Fluence Energy (NASDAQ:FLNC) Shares Down 2.2% Following Analyst Downgrade

Fluence Energy, Inc. (NASDAQ:FLNC) shares were down 2.2% during trading on Wednesday after Royal Bank of Canada lowered their price target on the stock from $28.00 to $27.00. Royal Bank of Canada currently has an outperform rating on the stock. Fluence Energy traded as low as $18.50 and last traded at $18.58. Approximately 508,635 shares were traded during trading, a decline of 77% from the average daily volume of 2,216,312 shares. The stock had previously closed at $19.00.

FLNC has been the topic of several other reports. BMO Capital Markets lifted their price target on shares of Fluence Energy from $24.00 to $25.00 and gave the stock an “outperform” rating in a report on Monday, October 14th. Truist Financial lifted their target price on shares of Fluence Energy from $25.00 to $28.00 and gave the stock a “buy” rating in a research note on Wednesday, October 16th. Susquehanna increased their price target on Fluence Energy from $23.00 to $28.00 and gave the stock a “positive” rating in a research note on Wednesday, October 16th. Piper Sandler lifted 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. Finally, BNP Paribas upgraded Fluence Energy from an “underperform” rating to a “neutral” rating and set a $22.00 target price on the stock in a research report on Friday, November 8th. Five research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $26.47.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. PARK CIRCLE Co purchased a new position in shares of Fluence Energy in the 2nd quarter valued at $28,000. US Bancorp DE lifted its stake in shares of Fluence Energy by 676.6% during the third quarter. US Bancorp DE now owns 1,693 shares of the company’s stock worth $38,000 after purchasing an additional 1,475 shares in the last quarter. GAMMA Investing LLC lifted its stake in shares of Fluence Energy by 264.9% during the second quarter. GAMMA Investing LLC now owns 2,956 shares of the company’s stock worth $51,000 after purchasing an additional 2,146 shares in the last quarter. Blue Trust Inc. purchased a new stake in shares of Fluence Energy in the second quarter worth about $58,000. Finally, CWM LLC grew its stake in shares of Fluence Energy by 164.4% in the third quarter. CWM LLC now owns 2,842 shares of the company’s stock valued at $65,000 after buying an additional 1,767 shares in the last quarter. 53.16% of the stock is owned by institutional investors and hedge funds.

Fluence Energy Trading Down 3.3 %

The stock has a market capitalization of $3.32 billion, a price-to-earnings ratio of 141.31, a price-to-earnings-growth ratio of 0.79 and a beta of 2.54. The firm has a 50-day moving average of $21.20 and a 200 day moving average of $19.64.

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.