Fluence Energy (NASDAQ:FLNC) Hits New 1-Year Low Following Weak Earnings

Fluence Energy, Inc. (NASDAQ:FLNC) reached a new 52-week low on Tuesday following a weaker than expected earnings announcement. The stock traded as low as $6.75 and last traded at $6.86, with a volume of 12441501 shares trading hands. The stock had previously closed at $13.07.

The company reported ($0.32) earnings per share for the quarter, missing the consensus estimate of ($0.17) by ($0.15). Fluence Energy had a return on equity of 4.10% and a net margin of 0.89%.

Analyst Ratings Changes

Several analysts have recently commented on the company. Bank of America reduced their target price on Fluence Energy from $25.00 to $20.00 and set a “buy” rating for the company in a research note on Tuesday, January 28th. Robert W. Baird restated a “neutral” rating and issued a $20.00 target price (down previously from $24.00) on shares of Fluence Energy in a research note on Wednesday, December 18th. BMO Capital Markets downgraded Fluence Energy from an “outperform” rating to a “market perform” rating and decreased their price target for the company from $22.00 to $10.00 in a research report on Tuesday. BNP Paribas raised Fluence Energy from an “underperform” rating to a “neutral” rating and set a $22.00 price objective on the stock in a research report on Friday, November 8th. Finally, Baird R W lowered Fluence Energy from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, December 18th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat, Fluence Energy has a consensus rating of “Hold” and an average target price of $23.85.

Insider Buying and Selling

In other news, Director Herman E. Bulls acquired 10,000 shares of the firm’s stock in a transaction on Monday, December 23rd. The shares were purchased at an average price of $15.57 per share, for a total transaction of $155,700.00. Following the completion of the transaction, the director now owns 75,861 shares of the company’s stock, valued at $1,181,155.77. The trade was a 15.18 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.65% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Fluence Energy

Hedge funds and other institutional investors have recently bought and sold shares of the business. Sanders Morris Harris LLC bought a new stake in Fluence Energy in the fourth quarter worth $812,000. SG Americas Securities LLC lifted its stake in shares of Fluence Energy by 79.2% in the fourth quarter. SG Americas Securities LLC now owns 48,883 shares of the company’s stock worth $776,000 after buying an additional 21,597 shares in the last quarter. FMR LLC boosted its stake in Fluence Energy by 9.0% during the 3rd quarter. FMR LLC now owns 1,606,100 shares of the company’s stock valued at $36,475,000 after purchasing an additional 132,868 shares during the last quarter. Principal Financial Group Inc. bought a new stake in Fluence Energy in the 3rd quarter worth about $5,742,000. Finally, Cidel Asset Management Inc. purchased a new position in shares of Fluence Energy during the fourth quarter valued at approximately $350,000. Hedge funds and other institutional investors own 53.16% of the company’s stock.

Fluence Energy Trading Down 47.5 %

The stock has a market capitalization of $1.24 billion, a PE ratio of 52.75, a P/E/G ratio of 0.49 and a beta of 2.37. The stock has a 50 day moving average price of $15.58 and a 200-day moving average price of $18.23.

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.