State Street Corp Sells 21,391 Shares of Fluence Energy, Inc. (NASDAQ:FLNC)

State Street Corp lessened its stake in shares of Fluence Energy, Inc. (NASDAQ:FLNC) by 1.3% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,621,360 shares of the company’s stock after selling 21,391 shares during the quarter. State Street Corp owned approximately 0.90% of Fluence Energy worth $36,821,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Handelsbanken Fonder AB increased its position in shares of Fluence Energy by 47.3% during the third quarter. Handelsbanken Fonder AB now owns 6,376,024 shares of the company’s stock worth $144,800,000 after purchasing an additional 2,047,063 shares in the last quarter. FMR LLC grew its stake in Fluence Energy by 9.0% during the 3rd quarter. FMR LLC now owns 1,606,100 shares of the company’s stock valued at $36,475,000 after purchasing an additional 132,868 shares during the last quarter. Lazard Freres Gestion S.A.S. purchased a new stake in Fluence Energy in the second quarter valued at approximately $26,877,000. Clearbridge Investments LLC increased its holdings in Fluence Energy by 1.6% in the 2nd quarter. Clearbridge Investments LLC now owns 1,500,841 shares of the company’s stock worth $26,025,000 after buying an additional 23,927 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in Fluence Energy by 1,355.7% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,024,114 shares of the company’s stock worth $17,758,000 after buying an additional 953,761 shares during the period. 53.16% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts have recently commented on FLNC shares. Bank of America dropped their price objective on shares of Fluence Energy from $25.00 to $24.00 and set a “buy” rating on the stock in a report on Thursday, November 7th. Canaccord Genuity Group dropped their price target on shares of Fluence Energy from $37.00 to $34.00 and set a “buy” rating on the stock in a research note on Friday, November 29th. BMO Capital Markets increased their target price on shares of Fluence Energy from $24.00 to $25.00 and gave the company an “outperform” rating in a research report on Monday, October 14th. Piper Sandler raised their price target on shares of Fluence Energy from $18.00 to $20.00 and gave the stock a “neutral” rating in a report on Wednesday, November 27th. Finally, Truist Financial boosted their target price on Fluence Energy from $25.00 to $28.00 and gave the company a “buy” rating in a research report on Wednesday, October 16th. Seven investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $26.65.

Fluence Energy Stock Up 1.4 %

Shares of NASDAQ FLNC opened at $15.21 on Friday. Fluence Energy, Inc. has a 52-week low of $12.74 and a 52-week high of $26.12. The stock has a market cap of $2.75 billion, a PE ratio of 117.00, a price-to-earnings-growth ratio of 0.54 and a beta of 2.39. The business has a 50-day moving average price of $19.64 and a 200 day moving average price of $19.18.

Fluence Energy (NASDAQ:FLNC) last issued its quarterly earnings results on Monday, November 25th. The company reported $0.34 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.23 by $0.11. The business had revenue of $1.23 billion for the quarter, compared to analyst estimates of $1.28 billion. Fluence Energy had a net margin of 0.89% and a return on equity of 4.10%. The business’s revenue was up 82.5% compared to the same quarter last year. During the same period in the previous year, the business posted $0.02 earnings per share. Sell-side analysts anticipate that Fluence Energy, Inc. will post 0.56 earnings per share for the current 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.