Fluence Energy (NASDAQ:FLNC) Trading Down 8.1%

Fluence Energy, Inc. (NASDAQ:FLNC) traded down 8.1% during mid-day trading on Wednesday . The stock traded as low as $19.82 and last traded at $19.83. 349,274 shares changed hands during mid-day trading, a decline of 85% from the average session volume of 2,285,747 shares. The stock had previously closed at $21.57.

Analysts Set New Price Targets

A number of research firms have recently commented on FLNC. Susquehanna cut their target price on shares of Fluence Energy from $24.00 to $23.00 and set a “positive” rating for the company in a research note on Friday, August 9th. Bank of America reduced their target price on Fluence Energy from $29.00 to $28.00 and set a “buy” rating for the company in a report on Wednesday, July 17th. Jefferies Financial Group assumed coverage on Fluence Energy in a research note on Wednesday, September 4th. They issued a “buy” rating and a $26.00 price target on the stock. Guggenheim upgraded Fluence Energy from a “neutral” rating to a “buy” rating and set a $26.00 price target for the company in a research report on Friday, August 9th. Finally, Truist Financial initiated coverage on Fluence Energy in a report on Wednesday, July 10th. They issued a “buy” rating and a $25.00 price objective on the stock. One analyst has rated the stock with a sell rating, four have issued a hold rating and fourteen have given a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $26.21.

Fluence Energy Price Performance

The stock has a market capitalization of $3.83 billion, a price-to-earnings ratio of -50.85, a PEG ratio of 7.24 and a beta of 2.51. The business has a fifty day moving average of $18.54 and a 200 day moving average of $18.49.

Insider Activity

In other Fluence Energy news, Director Herman E. Bulls acquired 10,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 13th. The stock was purchased at an average cost of $16.81 per share, with a total value of $168,100.00. Following the transaction, the director now owns 65,861 shares of the company’s stock, valued at $1,107,123.41. The transaction was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 0.41% of the company’s stock.

Institutional Trading of Fluence Energy

A number of institutional investors and hedge funds have recently added to or reduced their stakes in FLNC. Norges Bank acquired a new stake in shares of Fluence Energy in the fourth quarter valued at $13,931,000. Hsbc Holdings PLC acquired a new position in Fluence Energy in the 4th quarter valued at about $1,375,000. KBC Group NV purchased a new stake in Fluence Energy during the fourth quarter worth about $583,000. Clean Energy Transition LLP acquired a new stake in shares of Fluence Energy during the fourth quarter worth about $32,124,000. Finally, Westwood Holdings Group Inc. purchased a new position in shares of Fluence Energy in the fourth quarter valued at approximately $4,401,000. Hedge funds and other institutional investors 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.