Wells Fargo & Company MN Reduces Stock Position in Fluence Energy, Inc. (NASDAQ:FLNC)

Wells Fargo & Company MN cut its position in Fluence Energy, Inc. (NASDAQ:FLNC) by 5.1% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 226,555 shares of the company’s stock after selling 12,144 shares during the period. Wells Fargo & Company MN owned approximately 0.13% of Fluence Energy worth $3,598,000 at the end of the most recent quarter.

Several other institutional investors have also recently modified their holdings of FLNC. Morse Asset Management Inc acquired a new position in Fluence Energy in the 3rd quarter worth approximately $175,000. Barclays PLC increased its stake in shares of Fluence Energy by 296.8% in the third quarter. Barclays PLC now owns 181,766 shares of the company’s stock worth $4,127,000 after acquiring an additional 135,957 shares during the period. Geode Capital Management LLC raised its holdings in shares of Fluence Energy by 4.2% during the third quarter. Geode Capital Management LLC now owns 1,508,003 shares of the company’s stock worth $34,253,000 after purchasing an additional 60,633 shares during the last quarter. Franklin Resources Inc. raised its holdings in shares of Fluence Energy by 11.8% during the third quarter. Franklin Resources Inc. now owns 166,613 shares of the company’s stock worth $3,644,000 after purchasing an additional 17,551 shares during the last quarter. Finally, Principal Financial Group Inc. acquired a new position in shares of Fluence Energy in the 3rd quarter valued at about $5,742,000. 53.16% of the stock is currently owned by hedge funds and other institutional investors.

Fluence Energy Price Performance

Shares of NASDAQ FLNC opened at $3.71 on Wednesday. The firm has a 50-day simple moving average of $5.12 and a 200-day simple moving average of $13.20. The company has a quick ratio of 1.14, a current ratio of 1.57 and a debt-to-equity ratio of 0.74. The stock has a market capitalization of $673.55 million, a price-to-earnings ratio of -74.20 and a beta of 2.48. Fluence Energy, Inc. has a 52 week low of $3.46 and a 52 week high of $26.12.

Fluence Energy (NASDAQ:FLNC) last released its quarterly earnings data on Monday, February 10th. The company reported ($0.32) EPS for the quarter, missing analysts’ consensus estimates of ($0.17) by ($0.15). Fluence Energy had a negative net margin of 0.08% and a negative return on equity of 0.36%. On average, equities analysts predict that Fluence Energy, Inc. will post 0.08 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts recently commented on FLNC shares. Citigroup dropped their target price on Fluence Energy from $24.00 to $10.00 and set a “neutral” rating on the stock in a report on Tuesday, February 11th. Robert W. Baird dropped their price objective on shares of Fluence Energy from $9.00 to $5.00 and set a “neutral” rating on the stock in a research note on Tuesday, April 15th. Bank of America cut shares of Fluence Energy from a “buy” rating to a “neutral” rating and decreased their target price for the company from $20.00 to $8.00 in a research note on Thursday, February 13th. UBS Group dropped their price target on shares of Fluence Energy from $8.00 to $4.50 and set a “neutral” rating on the stock in a research report on Monday, April 14th. Finally, Wolfe Research downgraded shares of Fluence Energy from an “outperform” rating to a “peer perform” rating in a research report on Wednesday, February 12th. One investment analyst has rated the stock with a sell rating, seventeen have issued a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $11.14.

Insider Buying and Selling

In other news, Director Herman E. Bulls purchased 30,000 shares of the company’s stock in a transaction dated Thursday, February 13th. The stock was acquired at an average price of $6.53 per share, with a total value of $195,900.00. Following the purchase, the director now directly owns 105,861 shares in the company, valued at approximately $691,272.33. This represents a 39.55 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Julian Nebreda purchased 23,500 shares of Fluence Energy stock in a transaction dated Thursday, February 13th. The shares were purchased at an average cost of $6.35 per share, for a total transaction of $149,225.00. Following the transaction, the chief executive officer now owns 120,455 shares in the company, valued at approximately $764,889.25. This trade represents a 24.24 % increase in their position. The disclosure for this purchase can be found here. Over the last 90 days, insiders have purchased 79,000 shares of company stock worth $499,665. 0.65% of the stock is owned by corporate insiders.

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.