Fluence Energy (NASDAQ:FLNC) Trading 6.6% Higher

Fluence Energy, Inc. (NASDAQ:FLNC) shares were up 6.6% on Tuesday . The stock traded as high as $16.75 and last traded at $16.72. Approximately 166,478 shares changed hands during trading, a decline of 93% from the average daily volume of 2,232,246 shares. The stock had previously closed at $15.69.

Analysts Set New Price Targets

Several equities analysts recently weighed in on FLNC shares. Piper Sandler decreased their target price on shares of Fluence Energy from $25.00 to $20.00 and set a “neutral” rating for the company in a research note on Thursday, April 11th. Bank of America lifted their target price on Fluence Energy from $26.00 to $28.00 and gave the stock a “buy” rating in a report on Thursday, January 4th. JPMorgan Chase & Co. raised Fluence Energy from a “neutral” rating to an “overweight” rating and set a $23.00 target price for the company in a report on Friday, February 23rd. Raymond James raised Fluence Energy from a “market perform” rating to an “outperform” rating and set a $22.00 price target for the company in a research note on Wednesday, April 3rd. Finally, BMO Capital Markets raised Fluence Energy from a “market perform” rating to an “outperform” rating and set a $27.00 price target for the company in a research note on Tuesday, January 16th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and fourteen have issued a buy rating to the stock. Based on data from MarketBeat, Fluence Energy presently has a consensus rating of “Moderate Buy” and an average price target of $28.56.

Fluence Energy Stock Performance

The company has a 50 day moving average price of $15.98 and a 200-day moving average price of $19.27.

Fluence Energy (NASDAQ:FLNC) last posted its earnings results on Wednesday, February 7th. The company reported ($0.14) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.13) by ($0.01). Fluence Energy had a negative net margin of 2.72% and a negative return on equity of 11.18%. The business had revenue of $363.96 million for the quarter, compared to analysts’ expectations of $403.93 million. During the same period last year, the firm posted ($0.21) earnings per share. Fluence Energy’s quarterly revenue was up 17.2% on a year-over-year basis. As a group, sell-side analysts anticipate that Fluence Energy, Inc. will post 0.14 EPS for the current fiscal year.

Hedge Funds Weigh In On Fluence Energy

Hedge funds have recently made changes to their positions in the business. DNB Asset Management AS purchased a new position in shares of Fluence Energy during the fourth quarter valued at approximately $666,000. Schroder Investment Management Group grew its stake in Fluence Energy by 65.2% in the third quarter. Schroder Investment Management Group now owns 2,694,654 shares of the company’s stock worth $61,950,000 after purchasing an additional 1,063,609 shares during the period. Wellington Management Group LLP purchased a new stake in Fluence Energy in the third quarter worth $5,916,000. Assenagon Asset Management S.A. grew its stake in Fluence Energy by 6.6% in the fourth quarter. Assenagon Asset Management S.A. now owns 13,648 shares of the company’s stock worth $326,000 after purchasing an additional 849 shares during the period. Finally, DekaBank Deutsche Girozentrale grew its stake in Fluence Energy by 43.4% in the fourth quarter. DekaBank Deutsche Girozentrale now owns 909,841 shares of the company’s stock worth $22,364,000 after purchasing an additional 275,489 shares during the period. 53.16% of the stock is owned by hedge funds and other institutional investors.

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.