New York State Common Retirement Fund Cuts Holdings in Fluence Energy, Inc. (NASDAQ:FLNC)

New York State Common Retirement Fund lessened its position in shares of Fluence Energy, Inc. (NASDAQ:FLNC) by 18.0% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm 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 institutional investors and hedge funds also recently added to or reduced their stakes in FLNC. SG Americas Securities LLC purchased a new stake in shares of Fluence Energy during the 3rd quarter worth about $192,000. Commonwealth Equity Services LLC grew its stake in Fluence Energy by 11.5% during the third quarter. Commonwealth Equity Services LLC now owns 11,619 shares of the company’s stock worth $267,000 after buying an additional 1,202 shares during the period. Allspring Global Investments Holdings LLC increased its position in shares of Fluence Energy by 185.3% in the third quarter. Allspring Global Investments Holdings LLC now owns 2,137 shares of the company’s stock worth $49,000 after acquiring an additional 1,388 shares in the last quarter. Quaero Capital S.A. raised its stake in shares of Fluence Energy by 5.3% in the 3rd quarter. Quaero Capital S.A. now owns 142,324 shares of the company’s stock valued at $3,272,000 after acquiring an additional 7,125 shares during the period. Finally, Money Concepts Capital Corp lifted its holdings in shares of Fluence Energy by 21.0% during the 3rd quarter. Money Concepts Capital Corp now owns 15,705 shares of the company’s stock valued at $361,000 after acquiring an additional 2,725 shares in the last quarter. 53.16% of the stock is currently owned by institutional investors and hedge funds.

Fluence Energy Stock Down 2.1 %

Shares of NASDAQ FLNC opened at $20.38 on Thursday. The stock’s 50 day moving average price is $16.41 and its two-hundred day moving average price is $19.15. Fluence Energy, Inc. has a 52-week low of $13.03 and a 52-week high of $31.32. The stock has a market capitalization of $3.64 billion, a P/E ratio of -38.45 and a beta of 2.48.

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 net margin of 2.72% and a negative return on equity of 11.18%. The firm had revenue of $363.96 million during the quarter, compared to the consensus estimate of $403.93 million. During the same quarter last year, the firm posted ($0.21) earnings per share. Fluence Energy’s revenue was up 17.2% compared to the same quarter last year. On average, analysts anticipate that Fluence Energy, Inc. will post 0.14 EPS for the current year.

Wall Street Analyst Weigh In

Several research analysts have commented on FLNC shares. Piper Sandler cut their price objective 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 price target on the stock in a research report on Monday, February 26th. Raymond James raised shares of Fluence Energy from a “market perform” rating to an “outperform” rating and set a $22.00 price objective for the company in a research report on Wednesday, April 3rd. The Goldman Sachs Group dropped their price objective on shares of Fluence Energy from $32.00 to $26.00 and set a “buy” rating on the stock in a research note on Friday, March 22nd. Finally, JPMorgan Chase & Co. upgraded shares of Fluence Energy from a “neutral” rating to an “overweight” rating and set a $23.00 target price for the company in a research note on Friday, February 23rd. One analyst has rated the stock with a sell rating, two have assigned a hold rating and fourteen have given a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $28.56.

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.