Fluence Energy (NASDAQ:FLNC) Shares Gap Down – Time to Sell?

Fluence Energy, Inc. (NASDAQ:FLNC)’s share price gapped down prior to trading on Tuesday . The stock had previously closed at $23.50, but opened at $21.00. Fluence Energy shares last traded at $19.75, with a volume of 1,205,090 shares.

Analyst Ratings Changes

Several brokerages have commented on FLNC. Jefferies Financial Group initiated coverage on shares of Fluence Energy in a research report on Wednesday, September 4th. They issued a “buy” rating and a $26.00 price target on the stock. Royal Bank of Canada cut their price objective on Fluence Energy from $28.00 to $27.00 and set an “outperform” rating on the stock in a report on Wednesday. Robert W. Baird cut their price objective on Fluence Energy from $27.00 to $24.00 and set an “outperform” rating on the stock in a report on Wednesday. Guggenheim upgraded Fluence Energy from a “neutral” rating to a “buy” rating and set a $26.00 price objective on the stock in a report on Friday, August 9th. Finally, Citigroup downgraded Fluence Energy from a “buy” rating to a “neutral” rating and cut their price objective for the stock from $32.00 to $24.00 in a report on Tuesday, October 1st. Five equities research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, Fluence Energy presently has an average rating of “Moderate Buy” and a consensus target price of $26.47.

Fluence Energy Stock Down 3.3 %

The stock has a market cap of $3.32 billion, a P/E ratio of 138.31, a PEG ratio of 0.79 and a beta of 2.54. The business has a 50-day simple moving average of $21.26 and a 200-day simple moving average of $19.65.

Institutional Investors Weigh In On Fluence Energy

A number of large investors have recently added to or reduced their stakes in FLNC. Handelsbanken Fonder AB boosted its position in Fluence Energy by 47.3% during the third quarter. Handelsbanken Fonder AB now owns 6,376,024 shares of the company’s stock worth $144,800,000 after purchasing an additional 2,047,063 shares during the period. Lazard Freres Gestion S.A.S. bought a new stake in Fluence Energy during the second quarter worth approximately $26,877,000. Erste Asset Management GmbH bought a new stake in Fluence Energy during the third quarter worth approximately $22,059,000. Point72 Asset Management L.P. acquired a new position in shares of Fluence Energy during the third quarter worth approximately $21,809,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of Fluence Energy by 1,355.7% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,024,114 shares of the company’s stock worth $17,758,000 after buying an additional 953,761 shares during the last quarter. Institutional investors own 53.16% of the company’s stock.

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.