Fluence Energy (NASDAQ:FLNC) Reaches New 1-Year Low on Disappointing Earnings

Fluence Energy, Inc. (NASDAQ:FLNC)’s share price hit a new 52-week low during trading on Tuesday following a weaker than expected earnings announcement. The stock traded as low as $6.75 and last traded at $6.86, with a volume of 12441501 shares traded. 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 net margin of 0.89% and a return on equity of 4.10%.

Analysts Set New Price Targets

FLNC has been the subject of a number of analyst reports. BMO Capital Markets lowered shares of Fluence Energy from an “outperform” rating to a “market perform” rating and reduced their target price for the company from $22.00 to $10.00 in a research note on Tuesday. Truist Financial lifted their target price on Fluence Energy from $25.00 to $28.00 and gave the company a “buy” rating in a research note on Wednesday, October 16th. Citigroup decreased their price target on Fluence Energy from $24.00 to $10.00 and set a “neutral” rating for the company in a research note on Tuesday. Piper Sandler upped their price objective on shares of Fluence Energy from $18.00 to $20.00 and gave the stock a “neutral” rating in a report on Wednesday, November 27th. Finally, Canaccord Genuity Group lowered their target price on shares of Fluence Energy from $37.00 to $34.00 and set a “buy” rating on the stock in a research note on Friday, November 29th. One analyst has rated the stock with a sell rating, nine have issued a hold rating and eleven have issued a buy rating to the company. According to MarketBeat, Fluence Energy has an average rating of “Hold” and an average target price of $23.15.

Insider Activity at Fluence Energy

In other news, Director Herman E. Bulls acquired 10,000 shares of the firm’s stock in a transaction that occurred on Monday, December 23rd. The stock was purchased at an average price of $15.57 per share, with a total value of $155,700.00. Following the purchase, the director now owns 75,861 shares of the company’s stock, valued at approximately $1,181,155.77. This trade represents a 15.18 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. 0.65% of the stock is currently owned by corporate insiders.

Institutional Trading of Fluence Energy

A number of hedge funds have recently modified their holdings of FLNC. Vanguard Group Inc. lifted its stake in Fluence Energy by 1.8% in the 4th quarter. Vanguard Group Inc. now owns 6,252,320 shares of the company’s stock worth $99,287,000 after acquiring an additional 110,256 shares in the last quarter. FMR LLC lifted its position in shares of Fluence Energy by 9.0% in 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 boosted its holdings in shares of Fluence Energy by 4.2% during the third quarter. Geode Capital Management LLC now owns 1,508,003 shares of the company’s stock worth $34,253,000 after purchasing an additional 60,633 shares during the period. Erste Asset Management GmbH grew its position in Fluence Energy by 15.5% during 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. Finally, Point72 Asset Management L.P. acquired a new position in Fluence Energy in the 3rd quarter valued at approximately $21,809,000. Hedge funds and other institutional investors own 53.16% of the company’s stock.

Fluence Energy Trading Down 46.4 %

The business’s 50-day simple moving average is $15.47 and its 200-day simple moving average is $18.22. The company has a market cap of $1.27 billion, a PE ratio of 53.85, a P/E/G 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.