Royal Bank of Canada Issues Pessimistic Forecast for Fluence Energy (NASDAQ:FLNC) Stock Price

Fluence Energy (NASDAQ:FLNC) had its price target dropped by equities researchers at Royal Bank of Canada from $28.00 to $27.00 in a research note issued on Wednesday,Benzinga reports. The firm presently has an “outperform” rating on the stock. Royal Bank of Canada’s price objective points to a potential upside of 49.01% from the company’s previous close.

A number of other research firms have also weighed in on FLNC. BMO Capital Markets raised 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 dropped their target price on Fluence Energy from $25.00 to $24.00 and set a “buy” rating on the stock in a research report on Thursday, November 7th. Robert W. Baird reduced their price target on Fluence Energy from $27.00 to $24.00 and set an “outperform” rating for the company in a report on Wednesday. Jefferies Financial Group initiated coverage on Fluence Energy in a report on Wednesday, September 4th. They set a “buy” rating and a $26.00 price objective on the stock. Finally, Guggenheim raised Fluence Energy from a “neutral” rating to a “buy” rating and set a $26.00 target price on the stock in a research report on Friday, August 9th. Five equities research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company’s stock. According to data from MarketBeat, Fluence Energy currently has an average rating of “Moderate Buy” and an average price target of $26.47.

Fluence Energy Stock Performance

Shares of NASDAQ:FLNC traded down $0.88 during mid-day trading on Wednesday, hitting $18.12. 3,839,115 shares of the company traded hands, compared to its average volume of 2,231,486. The firm’s 50 day simple moving average is $21.26 and its 200 day simple moving average is $19.65. The firm has a market cap of $3.27 billion, a P/E ratio of 139.38, a PEG ratio of 0.79 and a beta of 2.54. Fluence Energy has a 52-week low of $12.74 and a 52-week high of $27.80.

Institutional Investors Weigh In On Fluence Energy

Large investors have recently added to or reduced their stakes in the stock. Geode Capital Management LLC grew its position in shares of Fluence Energy by 4.2% during the third quarter. Geode Capital Management LLC now owns 1,508,003 shares of the company’s stock worth $34,253,000 after acquiring an additional 60,633 shares during the last quarter. Duff & Phelps Investment Management Co. increased its stake in shares of Fluence Energy by 76.2% in the third quarter. Duff & Phelps Investment Management Co. now owns 25,760 shares of the company’s stock valued at $585,000 after purchasing an additional 11,138 shares during the period. Barclays PLC increased its stake in shares of Fluence Energy by 296.8% in the third quarter. Barclays PLC now owns 181,766 shares of the company’s stock valued at $4,127,000 after purchasing an additional 135,957 shares during the period. Main Management ETF Advisors LLC bought a new stake in shares of Fluence Energy during the third quarter valued at approximately $1,234,000. Finally, XTX Topco Ltd acquired a new position in shares of Fluence Energy during the third quarter worth approximately $825,000. 53.16% of the stock is 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.