Fluence Energy (NASDAQ:FLNC) Hits New 52-Week Low on Disappointing Earnings

Fluence Energy, Inc. (NASDAQ:FLNC)’s share price hit a new 52-week low during trading on Tuesday after the company announced weaker than expected quarterly earnings. The company traded as low as $6.75 and last traded at $6.86, with a volume of 12441501 shares changing hands. The stock had previously closed at $13.07.

The company reported ($0.32) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.17) by ($0.15). Fluence Energy had a return on equity of 4.10% and a net margin of 0.89%.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the stock. Canaccord Genuity Group reduced their price objective on shares of Fluence Energy from $37.00 to $34.00 and set a “buy” rating for the company in a research note on Friday, November 29th. Baird R W cut shares of Fluence Energy from a “strong-buy” rating to a “hold” rating in a report on Wednesday, December 18th. Guggenheim downgraded Fluence Energy from a “buy” rating to a “sell” rating and decreased their target price for the company from $26.00 to $6.00 in a research note on Tuesday. Royal Bank of Canada reduced their target price on shares of Fluence Energy from $28.00 to $27.00 and set an “outperform” rating for the company in a research note on Wednesday, November 27th. Finally, Barclays dropped their price objective on shares of Fluence Energy from $28.00 to $22.00 and set an “overweight” rating for the company in a report on Wednesday, January 22nd. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $23.85.

Insider Activity at Fluence Energy

In other Fluence Energy news, Director Herman E. Bulls purchased 10,000 shares of the firm’s stock in a transaction that occurred on Monday, December 23rd. The shares were acquired at an average cost of $15.57 per share, for a total transaction of $155,700.00. Following the completion of 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 position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.65% of the company’s stock.

Institutional Investors Weigh In On Fluence Energy

Hedge funds and other institutional investors have recently made changes to their positions in the business. The Manufacturers Life Insurance Company raised its holdings 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 valued at $617,000 after acquiring an additional 2,389 shares in the last quarter. CWM LLC lifted its position in Fluence Energy by 164.4% during the third quarter. CWM LLC now owns 2,842 shares of the company’s stock worth $65,000 after purchasing an additional 1,767 shares during the period. Renaissance Capital LLC grew its stake in Fluence Energy by 20.0% during the third quarter. Renaissance Capital LLC now owns 65,169 shares of the company’s stock worth $1,480,000 after buying an additional 10,881 shares in the last quarter. Blue Trust Inc. increased its holdings in Fluence Energy by 45.3% in the 3rd quarter. Blue Trust Inc. now owns 4,821 shares of the company’s stock valued at $109,000 after buying an additional 1,502 shares during the period. Finally, International Assets Investment Management LLC raised its position in shares of Fluence Energy by 2,170.9% in the 3rd quarter. International Assets Investment Management LLC now owns 10,787 shares of the company’s stock valued at $245,000 after buying an additional 10,312 shares in the last quarter. 53.16% of the stock is currently owned by institutional investors and hedge funds.

Fluence Energy Stock Performance

The company has a market cap of $1.24 billion, a P/E ratio of 52.75, a P/E/G ratio of 0.49 and a beta of 2.37. The stock’s fifty day moving average price is $15.58 and its two-hundred day moving average price is $18.23.

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.