Fluence Energy (NASDAQ:FLNC) Price Target Cut to $24.00 by Analysts at Bank of America

Fluence Energy (NASDAQ:FLNC) had its target price decreased by Bank of America from $25.00 to $24.00 in a report published on Thursday morning,Benzinga reports. Bank of America currently has a buy rating on the stock.

Other equities research analysts have also recently issued reports about the company. Robert W. Baird lowered their target price on Fluence Energy from $34.00 to $27.00 and set an “outperform” rating for the company in a research note on Friday, August 9th. Royal Bank of Canada raised Fluence Energy to a “moderate buy” rating in a research note on Friday, August 9th. Piper Sandler raised their target price on shares of Fluence Energy from $16.00 to $18.00 and gave the stock a “neutral” rating in a report on Tuesday, October 22nd. Truist Financial raised their price objective on shares of Fluence Energy from $25.00 to $28.00 and gave the stock a “buy” rating in a report on Wednesday, October 16th. Finally, Citigroup lowered shares of Fluence Energy from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $32.00 to $24.00 in a research note on Tuesday, October 1st. Five investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $26.63.

Fluence Energy Price Performance

Shares of FLNC traded up $0.53 during trading hours on Thursday, hitting $20.67. The stock had a trading volume of 1,750,756 shares, compared to its average volume of 2,203,516. Fluence Energy has a 52 week low of $12.74 and a 52 week high of $27.80. The stock has a market capitalization of $3.73 billion, a price-to-earnings ratio of -106.00, a P/E/G ratio of 0.78 and a beta of 2.54. The company’s fifty day moving average is $20.94 and its two-hundred day moving average is $19.39.

Insider Buying and Selling

In related news, Director Herman E. Bulls bought 10,000 shares of the company’s stock in a transaction dated Tuesday, August 13th. The stock was purchased at an average price of $16.81 per share, with a total value of $168,100.00. Following the completion of the acquisition, the director now owns 65,861 shares of the company’s stock, valued at $1,107,123.41. The trade was a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 0.41% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Fluence Energy

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Allspring Global Investments Holdings LLC acquired a new stake in shares of Fluence Energy during the first quarter worth $132,000. Mirae Asset Global Investments Co. Ltd. boosted its position in shares of Fluence Energy by 24.5% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 133,415 shares of the company’s stock worth $2,113,000 after purchasing an additional 26,238 shares in the last quarter. SG Americas Securities LLC acquired a new stake in shares of Fluence Energy in the 1st quarter valued at about $4,082,000. Avantax Advisory Services Inc. increased its holdings in shares of Fluence Energy by 62.5% during the first quarter. Avantax Advisory Services Inc. now owns 20,515 shares of the company’s stock valued at $356,000 after acquiring an additional 7,890 shares in the last quarter. Finally, ProShare Advisors LLC grew its position in Fluence Energy by 8.5% in the 1st quarter. ProShare Advisors LLC now owns 10,539 shares of the company’s stock valued at $183,000 after purchasing an additional 830 shares during the period. 53.16% of the stock is currently owned by institutional investors and hedge funds.

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.