Fluence Energy (NASDAQ:FLNC) Cut to “Neutral” at Bank of America

Bank of America lowered shares of Fluence Energy (NASDAQ:FLNC) from a buy rating to a neutral rating in a research note issued to investors on Thursday morning, MarketBeat Ratings reports. They currently have $8.00 price objective on the stock, down from their prior price objective of $20.00.

A number of other analysts also recently issued reports on the stock. BMO Capital Markets downgraded shares of Fluence Energy from an “outperform” rating to a “market perform” rating and cut their price target for the stock from $22.00 to $10.00 in a report on Tuesday, February 11th. Robert W. Baird restated a “neutral” rating and issued a $20.00 target price (down previously from $24.00) on shares of Fluence Energy in a research report on Wednesday, December 18th. Wolfe Research lowered Fluence Energy from an “outperform” rating to a “peer perform” rating in a research note on Wednesday. Canaccord Genuity Group cut their price objective on Fluence Energy from $34.00 to $14.00 and set a “buy” rating for the company in a research report on Wednesday. Finally, The Goldman Sachs Group decreased their target price on shares of Fluence Energy from $26.00 to $13.00 and set a “buy” rating on the stock in a research report on Wednesday. One equities research analyst has rated the stock with a sell rating, fifteen have issued a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $14.64.

Fluence Energy Stock Performance

Shares of Fluence Energy stock opened at $6.43 on Thursday. The business’s 50 day moving average price is $14.60 and its 200 day moving average price is $17.93. The company has a market cap of $1.16 billion, a price-to-earnings ratio of 49.46, a PEG ratio of 0.49 and a beta of 2.37. Fluence Energy has a one year low of $6.05 and a one year high of $26.12.

Fluence Energy (NASDAQ:FLNC) last announced its quarterly earnings results on Monday, February 10th. The company reported ($0.32) earnings per share for the quarter, missing the consensus estimate of ($0.17) by ($0.15). Fluence Energy had a net margin of 0.89% and a return on equity of 4.10%. On average, analysts predict that Fluence Energy will post 0.48 EPS for the current fiscal year.

Insider Activity

In other news, Director Herman E. Bulls bought 30,000 shares of the business’s stock in a transaction that occurred on Thursday, February 13th. The shares were purchased at an average cost of $6.53 per share, for a total transaction of $195,900.00. Following the completion of the purchase, the director now owns 105,861 shares of the company’s stock, valued at approximately $691,272.33. This represents a 39.55 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 0.65% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in FLNC. PDT Partners LLC purchased a new stake in shares of Fluence Energy during the 4th quarter worth $415,000. Northern Trust Corp lifted its holdings in Fluence Energy by 3.9% during the 4th quarter. Northern Trust Corp now owns 597,881 shares of the company’s stock worth $9,494,000 after buying an additional 22,308 shares during the last quarter. Tudor Investment Corp ET AL acquired a new position in shares of Fluence Energy during the 4th quarter worth about $982,000. Arosa Capital Management LP purchased a new position in shares of Fluence Energy in the 4th quarter valued at about $2,382,000. Finally, Aquatic Capital Management LLC acquired a new stake in shares of Fluence Energy during the 4th quarter worth about $921,000. Institutional investors and hedge funds own 53.16% of the company’s stock.

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.