Fluence Energy (NASDAQ:FLNC) Shares Gap Down Following Weak Earnings

Fluence Energy, Inc. (NASDAQ:FLNC)’s stock price gapped down prior to trading on Thursday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $4.51, but opened at $4.20. Fluence Energy shares last traded at $4.14, with a volume of 4,299,789 shares changing hands.

The company reported ($0.24) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.21) by ($0.03). The business had revenue of $431.62 million for the quarter, compared to analysts’ expectations of $328.17 million. Fluence Energy had a negative net margin of 0.08% and a negative return on equity of 0.36%. The business’s quarterly revenue was down 30.7% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.07) earnings per share.

Wall Street Analysts Forecast Growth

FLNC has been the topic of several analyst reports. Canaccord Genuity Group cut their target price on Fluence Energy from $14.00 to $10.00 and set a “buy” rating on the stock in a research note on Wednesday, April 16th. Wolfe Research cut shares of Fluence Energy from an “outperform” rating to a “peer perform” rating in a research report on Wednesday, February 12th. Jefferies Financial Group downgraded shares of Fluence Energy from a “buy” rating to a “hold” rating and lowered their target price for the company from $22.00 to $15.00 in a research note on Wednesday, January 22nd. Bank of America lowered Fluence Energy from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $20.00 to $8.00 in a report on Thursday, February 13th. Finally, Hsbc Global Res cut Fluence Energy from a “strong-buy” rating to a “hold” rating in a research report on Monday, April 28th. One research analyst has rated the stock with a sell rating, nineteen have assigned a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $10.64.

Insider Buying and Selling at Fluence Energy

In related news, CEO Julian Nebreda bought 23,500 shares of the company’s stock in a transaction on Thursday, February 13th. The stock was bought at an average cost of $6.35 per share, for a total transaction of $149,225.00. Following the acquisition, the chief executive officer now directly owns 120,455 shares in the company, valued at $764,889.25. This represents a 24.24 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Herman E. Bulls acquired 30,000 shares of the business’s stock in a transaction that occurred on Thursday, February 13th. The shares were purchased at an average price of $6.53 per share, with a total value of $195,900.00. Following the completion of the transaction, the director now owns 105,861 shares of the company’s stock, valued at $691,272.33. The trade was a 39.55 % increase in their position. The disclosure for this purchase can be found here. Insiders have purchased a total of 79,000 shares of company stock valued at $499,665 over the last ninety days. Corporate insiders own 0.65% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Altshuler Shaham Ltd acquired a new position in Fluence Energy in the fourth quarter valued at about $34,000. SBI Securities Co. Ltd. raised its position in Fluence Energy by 462.6% in the 1st quarter. SBI Securities Co. Ltd. now owns 8,085 shares of the company’s stock valued at $39,000 after purchasing an additional 6,648 shares in the last quarter. Silverlake Wealth Management LLC purchased a new stake in shares of Fluence Energy in the 1st quarter valued at approximately $56,000. Alpha Wealth Funds LLC acquired a new stake in Fluence Energy in the first quarter valued at $63,000. Finally, Householder Group Estate & Retirement Specialist LLC acquired a new position in shares of Fluence Energy in the 4th quarter valued at $79,000. 53.16% of the stock is currently owned by institutional investors and hedge funds.

Fluence Energy Stock Performance

The company has a quick ratio of 1.14, a current ratio of 1.57 and a debt-to-equity ratio of 0.74. The company has a market cap of $875.07 million, a price-to-earnings ratio of -96.40 and a beta of 2.49. The firm has a 50-day simple moving average of $4.60 and a 200 day simple moving average of $11.85.

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.