Fluence Energy (NASDAQ:FLNC) Hits New 1-Year Low at $12.74

Fluence Energy, Inc. (NASDAQ:FLNC)’s share price hit a new 52-week low during trading on Monday . The company traded as low as $12.74 and last traded at $14.06, with a volume of 363470 shares. The stock had previously closed at $14.67.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on FLNC. Morgan Stanley dropped their target price on Fluence Energy from $32.00 to $30.00 and set an “equal weight” rating for the company in a report on Friday, May 10th. JPMorgan Chase & Co. lifted their target price on Fluence Energy from $25.00 to $28.00 and gave the stock an “overweight” rating in a report on Tuesday, July 16th. Guggenheim cut Fluence Energy from a “buy” rating to a “neutral” rating in a report on Thursday, June 6th. Truist Financial initiated coverage on Fluence Energy in a report on Wednesday, July 10th. They set a “buy” rating and a $25.00 price objective for the company. Finally, Scotiabank upgraded Fluence Energy to a “hold” rating in a report on Friday, July 12th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and thirteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $27.76.

Fluence Energy Trading Up 3.0 %

The stock has a market capitalization of $2.65 billion, a P/E ratio of -36.82 and a beta of 2.50. The company has a 50-day moving average price of $18.73 and a 200 day moving average price of $18.12.

Fluence Energy (NASDAQ:FLNC) last released its quarterly earnings results on Wednesday, May 8th. The company reported ($0.07) EPS for the quarter, hitting the consensus estimate of ($0.07). Fluence Energy had a negative return on equity of 8.48% and a negative net margin of 2.10%. The firm had revenue of $623.14 million during the quarter, compared to analyst estimates of $538.42 million. During the same period in the previous year, the company posted ($0.21) EPS. The business’s revenue for the quarter was down 10.7% compared to the same quarter last year. As a group, research analysts expect that Fluence Energy, Inc. will post 0.1 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Wellington Shields Capital Management LLC grew its stake in Fluence Energy by 122.7% during the 2nd quarter. Wellington Shields Capital Management LLC now owns 49,000 shares of the company’s stock worth $850,000 after buying an additional 27,000 shares during the last quarter. PARK CIRCLE Co purchased a new position in Fluence Energy during the 2nd quarter worth $28,000. Rhumbline Advisers grew its stake in Fluence Energy by 19.1% during the 2nd quarter. Rhumbline Advisers now owns 93,380 shares of the company’s stock worth $1,619,000 after buying an additional 14,992 shares during the last quarter. Picton Mahoney Asset Management purchased a new position in Fluence Energy during the 2nd quarter worth $109,000. Finally, Banque Cantonale Vaudoise grew its stake in Fluence Energy by 148.5% during the 2nd quarter. Banque Cantonale Vaudoise now owns 26,280 shares of the company’s stock worth $455,000 after buying an additional 15,704 shares during the last quarter. 53.16% of the stock is currently owned by hedge funds and other institutional investors.

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.