Fluence Energy (NASDAQ:FLNC) Earns Outperform Rating from Royal Bank of Canada

Royal Bank of Canada reiterated their outperform rating on shares of Fluence Energy (NASDAQ:FLNC) in a research report report published on Friday morning, Benzinga reports. They currently have a $29.00 target price on the stock.

A number of other research analysts also recently weighed in on FLNC. Roth Mkm reissued a buy rating and issued a $27.00 target price (down previously from $31.00) on shares of Fluence Energy in a report on Friday, May 10th. Evercore ISI reduced their target price on shares of Fluence Energy from $59.00 to $47.00 and set an outperform rating for the company in a report on Monday, May 13th. Raymond James upgraded shares of Fluence Energy from a market perform rating to an outperform rating and set a $22.00 price target on the stock in a research report on Wednesday, April 3rd. Morgan Stanley cut 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. Finally, Piper Sandler lowered their target price on Fluence Energy from $20.00 to $18.00 and set a neutral rating on the stock in a research report on Friday, May 10th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and fourteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of Moderate Buy and an average price target of $28.76.

Fluence Energy Stock Performance

Fluence Energy stock opened at $20.43 on Friday. Fluence Energy has a fifty-two week low of $13.03 and a fifty-two week high of $31.32. The stock’s 50 day simple moving average is $19.54 and its two-hundred day simple moving average is $19.67. The stock has a market cap of $3.67 billion, a price-to-earnings ratio of -52.38 and a beta of 2.63.

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

Institutional Investors Weigh In On Fluence Energy

A number of large investors have recently made changes to their positions in FLNC. FMR LLC raised its holdings in shares of Fluence Energy by 146.9% during the third quarter. FMR LLC now owns 3,959,313 shares of the company’s stock worth $91,025,000 after purchasing an additional 2,355,849 shares during the last quarter. Handelsbanken Fonder AB boosted its position in Fluence Energy by 145.5% during the fourth quarter. Handelsbanken Fonder AB now owns 2,880,052 shares of the company’s stock worth $68,689,000 after purchasing an additional 1,706,808 shares in the last quarter. Vanguard Group Inc. grew its stake in Fluence Energy by 41.0% in the 4th quarter. Vanguard Group Inc. now owns 5,521,379 shares of the company’s stock valued at $131,685,000 after acquiring an additional 1,605,345 shares during the period. Clean Energy Transition LLP purchased a new stake in shares of Fluence Energy during the fourth quarter worth about $32,124,000. Finally, Schroder Investment Management Group increased its stake in 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 buying an additional 1,063,609 shares in the last quarter. 53.16% of the stock is owned by hedge funds and other institutional investors.

Fluence Energy Company Profile

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.