Raymond James Upgrades Fluence Energy (NASDAQ:FLNC) to Outperform

Fluence Energy (NASDAQ:FLNC) was upgraded by analysts at Raymond James from a “market perform” rating to an “outperform” rating in a note issued to investors on Wednesday, Marketbeat Ratings reports. The brokerage presently has a $22.00 target price on the stock. Raymond James’ price objective points to a potential upside of 31.74% from the company’s current price.

FLNC has been the topic of a number of other research reports. The Goldman Sachs Group dropped their price target on Fluence Energy from $32.00 to $26.00 and set a “buy” rating on the stock in a research note on Friday, March 22nd. Bank of America upped their target price on Fluence Energy from $26.00 to $28.00 and gave the company a “buy” rating in a research report on Thursday, January 4th. JPMorgan Chase & Co. upgraded Fluence Energy from a “neutral” rating to an “overweight” rating and set a $23.00 target price on the stock in a research report on Friday, February 23rd. BMO Capital Markets upgraded Fluence Energy from a “market perform” rating to an “outperform” rating and set a $27.00 target price on the stock in a research report on Tuesday, January 16th. Finally, Royal Bank of Canada upped their target price on Fluence Energy from $32.00 to $33.00 and gave the company an “outperform” rating in a research report on Monday, December 11th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and sixteen have given a buy rating to the stock. According to data from MarketBeat, Fluence Energy currently has an average rating of “Moderate Buy” and an average price target of $28.63.

Fluence Energy Stock Performance

Shares of Fluence Energy stock opened at $16.70 on Wednesday. The company has a market capitalization of $2.98 billion, a PE ratio of -31.51 and a beta of 2.57. The company has a 50-day simple moving average of $17.19 and a two-hundred day simple moving average of $19.88. Fluence Energy has a one year low of $13.03 and a one year high of $31.32.

Fluence Energy (NASDAQ:FLNC) last issued its quarterly earnings results on Wednesday, February 7th. The company reported ($0.14) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.13) by ($0.01). Fluence Energy had a negative return on equity of 11.18% and a negative net margin of 2.72%. The business had revenue of $363.96 million for the quarter, compared to analysts’ expectations of $403.93 million. During the same quarter in the previous year, the firm posted ($0.21) EPS. Fluence Energy’s revenue was up 17.2% on a year-over-year basis. On average, equities analysts predict that Fluence Energy will post 0.14 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the company. Quadrature Capital Ltd acquired a new position in Fluence Energy in the 4th quarter valued at $1,136,000. Vanguard Group Inc. raised its stake in Fluence Energy by 41.0% in the 4th quarter. Vanguard Group Inc. now owns 5,521,379 shares of the company’s stock valued at $131,685,000 after purchasing an additional 1,605,345 shares during the last quarter. American International Group Inc. raised its stake in Fluence Energy by 48.4% in the 4th quarter. American International Group Inc. now owns 29,157 shares of the company’s stock valued at $695,000 after purchasing an additional 9,508 shares during the last quarter. Clarity Capital Partners LLC purchased a new stake in Fluence Energy in the 4th quarter valued at $1,148,000. Finally, Quarry LP purchased a new stake in Fluence Energy in the 4th quarter valued at $38,000. 53.16% of the stock is owned by institutional investors and hedge funds.

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.