Fluence Energy (NASDAQ:FLNC) Given New $20.00 Price Target at Bank of America

Fluence Energy (NASDAQ:FLNC) had its price objective lowered by equities researchers at Bank of America from $25.00 to $20.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm currently has a “buy” rating on the stock. Bank of America‘s price objective suggests a potential upside of 54.74% from the stock’s previous close.

A number of other research analysts have also recently weighed in on the company. Robert W. Baird restated a “neutral” rating and issued a $20.00 price target (down previously from $24.00) on shares of Fluence Energy in a research report on Wednesday, December 18th. Jefferies Financial Group lowered shares of Fluence Energy from a “buy” rating to a “hold” rating and lowered their price target for the company from $22.00 to $15.00 in a research report on Wednesday, January 22nd. Barclays cut their price objective on Fluence Energy from $28.00 to $22.00 and set an “overweight” rating for the company in a research report on Wednesday, January 22nd. BMO Capital Markets boosted their price target on Fluence Energy from $24.00 to $25.00 and gave the stock an “outperform” rating in a report on Monday, October 14th. Finally, Truist Financial lifted their price objective on Fluence Energy from $25.00 to $28.00 and gave the stock a “buy” rating in a research report on Wednesday, October 16th. Eight analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Fluence Energy currently has an average rating of “Moderate Buy” and an average target price of $25.60.

Fluence Energy Stock Performance

FLNC stock traded down $0.77 during midday trading on Tuesday, reaching $12.93. 1,089,170 shares of the company were exchanged, compared to its average volume of 3,340,414. The stock’s 50-day simple moving average is $16.99 and its 200 day simple moving average is $18.48. Fluence Energy has a 1-year low of $12.74 and a 1-year high of $26.12. The company has a market cap of $2.34 billion, a price-to-earnings ratio of 99.96, a price-to-earnings-growth ratio of 0.44 and a beta of 2.42.

Fluence Energy (NASDAQ:FLNC) last announced its earnings results on Monday, November 25th. The company reported $0.34 earnings per share for the quarter, topping the consensus estimate of $0.23 by $0.11. The business had revenue of $1.23 billion during the quarter, compared to the consensus estimate of $1.28 billion. Fluence Energy had a net margin of 0.89% and a return on equity of 4.10%. The business’s quarterly revenue was up 82.5% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.02 earnings per share. On average, research analysts anticipate that Fluence Energy will post 0.55 earnings per share for the current year.

Insider Buying and Selling

In other Fluence Energy news, Director Herman E. Bulls acquired 10,000 shares of the business’s stock in a transaction that occurred on Monday, December 23rd. The stock was acquired at an average price of $15.57 per share, with a total value of $155,700.00. Following the transaction, the director now owns 75,861 shares of the company’s stock, valued at approximately $1,181,155.77. This trade represents a 15.18 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 0.41% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the business. Handelsbanken Fonder AB grew its stake in shares of Fluence Energy by 47.3% in the third quarter. Handelsbanken Fonder AB now owns 6,376,024 shares of the company’s stock worth $144,800,000 after acquiring an additional 2,047,063 shares during the last quarter. Erste Asset Management GmbH bought a new stake in Fluence Energy in the 3rd quarter valued at $22,059,000. Point72 Asset Management L.P. acquired a new stake in Fluence Energy in the 3rd quarter worth $21,809,000. Principal Financial Group Inc. bought a new position in shares of Fluence Energy during the 3rd quarter worth about $5,742,000. Finally, Zimmer Partners LP acquired a new position in shares of Fluence Energy during the third quarter valued at about $5,678,000. 53.16% of the stock is owned by 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.