectations of $538.42 million. During the same quarter in the previous year, the firm posted ($0.21) earnings per share. The firm’s quarterly revenue was down 10.7% on a year-over-year basis. On average, analysts predict that Fluence Energy will post 0.11 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Quarry LP acquired a new stake in Fluence Energy during the fourth quarter worth about $38,000. Pflug Koory LLC acquired a new stake in shares of Fluence Energy during the 1st quarter worth approximately $35,000. Baillie Gifford & Co. bought a new stake in shares of Fluence Energy in the 1st quarter worth approximately $38,000. Quest Partners LLC acquired a new position in Fluence Energy during the 4th quarter valued at approximately $60,000. Finally, National Bank of Canada FI grew its stake in Fluence Energy by 116.3% during the 4th quarter. National Bank of Canada FI now owns 2,595 shares of the company’s stock worth $62,000 after buying an additional 1,395 shares during the last quarter. 53.16% of the stock is owned by institutional investors and hedge funds.

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.