Fluence Energy (NASDAQ:FLNC) Stock Price Down 5.5% - Here's Why

Fluence Energy, Inc. (NASDAQ:FLNC - Get Free Report) dropped 5.5% during trading on Tuesday . The company traded as low as $20.91 and last traded at $20.93. Approximately 465,834 shares were traded during mid-day trading, a decline of 79% from the average daily volume of 2,186,063 shares. The stock had previously closed at $22.15.

Analyst Ratings Changes

A number of research firms have issued reports on FLNC. Barclays reduced their target price on shares of Fluence Energy from $30.00 to $28.00 and set an "overweight" rating on the stock in a report on Friday, July 26th. BMO Capital Markets increased their price objective on shares of Fluence Energy from $24.00 to $25.00 and gave the company an "outperform" rating in a research report on Monday, October 14th. Jefferies Financial Group initiated coverage on shares of Fluence Energy in a research report on Wednesday, September 4th. They issued a "buy" rating and a $26.00 price objective for the company. Scotiabank raised shares of Fluence Energy to a "hold" rating in a research report on Friday, July 12th. Finally, JPMorgan Chase & Co. raised their price target on shares of Fluence Energy from $25.00 to $28.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 16th. Four investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $27.11.

Fluence Energy Stock Up 0.3 %

The business has a 50 day simple moving average of $20.80 and a 200-day simple moving average of $19.34. The company has a market capitalization of $4.01 billion, a P/E ratio of -110.15, a PEG ratio of 0.75 and a beta of 2.54.

Insider Activity at Fluence Energy

In other news, Director Herman E. Bulls bought 10,000 shares of the stock in a transaction that occurred on Tuesday, August 13th. The shares were purchased at an average cost of $16.81 per share, with a total value of $168,100.00. Following the completion of the acquisition, the director now directly owns 65,861 shares in the company, valued at approximately $1,107,123.41. The trade was a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.41% of the company's stock.

Hedge Funds Weigh In On Fluence Energy

A number of institutional investors have recently bought and sold shares of FLNC. Allspring Global Investments Holdings LLC purchased a new position in Fluence Energy in the 1st quarter worth about $132,000. Commonwealth Equity Services LLC lifted its holdings in Fluence Energy by 161.0% in the 1st quarter. Commonwealth Equity Services LLC now owns 42,675 shares of the company's stock worth $740,000 after purchasing an additional 26,325 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its holdings in Fluence Energy by 24.5% in 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 during the last quarter. Clarity Capital Partners LLC lifted its holdings in Fluence Energy by 15.6% in the 1st quarter. Clarity Capital Partners LLC now owns 55,622 shares of the company's stock worth $964,000 after purchasing an additional 7,491 shares during the last quarter. Finally, SG Americas Securities LLC acquired a new stake in Fluence Energy in the 1st quarter worth approximately $4,082,000. Hedge funds and other institutional investors own 53.16% of the company's stock.

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.

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