Fluence Energy (NASDAQ:FLNC) Shares Gap Down – Here’s Why

Fluence Energy, Inc. (NASDAQ:FLNC) shares gapped down prior to trading on Tuesday . The stock had previously closed at $23.50, but opened at $21.00. Fluence Energy shares last traded at $19.75, with a volume of 1,205,090 shares trading hands.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on FLNC. BMO Capital Markets increased their price objective on Fluence Energy from $24.00 to $25.00 and gave the company an “outperform” rating in a research report on Monday, October 14th. Truist Financial increased their price objective on Fluence Energy from $25.00 to $28.00 and gave the company a “buy” rating in a research report on Wednesday, October 16th. Robert W. Baird decreased their price objective on Fluence Energy from $34.00 to $27.00 and set an “outperform” rating on the stock in a research report on Friday, August 9th. Royal Bank of Canada raised Fluence Energy to a “moderate buy” rating in a research note on Friday, August 9th. Finally, Bank of America cut their price target on Fluence Energy from $25.00 to $24.00 and set a “buy” rating on the stock in a research note on Thursday, November 7th. Five research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. Based on data from MarketBeat, Fluence Energy currently has a consensus rating of “Moderate Buy” and a consensus target price of $26.63.

Fluence Energy Stock Performance

The company has a market cap of $3.48 billion, a price-to-earnings ratio of -103.94, a price-to-earnings-growth ratio of 0.77 and a beta of 2.54. The stock’s fifty day moving average is $21.32 and its two-hundred day moving average is $19.64.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Geode Capital Management LLC grew its position in shares of Fluence Energy by 4.2% during the 3rd quarter. Geode Capital Management LLC now owns 1,508,003 shares of the company’s stock valued at $34,253,000 after acquiring an additional 60,633 shares during the period. Duff & Phelps Investment Management Co. grew its position in shares of Fluence Energy by 76.2% during the 3rd quarter. Duff & Phelps Investment Management Co. now owns 25,760 shares of the company’s stock valued at $585,000 after acquiring an additional 11,138 shares during the period. Barclays PLC grew its position in shares of Fluence Energy by 296.8% during the 3rd quarter. Barclays PLC now owns 181,766 shares of the company’s stock valued at $4,127,000 after acquiring an additional 135,957 shares during the period. Main Management ETF Advisors LLC bought a new position in shares of Fluence Energy during the 3rd quarter valued at approximately $1,234,000. Finally, XTX Topco Ltd bought a new position in shares of Fluence Energy during the 3rd quarter valued at approximately $825,000. 53.16% of the stock is owned by 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.