Fluence Energy (NASDAQ:FLNC) Given New $28.00 Price Target at Bank of America

Fluence Energy (NASDAQ:FLNC) had its price target decreased by Bank of America from $29.00 to $28.00 in a research report released on Wednesday, Benzinga reports. Bank of America currently has a buy rating on the stock.

Several other equities analysts also recently issued reports on FLNC. Roth Mkm reissued a buy rating and set a $27.00 price target (down from $31.00) on shares of Fluence Energy in a report on Friday, May 10th. JPMorgan Chase & Co. lifted their price target on shares of Fluence Energy from $25.00 to $28.00 and gave the company an overweight rating in a report on Tuesday. Guggenheim downgraded shares of Fluence Energy from a buy rating to a neutral rating in a report on Thursday, June 6th. Raymond James raised shares of Fluence Energy from a market perform rating to an outperform rating and set a $22.00 price target for the company in a report on Wednesday, April 3rd. Finally, Scotiabank raised shares of Fluence Energy to a hold rating in a report on Friday, July 12th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and fourteen have assigned a buy rating to the company. According to MarketBeat, Fluence Energy currently has an average rating of Moderate Buy and a consensus price target of $28.22.

Fluence Energy Stock Performance

NASDAQ:FLNC opened at $15.96 on Wednesday. The company has a 50-day moving average of $19.76 and a 200-day moving average of $18.61. The company has a market capitalization of $2.86 billion, a price-to-earnings ratio of -40.92 and a beta of 2.50. Fluence Energy has a 52 week low of $13.03 and a 52 week high of $30.19.

Fluence Energy (NASDAQ:FLNC) last released its quarterly earnings data on Wednesday, May 8th. The company reported ($0.07) EPS for the quarter, hitting analysts’ consensus estimates of ($0.07). The company had revenue of $623.14 million during the quarter, compared to the consensus estimate of $538.42 million. Fluence Energy had a negative net margin of 2.10% and a negative return on equity of 8.48%. The firm’s revenue for the quarter was down 10.7% compared to the same quarter last year. During the same period last year, the firm earned ($0.21) EPS. Sell-side analysts forecast that Fluence Energy will post 0.11 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of FLNC. Pflug Koory LLC acquired a new position in Fluence Energy during the first quarter valued at approximately $35,000. Quarry LP acquired a new position in Fluence Energy during the fourth quarter valued at approximately $38,000. Baillie Gifford & Co. acquired a new position in Fluence Energy during the first quarter valued at approximately $38,000. GAMMA Investing LLC grew its holdings in Fluence Energy by 264.9% during the second quarter. GAMMA Investing LLC now owns 2,956 shares of the company’s stock valued at $51,000 after purchasing an additional 2,146 shares during the period. Finally, Blue Trust Inc. acquired a new position in Fluence Energy during the second quarter valued at approximately $58,000. Institutional investors and hedge funds own 53.16% of the company’s stock.

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.