Fluence Energy, Inc. (FLNC) saw its stock price plummet 11.11% during intraday trading on Tuesday, marking a significant decline for the energy storage company.

The sharp drop follows news that the company's controlling stockholders recently completed an underwritten public offering of 20 million shares of Class A common stock priced at $21 per share, raising approximately $420 million. Additionally, directors Qatar Investment Authority and SPT Holding Sarl sold approximately 2.87 million and 10.07 million shares respectively, creating concentrated selling pressure in the market.

This selling activity comes after the stock had experienced a near-100% single-week rally fueled by data center energy storage orders, with the current decline representing a correction from those recent highs. The stock has now fallen below the analyst average price target of $17.76.