Fluence Energy (NASDAQ:FLNC) Price Target Cut to $18.00 by Analysts at Piper Sandler

Fluence Energy (NASDAQ:FLNC) had its target price reduced by analysts at Piper Sandler from $20.00 to $18.00 in a note issued to investors on Friday, Benzinga reports. The firm currently has a “neutral” rating on the stock. Piper Sandler’s price objective would indicate a potential upside of 4.83% from the stock’s current price.

Several other equities research analysts have also weighed in on the company. The Goldman Sachs Group lowered their price objective on Fluence Energy from $32.00 to $26.00 and set a “buy” rating on the stock in a research note on Friday, March 22nd. JPMorgan Chase & Co. upgraded Fluence Energy from a “neutral” rating to an “overweight” rating and set a $23.00 price target for the company in a research note on Friday, February 23rd. Roth Mkm reissued a “buy” rating and set a $27.00 price target (down from $31.00) on shares of Fluence Energy in a report on Friday. Raymond James upgraded Fluence Energy from a “market perform” rating to an “outperform” rating and set a $22.00 price target on the stock in a research note on Wednesday, April 3rd. Finally, Susquehanna upgraded Fluence Energy from a “neutral” rating to a “positive” rating and set a $24.00 price target on the stock in a research report on Monday, February 26th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and fourteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Fluence Energy presently has an average rating of “Moderate Buy” and an average price target of $28.11.

Fluence Energy Stock Down 8.4 %

Shares of FLNC traded down $1.58 during midday trading on Friday, hitting $17.17. The company had a trading volume of 2,582,162 shares, compared to its average volume of 2,247,370. Fluence Energy has a 52 week low of $13.03 and a 52 week high of $31.32. The company’s 50 day moving average price is $16.48 and its 200 day moving average price is $19.15. The stock has a market cap of $3.07 billion, a price-to-earnings ratio of -33.09 and a beta of 2.48.

Fluence Energy (NASDAQ:FLNC) last released its earnings results on Wednesday, May 8th. The company reported ($0.07) EPS for the quarter, hitting analysts’ consensus estimates of ($0.07). Fluence Energy had a negative net margin of 2.72% and a negative return on equity of 11.18%. The business had revenue of $623.14 million for the quarter, compared to the consensus estimate of $538.42 million. During the same period in the previous year, the firm earned ($0.21) EPS. The business’s revenue for the quarter was down 10.7% on a year-over-year basis. Equities analysts anticipate that Fluence Energy will post 0.14 EPS for the current fiscal year.

Hedge Funds Weigh In On Fluence Energy

A number of institutional investors and hedge funds have recently bought and sold shares of FLNC. ProShare Advisors LLC increased its stake in Fluence Energy by 8.5% during the 1st quarter. ProShare Advisors LLC now owns 10,539 shares of the company’s stock worth $183,000 after buying an additional 830 shares during the period. Assenagon Asset Management S.A. increased its holdings in Fluence Energy by 6.6% during the 4th quarter. Assenagon Asset Management S.A. now owns 13,648 shares of the company’s stock valued at $326,000 after acquiring an additional 849 shares in the last quarter. Renaissance Capital LLC grew its holdings in shares of Fluence Energy by 3.0% during the first quarter. Renaissance Capital LLC now owns 38,243 shares of the company’s stock worth $663,000 after buying an additional 1,111 shares in the last quarter. Commonwealth Equity Services LLC boosted its position in shares of Fluence Energy by 11.5% in the third quarter. Commonwealth Equity Services LLC now owns 11,619 shares of the company’s stock worth $267,000 after acquiring an additional 1,202 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC lifted its position in Fluence Energy by 185.3% during the third quarter. Allspring Global Investments Holdings LLC now owns 2,137 shares of the company’s stock valued at $49,000 after buying an additional 1,388 shares in the last quarter. 53.16% of the stock is currently owned by institutional investors and hedge funds.

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.