Fluence Energy (NASDAQ:FLNC) Hits New 1-Year Low Following Weak Earnings

Fluence Energy, Inc. (NASDAQ:FLNC)’s stock price reached a new 52-week low during trading on Tuesday following a weaker than expected earnings announcement. The company traded as low as $6.75 and last traded at $6.86, with a volume of 12441501 shares changing hands. The stock had previously closed at $13.07.

The company reported ($0.32) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.17) by ($0.15). Fluence Energy had a return on equity of 4.10% and a net margin of 0.89%.

Analysts Set New Price Targets

Several research analysts recently commented on the stock. The Goldman Sachs Group dropped their target price on shares of Fluence Energy from $26.00 to $13.00 and set a “buy” rating on the stock in a report on Wednesday. Susquehanna dropped their price objective on Fluence Energy from $23.00 to $10.00 and set a “positive” rating on the stock in a research note on Wednesday. Barclays lowered their target price on Fluence Energy from $22.00 to $9.00 and set an “overweight” rating on the stock in a report on Wednesday. Royal Bank of Canada lowered Fluence Energy from an “outperform” rating to a “sector perform” rating and cut their price target for the stock from $25.00 to $7.00 in a report on Wednesday. Finally, Bank of America dropped their target price on shares of Fluence Energy from $25.00 to $20.00 and set a “buy” rating on the stock in a research report on Tuesday, January 28th. One analyst has rated the stock with a sell rating, thirteen have issued a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $15.21.

Insider Buying and Selling at Fluence Energy

In other Fluence Energy news, Director Herman E. Bulls acquired 10,000 shares of Fluence Energy stock in a transaction on Monday, December 23rd. The shares were bought at an average price of $15.57 per share, with a total value of $155,700.00. Following the completion of the purchase, the director now owns 75,861 shares in the company, valued at $1,181,155.77. This trade represents a 15.18 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Company insiders own 0.65% of the company’s stock.

Institutional Trading of Fluence Energy

A number of hedge funds and other institutional investors have recently made changes to their positions in FLNC. Vanguard Group Inc. lifted its position in Fluence Energy by 1.8% during the 4th quarter. Vanguard Group Inc. now owns 6,252,320 shares of the company’s stock worth $99,287,000 after buying an additional 110,256 shares in the last quarter. Clearbridge Investments LLC raised its stake in shares of Fluence Energy by 19.1% in the fourth quarter. Clearbridge Investments LLC now owns 1,849,301 shares of the company’s stock worth $29,367,000 after acquiring an additional 296,325 shares during the last quarter. FMR LLC lifted its position in shares of Fluence Energy by 9.0% during the third quarter. FMR LLC now owns 1,606,100 shares of the company’s stock worth $36,475,000 after purchasing an additional 132,868 shares in the last quarter. Geode Capital Management LLC grew its stake in shares of Fluence Energy by 0.3% during the fourth quarter. Geode Capital Management LLC now owns 1,513,219 shares of the company’s stock valued at $24,035,000 after purchasing an additional 5,216 shares during the last quarter. Finally, Erste Asset Management GmbH increased its holdings in shares of Fluence Energy by 15.5% in the fourth quarter. Erste Asset Management GmbH now owns 1,111,629 shares of the company’s stock valued at $18,058,000 after purchasing an additional 148,857 shares in the last quarter. 53.16% of the stock is currently owned by institutional investors and hedge funds.

Fluence Energy Stock Performance

The firm’s 50-day moving average is $15.03 and its two-hundred day moving average is $18.07. The stock has a market cap of $1.18 billion, a P/E ratio of 50.23, a PEG ratio of 0.49 and a beta of 2.37.

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.