Fluence Energy (NASDAQ:FLNC) Trading 6.6% Higher

Fluence Energy, Inc. (NASDAQ:FLNC)’s stock price shot up 6.6% on Tuesday . The stock traded as high as $16.75 and last traded at $16.72. 166,478 shares traded hands during trading, a decline of 93% from the average session volume of 2,232,246 shares. The stock had previously closed at $15.69.

Analyst Ratings Changes

Several research analysts have recently issued reports on the stock. The Goldman Sachs Group reduced their target price 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. JPMorgan Chase & Co. raised shares of Fluence Energy from a “neutral” rating to an “overweight” rating and set a $23.00 target price for the company in a research note on Friday, February 23rd. Raymond James raised Fluence Energy from a “market perform” rating to an “outperform” rating and set a $22.00 target price on the stock in a research report on Wednesday, April 3rd. Bank of America lifted their target price on Fluence Energy from $26.00 to $28.00 and gave the company a “buy” rating in a research report on Thursday, January 4th. Finally, Susquehanna upgraded Fluence Energy from a “neutral” rating to a “positive” rating and set a $24.00 price objective on the stock in a research note on Monday, February 26th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and fourteen have given a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $28.56.

Fluence Energy Price Performance

The business has a 50 day moving average of $16.15 and a 200 day moving average of $19.32. The company has a market cap of $2.98 billion, a PE ratio of -31.92 and a beta of 2.57.

Fluence Energy (NASDAQ:FLNC) last announced its quarterly earnings results on Wednesday, February 7th. The company reported ($0.14) EPS for the quarter, missing analysts’ consensus estimates of ($0.13) by ($0.01). Fluence Energy had a negative return on equity of 11.18% and a negative net margin of 2.72%. The company had revenue of $363.96 million during the quarter, compared to the consensus estimate of $403.93 million. During the same quarter in the prior year, the firm earned ($0.21) earnings per share. The business’s revenue was up 17.2% compared to the same quarter last year. Sell-side analysts forecast that Fluence Energy, Inc. will post 0.14 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of FLNC. National Bank of Canada FI bought a new stake in shares of Fluence Energy during the third quarter valued at approximately $27,000. Pflug Koory LLC bought a new stake in shares of Fluence Energy during the first quarter valued at approximately $35,000. Quarry LP bought a new stake in shares of Fluence Energy during the fourth quarter valued at approximately $38,000. Allspring Global Investments Holdings LLC raised its stake in Fluence Energy by 185.3% in the third quarter. Allspring Global Investments Holdings LLC now owns 2,137 shares of the company’s stock worth $49,000 after buying an additional 1,388 shares in the last quarter. Finally, Quest Partners LLC bought a new position in Fluence Energy in the fourth quarter worth approximately $60,000. 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.