Zurcher Kantonalbank Zurich Cantonalbank Decreases Stock Position in Fluence Energy, Inc. (NASDAQ:FLNC)

Zurcher Kantonalbank Zurich Cantonalbank cut its holdings in Fluence Energy, Inc. (NASDAQ:FLNC) by 26.9% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The fund owned 98,220 shares of the company’s stock after selling 36,152 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank owned about 0.05% of Fluence Energy worth $1,560,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the company. Prescott Group Capital Management L.L.C. acquired a new position in shares of Fluence Energy in the fourth quarter valued at about $1,429,000. Raymond James Financial Inc. acquired a new position in shares of Fluence Energy in the fourth quarter valued at about $1,221,000. Charles Schwab Investment Management Inc. increased its holdings in shares of Fluence Energy by 4.4% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 523,872 shares of the company’s stock valued at $8,319,000 after purchasing an additional 21,932 shares during the period. Jones Financial Companies Lllp increased its holdings in shares of Fluence Energy by 31.3% in the fourth quarter. Jones Financial Companies Lllp now owns 23,331 shares of the company’s stock valued at $370,000 after purchasing an additional 5,560 shares during the period. Finally, Versor Investments LP acquired a new position in shares of Fluence Energy in the fourth quarter valued at about $546,000. 53.16% of the stock is owned by institutional investors and hedge funds.

Fluence Energy Stock Performance

NASDAQ FLNC opened at $5.41 on Tuesday. The company has a market cap of $982.18 million, a PE ratio of -108.20 and a beta of 2.49. The stock’s 50 day simple moving average is $10.15 and its 200-day simple moving average is $16.32. Fluence Energy, Inc. has a 1-year low of $4.79 and a 1-year high of $26.12. The company has a debt-to-equity ratio of 0.74, a current ratio of 1.57 and a quick ratio of 1.14.

Fluence Energy (NASDAQ:FLNC) last released its earnings results on Monday, February 10th. The company reported ($0.32) earnings per share for the quarter, missing the consensus estimate 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%. As a group, equities research analysts anticipate that Fluence Energy, Inc. will post 0.08 EPS for the current fiscal year.

Analyst Ratings Changes

FLNC has been the topic of a number of research reports. Bank of America lowered Fluence Energy from a “buy” rating to a “neutral” rating and cut their price objective for the company from $20.00 to $8.00 in a report on Thursday, February 13th. Barclays dropped their target price on Fluence Energy from $22.00 to $9.00 and set an “overweight” rating on the stock in a report on Wednesday, February 12th. Truist Financial dropped their target price on Fluence Energy from $28.00 to $13.00 and set a “buy” rating on the stock in a report on Wednesday, February 12th. 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. Finally, Jefferies Financial Group lowered Fluence Energy from a “buy” rating to a “hold” rating and dropped their target price for the stock from $22.00 to $15.00 in a report on Wednesday, January 22nd. One equities research analyst has rated the stock with a sell rating, fifteen have given a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $14.34.

Insider Buying and Selling

In related news, CEO Julian Nebreda acquired 23,500 shares of Fluence Energy stock in a transaction that occurred on Thursday, February 13th. The shares were purchased at an average price of $6.35 per share, for a total transaction of $149,225.00. Following the completion of the transaction, the chief executive officer now owns 120,455 shares in the company, valued at $764,889.25. This represents a 24.24 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Herman E. Bulls bought 10,000 shares of Fluence Energy stock in a transaction on Monday, December 23rd. The stock was acquired at an average price of $15.57 per share, for a total transaction of $155,700.00. Following the transaction, the director now directly owns 75,861 shares of the company’s stock, valued at approximately $1,181,155.77. This trade represents a 15.18 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last 90 days, insiders have purchased 89,000 shares of company stock worth $655,365. 0.65% of the stock is owned by corporate insiders.

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.