Royal Bank of Canada Downgrades Fluence Energy (NASDAQ:FLNC) to Sector Perform

Royal Bank of Canada cut shares of Fluence Energy (NASDAQ:FLNC) from an outperform rating to a sector perform rating in a report published on Wednesday, MarketBeat Ratings reports. The brokerage currently has $7.00 price objective on the stock, down from their previous price objective of $25.00.

Several other equities analysts have also recently issued reports on the stock. Citigroup reduced their price target on shares of Fluence Energy from $24.00 to $10.00 and set a “neutral” rating on the stock in a research report on Tuesday. Truist Financial upped their target price on Fluence Energy from $25.00 to $28.00 and gave the stock a “buy” rating in a report on Wednesday, October 16th. Susquehanna raised their target price on Fluence Energy from $23.00 to $28.00 and gave the company a “positive” rating in a research note on Wednesday, October 16th. BNP Paribas upgraded Fluence Energy from an “underperform” rating to a “neutral” rating and set a $22.00 price target on the stock in a research report on Friday, November 8th. Finally, Canaccord Genuity Group decreased their price objective on Fluence Energy from $37.00 to $34.00 and set a “buy” rating for the company in a report on Friday, November 29th. One equities research analyst has rated the stock with a sell rating, thirteen have given a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $15.21.

Fluence Energy Stock Performance

Shares of FLNC stock opened at $6.53 on Wednesday. Fluence Energy has a fifty-two week low of $6.35 and a fifty-two week high of $26.12. The firm has a market cap of $1.18 billion, a P/E ratio of 50.23, a P/E/G ratio of 0.49 and a beta of 2.37. The business’s 50 day moving average price is $15.03 and its 200-day moving average price is $18.07.

Fluence Energy (NASDAQ:FLNC) last released its quarterly earnings results on Monday, February 10th. The company reported ($0.32) earnings per share for the quarter, missing the consensus estimate of ($0.17) by ($0.15). Fluence Energy had a net margin of 0.89% and a return on equity of 4.10%. As a group, equities analysts predict that Fluence Energy will post 0.48 EPS for the current year.

Insider Buying and Selling

In related news, Director Herman E. Bulls bought 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 purchase, the director now owns 75,861 shares of the company’s stock, valued at approximately $1,181,155.77. The trade was a 15.18 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 0.65% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the stock. The Manufacturers Life Insurance Company grew its position in Fluence Energy by 7.2% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 35,610 shares of the company’s stock worth $617,000 after purchasing an additional 2,389 shares during the period. CWM LLC boosted its stake in shares of Fluence Energy by 164.4% in the 3rd quarter. CWM LLC now owns 2,842 shares of the company’s stock worth $65,000 after buying an additional 1,767 shares during the last quarter. Renaissance Capital LLC grew its holdings in shares of Fluence Energy by 20.0% in the third quarter. Renaissance Capital LLC now owns 65,169 shares of the company’s stock worth $1,480,000 after acquiring an additional 10,881 shares during the period. Blue Trust Inc. increased its position in Fluence Energy by 45.3% during the third quarter. Blue Trust Inc. now owns 4,821 shares of the company’s stock valued at $109,000 after acquiring an additional 1,502 shares during the last quarter. Finally, International Assets Investment Management LLC increased its position in Fluence Energy by 2,170.9% during the third quarter. International Assets Investment Management LLC now owns 10,787 shares of the company’s stock valued at $245,000 after acquiring an additional 10,312 shares during the last quarter. 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.