Bank of America Corp DE Has $9.19 Million Position in Fluence Energy, Inc. (NASDAQ:FLNC)

Bank of America Corp DE boosted its position in Fluence Energy, Inc. (NASDAQ:FLNC - Free Report) by 44.4% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 578,750 shares of the company's stock after purchasing an additional 177,931 shares during the quarter. Bank of America Corp DE owned approximately 0.32% of Fluence Energy worth $9,191,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Vanguard Group Inc. increased its stake in shares of Fluence Energy by 1.8% in the 4th quarter. Vanguard Group Inc. now owns 6,252,320 shares of the company's stock worth $99,287,000 after purchasing an additional 110,256 shares in the last quarter. Clearbridge Investments LLC grew its stake in Fluence Energy by 19.1% in the 4th quarter. Clearbridge Investments LLC now owns 1,849,301 shares of the company's stock worth $29,367,000 after acquiring an additional 296,325 shares in the last quarter. Geode Capital Management LLC increased its position in Fluence Energy by 0.3% during the 4th quarter. Geode Capital Management LLC now owns 1,513,219 shares of the company's stock valued at $24,035,000 after purchasing an additional 5,216 shares during the period. Dimensional Fund Advisors LP boosted its position in Fluence Energy by 22.4% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,134,173 shares of the company's stock valued at $18,013,000 after purchasing an additional 207,784 shares in the last quarter. Finally, Erste Asset Management GmbH grew its stake in Fluence Energy by 15.5% during the 4th quarter. Erste Asset Management GmbH now owns 1,111,629 shares of the company's stock worth $18,058,000 after buying an additional 148,857 shares during the last quarter. 53.16% of the stock is owned by institutional investors.

Fluence Energy Stock Up 0.4%

Shares of FLNC traded up $0.02 during mid-day trading on Thursday, reaching $4.80. The company's stock had a trading volume of 814,878 shares, compared to its average volume of 3,635,459. Fluence Energy, Inc. has a 1 year low of $3.46 and a 1 year high of $26.12. The company has a market cap of $871.44 million, a price-to-earnings ratio of -95.98 and a beta of 2.49. 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 business has a fifty day moving average of $4.54 and a 200 day moving average of $10.33.

Fluence Energy (NASDAQ:FLNC - Get Free Report) last issued its earnings results on Wednesday, May 7th. The company reported ($0.24) EPS for the quarter, missing analysts' consensus estimates of ($0.21) by ($0.03). The firm had revenue of $431.62 million during the quarter, compared to analysts' expectations of $328.17 million. Fluence Energy had a negative net margin of 0.08% and a negative return on equity of 0.36%. The business's revenue for the quarter was down 30.7% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.07) EPS. As a group, analysts forecast that Fluence Energy, Inc. will post 0.08 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the stock. Piper Sandler cut their price objective on shares of Fluence Energy from $10.00 to $4.00 and set a "neutral" rating for the company in a report on Monday, April 21st. Morgan Stanley raised their target price on Fluence Energy from $4.00 to $5.00 and gave the stock an "equal weight" rating in a research note on Monday, May 19th. Truist Financial reduced their target price on shares of Fluence Energy from $28.00 to $13.00 and set a "buy" rating on the stock in a report on Wednesday, February 12th. Jefferies Financial Group cut shares of Fluence Energy from a "hold" rating to an "underperform" rating and lowered their target price for the company from $4.00 to $3.00 in a report on Thursday, May 15th. Finally, UBS Group lifted their target price on Fluence Energy from $4.50 to $6.00 and gave the company a "neutral" rating in a research note on Tuesday, May 13th. Two investment analysts have rated the stock with a sell rating, eighteen have given a hold rating and five have issued a buy rating to the company's stock. According to data from MarketBeat.com, Fluence Energy presently has a consensus rating of "Hold" and an average price target of $8.21.

Insider Activity

In related news, Director Cynthia A. Arnold bought 33,000 shares of the business's stock in a transaction that occurred on Monday, May 12th. The stock was purchased at an average cost of $5.90 per share, for a total transaction of $194,700.00. Following the purchase, the director now directly owns 86,202 shares in the company, valued at $508,591.80. This trade represents a 62.03% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Herman E. Bulls purchased 10,000 shares of the business's stock in a transaction on Wednesday, March 5th. The stock was purchased at an average cost of $5.41 per share, with a total value of $54,100.00. Following the acquisition, the director now owns 115,861 shares in the company, valued at approximately $626,808.01. This represents a 9.45% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 0.65% of the company's stock.

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.