Fluence Energy (NASDAQ:FLNC) Shares Down 2.2% Following Analyst Downgrade

Fluence Energy, Inc. (NASDAQ:FLNC) was down 2.2% during mid-day trading on Wednesday after Robert W. Baird lowered their price target on the stock from $27.00 to $24.00. Robert W. Baird currently has an outperform rating on the stock. Fluence Energy traded as low as $18.50 and last traded at $18.58. Approximately 508,635 shares traded hands during trading, a decline of 77% from the average daily volume of 2,216,312 shares. The stock had previously closed at $19.00.

Several other research firms have also issued reports on FLNC. BNP Paribas upgraded shares of Fluence Energy from an “underperform” rating to a “neutral” rating and set a $22.00 price target on the stock in a research report on Friday, November 8th. Piper Sandler increased their price objective on shares of Fluence Energy from $16.00 to $18.00 and gave the company a “neutral” rating in a research note on Tuesday, October 22nd. BMO Capital Markets increased their price objective on shares of Fluence Energy from $24.00 to $25.00 and gave the company an “outperform” rating in a research note on Monday, October 14th. Citigroup downgraded shares of Fluence Energy from a “buy” rating to a “neutral” rating and dropped their price objective for the company from $32.00 to $24.00 in a research note on Tuesday, October 1st. Finally, Jefferies Financial Group started coverage on shares of Fluence Energy in a research note on Wednesday, September 4th. They issued a “buy” rating and a $26.00 price objective for the company. Five analysts have rated the stock with a hold rating and fourteen have assigned 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 $26.47.

Hedge Funds Weigh In On Fluence Energy

Hedge funds and other institutional investors have recently bought and sold shares of the company. Geode Capital Management LLC increased its stake in Fluence Energy by 4.2% in the third quarter. Geode Capital Management LLC now owns 1,508,003 shares of the company’s stock valued at $34,253,000 after purchasing an additional 60,633 shares in the last quarter. Duff & Phelps Investment Management Co. increased its stake in Fluence Energy by 76.2% in the third quarter. Duff & Phelps Investment Management Co. now owns 25,760 shares of the company’s stock valued at $585,000 after purchasing an additional 11,138 shares in the last quarter. Barclays PLC increased its stake in Fluence Energy by 296.8% in the third quarter. Barclays PLC now owns 181,766 shares of the company’s stock valued at $4,127,000 after purchasing an additional 135,957 shares in the last quarter. Main Management ETF Advisors LLC bought a new stake in Fluence Energy in the third quarter valued at $1,234,000. Finally, XTX Topco Ltd bought a new stake in Fluence Energy in the third quarter valued at $825,000. Institutional investors and hedge funds own 53.16% of the company’s stock.

Fluence Energy Stock Down 1.1 %

The stock has a market capitalization of $3.39 billion, a P/E ratio of 146.15, a P/E/G ratio of 0.79 and a beta of 2.54. The firm’s 50 day simple moving average is $21.26 and its two-hundred day simple moving average is $19.65.

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.