Bank of America Cuts Fluence Energy (NASDAQ:FLNC) Price Target to $20.00

Fluence Energy (NASDAQ:FLNC) had its price target decreased by Bank of America from $25.00 to $20.00 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Bank of America‘s price target indicates a potential upside of 50.94% from the company’s current price.

FLNC has been the subject of several other reports. Robert W. Baird reiterated a “neutral” rating and set a $20.00 price objective (down from $24.00) on shares of Fluence Energy in a research report on Wednesday, December 18th. Canaccord Genuity Group decreased their price objective on shares of Fluence Energy from $37.00 to $34.00 and set a “buy” rating for the company in a research report on Friday, November 29th. Citigroup cut shares of Fluence Energy from a “buy” rating to a “neutral” rating and decreased their price objective for the stock from $32.00 to $24.00 in a research report on Tuesday, October 1st. Guggenheim reiterated a “buy” rating and set a $26.00 price objective on shares of Fluence Energy in a research report on Friday, December 6th. Finally, Barclays reduced their price target on shares of Fluence Energy from $28.00 to $22.00 and set an “overweight” rating for the company in a report on Wednesday, January 22nd. Eight analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $25.60.

Fluence Energy Stock Performance

FLNC stock opened at $13.25 on Tuesday. The company has a fifty day moving average price of $16.65 and a 200-day moving average price of $18.41. The company has a market capitalization of $2.40 billion, a P/E ratio of 101.92, a PEG ratio of 0.44 and a beta of 2.42. Fluence Energy has a 52-week low of $12.43 and a 52-week high of $26.12.

Fluence Energy (NASDAQ:FLNC) last released its quarterly earnings results on Monday, November 25th. The company reported $0.34 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.23 by $0.11. The firm had revenue of $1.23 billion during the quarter, compared to the consensus estimate of $1.28 billion. Fluence Energy had a net margin of 0.89% and a return on equity of 4.10%. The company’s revenue for the quarter was up 82.5% on a year-over-year basis. During the same quarter last year, the firm earned $0.02 earnings per share. As a group, sell-side analysts forecast that Fluence Energy will post 0.55 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Fluence Energy news, Director Herman E. Bulls bought 10,000 shares of Fluence Energy stock in a transaction dated 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 completion of the purchase, the director now directly owns 75,861 shares of the company’s stock, valued at approximately $1,181,155.77. This trade represents a 15.18 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 0.41% of the company’s stock.

Hedge Funds Weigh In On Fluence Energy

Several large investors have recently modified their holdings of FLNC. US Bancorp DE increased its stake in shares of Fluence Energy by 676.6% in the third quarter. US Bancorp DE now owns 1,693 shares of the company’s stock worth $38,000 after purchasing an additional 1,475 shares in the last quarter. CWM LLC increased its stake 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 purchasing an additional 1,767 shares in the last quarter. Point72 DIFC Ltd purchased a new position in shares of Fluence Energy in the third quarter worth about $74,000. Householder Group Estate & Retirement Specialist LLC purchased a new position in Fluence Energy during the fourth quarter valued at approximately $79,000. Finally, Point72 Asia Singapore Pte. Ltd. purchased a new position in Fluence Energy during the third quarter valued at approximately $87,000. 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.