Fluence Energy (NASDAQ:FLNC) Shares Gap Up – Here’s What Happened

Fluence Energy, Inc. (NASDAQ:FLNC) gapped up before the market opened on Thursday . The stock had previously closed at $13.25, but opened at $14.06. Fluence Energy shares last traded at $14.53, with a volume of 918,629 shares traded.

Analyst Ratings Changes

A number of brokerages have recently commented on FLNC. Barclays dropped their target price on Fluence Energy from $28.00 to $22.00 and set an “overweight” rating for the company in a report on Wednesday, January 22nd. BMO Capital Markets upped their price target on shares of Fluence Energy from $24.00 to $25.00 and gave the company an “outperform” rating in a report on Monday, October 14th. Bank of America decreased their price objective on shares of Fluence Energy from $25.00 to $20.00 and set a “buy” rating for the company in a research note on Tuesday. BNP Paribas raised Fluence Energy from an “underperform” rating to a “neutral” rating and set a $22.00 target price on the stock in a research note on Friday, November 8th. Finally, Jefferies Financial Group lowered Fluence Energy from a “buy” rating to a “hold” rating and decreased their price target for the stock from $22.00 to $15.00 in a research note on Wednesday, January 22nd. Eight investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $25.60.

Fluence Energy Stock Performance

The firm has a fifty day moving average price of $16.30 and a 200 day moving average price of $18.35. The stock has a market cap of $2.36 billion, a PE ratio of 100.08, a price-to-earnings-growth ratio of 0.48 and a beta of 2.42.

Fluence Energy (NASDAQ:FLNC) last released its earnings results on Monday, November 25th. The company reported $0.34 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.23 by $0.11. The firm had revenue of $1.23 billion for the quarter, compared to the consensus estimate of $1.28 billion. Fluence Energy had a return on equity of 4.10% and a net margin of 0.89%. The firm’s revenue was up 82.5% on a year-over-year basis. During the same period in the prior year, the firm earned $0.02 EPS. On average, equities research analysts forecast that Fluence Energy, Inc. will post 0.52 earnings per share for the current year.

Insider Activity at Fluence Energy

In related news, Director Herman E. Bulls acquired 10,000 shares of the stock in a transaction on Monday, December 23rd. The shares were acquired at an average price of $15.57 per share, for a total transaction of $155,700.00. Following the transaction, the director now owns 75,861 shares in the company, valued at approximately $1,181,155.77. This trade represents a 15.18 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.41% of the stock is owned by insiders.

Institutional Investors Weigh In On Fluence Energy

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

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.