Canaccord Genuity Group Cuts Fluence Energy (NASDAQ:FLNC) Price Target to $10.00

Fluence Energy (NASDAQ:FLNC) had its target price decreased by Canaccord Genuity Group from $14.00 to $10.00 in a research report report published on Wednesday, MarketBeat.com reports. Canaccord Genuity Group currently has a buy rating on the stock.

A number of other research firms have also recently commented on FLNC. Roth Mkm cut Fluence Energy from a “buy” rating to a “neutral” rating and cut their target price for the company from $20.00 to $6.50 in a research note on Wednesday, February 12th. JPMorgan Chase & Co. lowered shares of Fluence Energy from an “overweight” rating to a “neutral” rating and decreased their price target for the company from $14.00 to $7.00 in a research report on Friday, April 11th. Jefferies Financial Group downgraded shares of Fluence Energy from a “buy” rating to a “hold” rating and cut their price objective for the stock from $22.00 to $15.00 in a research report on Wednesday, January 22nd. Wolfe Research cut shares of Fluence Energy from an “outperform” rating to a “peer perform” rating in a research report on Wednesday, February 12th. Finally, Citigroup cut their price target on shares of Fluence Energy from $24.00 to $10.00 and set a “neutral” rating on the stock in a report on Tuesday, February 11th. One research analyst has rated the stock with a sell rating, seventeen have given a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, Fluence Energy has an average rating of “Hold” and an average target price of $11.43.

Fluence Energy Stock Performance

Fluence Energy stock opened at $3.69 on Wednesday. The company has a quick ratio of 1.14, a current ratio of 1.57 and a debt-to-equity ratio of 0.74. Fluence Energy has a twelve month low of $3.49 and a twelve month high of $26.12. The company’s 50-day moving average price is $5.23 and its 200-day moving average price is $13.51. The company has a market cap of $669.92 million, a PE ratio of -73.80 and a beta of 2.48.

Fluence Energy (NASDAQ:FLNC) last issued its quarterly earnings data on Monday, February 10th. 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 negative net margin of 0.08% and a negative return on equity of 0.36%. On average, equities research analysts forecast that Fluence Energy will post 0.08 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Julian Nebreda acquired 23,500 shares of the firm’s stock in a transaction on Thursday, February 13th. The stock was acquired at an average price of $6.35 per share, for a total transaction of $149,225.00. Following the completion of the transaction, the chief executive officer now owns 120,455 shares in the company, valued at approximately $764,889.25. The trade was a 24.24 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Ahmed Pasha purchased 15,500 shares of the business’s stock in a transaction that occurred on Friday, February 14th. The stock was acquired at an average price of $6.48 per share, with a total value of $100,440.00. Following the purchase, the chief financial officer now owns 24,703 shares in the company, valued at $160,075.44. This represents a 168.42 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last three months, insiders have purchased 79,000 shares of company stock valued at $499,665. Company insiders own 0.65% of the company’s stock.

Institutional Trading of Fluence Energy

Institutional investors and hedge funds have recently made changes to their positions in the business. Duff & Phelps Investment Management Co. increased its holdings in Fluence Energy by 5.6% in the 4th quarter. Duff & Phelps Investment Management Co. now owns 27,192 shares of the company’s stock worth $432,000 after acquiring an additional 1,432 shares in the last quarter. Lazard Freres Gestion S.A.S. lifted its stake in Fluence Energy by 7.3% in the 4th quarter. Lazard Freres Gestion S.A.S. now owns 22,180 shares of the company’s stock valued at $352,000 after buying an additional 1,500 shares in the last quarter. KBC Group NV boosted its holdings in Fluence Energy by 1.6% in the 4th quarter. KBC Group NV now owns 108,296 shares of the company’s stock worth $1,720,000 after buying an additional 1,671 shares during the last quarter. Ameriprise Financial Inc. raised its holdings in shares of Fluence Energy by 0.4% during the fourth quarter. Ameriprise Financial Inc. now owns 440,002 shares of the company’s stock valued at $6,988,000 after acquiring an additional 1,734 shares during the last quarter. Finally, Swiss National Bank lifted its position in shares of Fluence Energy by 1.4% in the fourth quarter. Swiss National Bank now owns 126,800 shares of the company’s stock valued at $2,014,000 after acquiring an additional 1,800 shares in the last quarter. 53.16% of the stock is currently 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.