Fluence Energy, Inc. (NASDAQ:FLNC) Shares Sold by New York State Common Retirement Fund

New York State Common Retirement Fund cut its holdings in Fluence Energy, Inc. (NASDAQ:FLNC) by 18.0% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 75,555 shares of the company’s stock after selling 16,551 shares during the period. New York State Common Retirement Fund’s holdings in Fluence Energy were worth $1,802,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in FLNC. Allspring Global Investments Holdings LLC lifted its stake in shares of Fluence Energy by 185.3% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 2,137 shares of the company’s stock valued at $49,000 after purchasing an additional 1,388 shares during the last quarter. Signaturefd LLC boosted its stake in Fluence Energy by 6,126.1% during the third quarter. Signaturefd LLC now owns 6,911 shares of the company’s stock worth $159,000 after buying an additional 6,800 shares during the period. SG Americas Securities LLC acquired a new stake in shares of Fluence Energy during the third quarter valued at about $192,000. Raymond James Financial Services Advisors Inc. purchased a new stake in shares of Fluence Energy in the 4th quarter valued at approximately $207,000. Finally, Flputnam Investment Management Co. purchased a new stake in shares of Fluence Energy in the 3rd quarter valued at approximately $206,000. 53.16% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several analysts recently weighed in on FLNC shares. Raymond James upgraded shares of Fluence Energy from a “market perform” rating to an “outperform” rating and set a $22.00 target price for the company in a report on Wednesday, April 3rd. Piper Sandler cut their target price on Fluence Energy from $25.00 to $20.00 and set a “neutral” rating on the stock in a research report on Thursday, April 11th. Susquehanna raised Fluence Energy from a “neutral” rating to a “positive” rating and set a $24.00 target price on the stock in a research report on Monday, February 26th. The Goldman Sachs Group cut their target price on Fluence Energy from $32.00 to $26.00 and set a “buy” rating on the stock in a research report on Friday, March 22nd. Finally, BMO Capital Markets raised 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. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and fourteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $28.56.

Fluence Energy Price Performance

Fluence Energy stock opened at $20.38 on Thursday. The stock’s fifty day moving average is $16.41 and its two-hundred day moving average is $19.15. The stock has a market cap of $3.64 billion, a PE ratio of -38.45 and a beta of 2.48. Fluence Energy, Inc. has a 1-year low of $13.03 and a 1-year high of $31.32.

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

Fluence Energy 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.