Canaccord Genuity Group Has Lowered Expectations for Fluence Energy (NASDAQ:FLNC) Stock Price

Fluence Energy (NASDAQ:FLNC) had its price target reduced by equities researchers at Canaccord Genuity Group from $37.00 to $34.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Canaccord Genuity Group’s price target would indicate a potential upside of 80.75% from the company’s current price.

FLNC has been the topic of a number of other reports. Jefferies Financial Group assumed coverage on shares of Fluence Energy in a report on Wednesday, September 4th. They set a “buy” rating and a $26.00 target price on the stock. Citigroup lowered shares of Fluence Energy from a “buy” rating to a “neutral” rating and reduced their target price for the company from $32.00 to $24.00 in a research note on Tuesday, October 1st. Piper Sandler increased their price target on Fluence Energy from $18.00 to $20.00 and gave the stock a “neutral” rating in a research note on Wednesday. Truist Financial increased their price objective on shares of Fluence Energy from $25.00 to $28.00 and gave the company a “buy” rating in a report on Wednesday, October 16th. Finally, Bank of America lowered their target price on Fluence Energy from $25.00 to $24.00 and set a “buy” rating on the stock in a report on Thursday, November 7th. Five research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $26.85.

Fluence Energy Stock Performance

FLNC opened at $18.81 on Friday. The company has a market capitalization of $3.40 billion, a P/E ratio of 144.69, a PEG ratio of 0.62 and a beta of 2.54. Fluence Energy has a 1-year low of $12.74 and a 1-year high of $27.80. The company has a 50-day moving average of $21.08 and a 200-day moving average of $19.65.

Hedge Funds Weigh In On Fluence Energy

A number of large investors have recently made changes to their positions in FLNC. Handelsbanken Fonder AB grew its stake in Fluence Energy by 47.3% in the third quarter. Handelsbanken Fonder AB now owns 6,376,024 shares of the company’s stock valued at $144,800,000 after purchasing an additional 2,047,063 shares in the last quarter. Vanguard Group Inc. lifted its stake in shares of Fluence Energy by 11.9% in the first quarter. Vanguard Group Inc. now owns 6,178,218 shares of the company’s stock worth $107,130,000 after buying an additional 656,839 shares during the last quarter. FMR LLC boosted its holdings in shares of Fluence Energy by 9.0% during the 3rd quarter. FMR LLC now owns 1,606,100 shares of the company’s stock worth $36,475,000 after buying an additional 132,868 shares during the period. Lazard Freres Gestion S.A.S. acquired a new position in Fluence Energy in the 2nd quarter valued at $26,877,000. Finally, Geode Capital Management LLC raised its holdings in Fluence Energy by 4.2% in the 3rd 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 period. 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.