Fluence Energy (NASDAQ:FLNC) Shares Gap Down – Here’s What Happened

Fluence Energy, Inc. (NASDAQ:FLNC)’s share price gapped down before the market opened on Wednesday . The stock had previously closed at $17.04, but opened at $16.60. Fluence Energy shares last traded at $17.03, with a volume of 453,646 shares traded.

Wall Street Analyst Weigh In

FLNC has been the subject of a number of analyst reports. Guggenheim reissued a “buy” rating and set a $26.00 target price on shares of Fluence Energy in a research note on Friday, December 6th. Piper Sandler upped their price objective on Fluence Energy from $18.00 to $20.00 and gave the company a “neutral” rating in a research report on Wednesday, November 27th. Jefferies Financial Group began coverage on shares of Fluence Energy in a research note on Wednesday, September 4th. They issued a “buy” rating and a $26.00 target price for the company. Bank of America lowered their price target on shares of Fluence Energy from $25.00 to $24.00 and set a “buy” rating for the company in a report on Thursday, November 7th. Finally, Canaccord Genuity Group reduced their target price on Fluence Energy from $37.00 to $34.00 and set a “buy” rating on the stock in a research report on Friday, November 29th. Seven analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $26.65.

Fluence Energy Stock Performance

The company has a market capitalization of $2.72 billion, a P/E ratio of 115.38, a P/E/G ratio of 0.54 and a beta of 2.39. The company has a 50-day simple moving average of $19.77 and a 200 day simple moving average of $19.25.

Fluence Energy (NASDAQ:FLNC) last announced its quarterly earnings data on Monday, November 25th. The company reported $0.34 earnings per share for the quarter, topping the consensus estimate of $0.23 by $0.11. The company had revenue of $1.23 billion for the quarter, compared to analyst estimates of $1.28 billion. Fluence Energy had a return on equity of 4.10% and a net margin of 0.89%. Fluence Energy’s revenue for the quarter was up 82.5% compared to the same quarter last year. During the same quarter last year, the firm earned $0.02 EPS. As a group, sell-side analysts forecast that Fluence Energy, Inc. will post 0.56 earnings per share for the current year.

Institutional Trading of Fluence Energy

Several institutional investors have recently made changes to their positions in FLNC. Principal Financial Group Inc. acquired a new stake in shares of Fluence Energy during the 3rd quarter worth about $5,742,000. Franklin Resources Inc. increased its position in Fluence Energy by 11.8% in the 3rd quarter. Franklin Resources Inc. now owns 166,613 shares of the company’s stock valued at $3,644,000 after acquiring an additional 17,551 shares in the last quarter. Geode Capital Management LLC raised its stake in shares of Fluence Energy by 4.2% in the third quarter. Geode Capital Management LLC now owns 1,508,003 shares of the company’s stock worth $34,253,000 after acquiring an additional 60,633 shares during the last quarter. Duff & Phelps Investment Management Co. lifted its position in shares of Fluence Energy by 76.2% during the third quarter. Duff & Phelps Investment Management Co. now owns 25,760 shares of the company’s stock worth $585,000 after purchasing an additional 11,138 shares in the last quarter. Finally, Barclays PLC grew its stake in shares of Fluence Energy by 296.8% during the third quarter. Barclays PLC now owns 181,766 shares of the company’s stock valued at $4,127,000 after purchasing an additional 135,957 shares during the last quarter. 53.16% of the stock is currently owned by institutional investors and hedge funds.

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.