Skandinaviska Enskilda Banken AB publ Sells 41,121 Shares of Fluence Energy, Inc. (NASDAQ:FLNC)

Skandinaviska Enskilda Banken AB publ cut its holdings in shares of Fluence Energy, Inc. (NASDAQ:FLNC - Free Report) by 28.2% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 104,551 shares of the company's stock after selling 41,121 shares during the period. Skandinaviska Enskilda Banken AB publ owned approximately 0.06% of Fluence Energy worth $507,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Y Intercept Hong Kong Ltd acquired a new stake in shares of Fluence Energy in the 1st quarter valued at about $143,000. Hussman Strategic Advisors Inc. acquired a new stake in shares of Fluence Energy in the 1st quarter valued at about $509,000. SBI Securities Co. Ltd. raised its stake in shares of Fluence Energy by 462.6% in the 1st quarter. SBI Securities Co. Ltd. now owns 8,085 shares of the company's stock valued at $39,000 after purchasing an additional 6,648 shares during the period. Edgestream Partners L.P. acquired a new stake in shares of Fluence Energy in the first quarter valued at about $4,180,000. Finally, CWM LLC increased its position in shares of Fluence Energy by 4,842.9% in the first quarter. CWM LLC now owns 40,631 shares of the company's stock valued at $197,000 after acquiring an additional 39,809 shares during the last quarter. 53.16% of the stock is currently owned by institutional investors.

Fluence Energy Price Performance

NASDAQ:FLNC traded down $0.34 during trading hours on Friday, reaching $7.78. 3,987,264 shares of the company were exchanged, compared to its average volume of 4,472,277. The company has a market capitalization of $1.41 billion, a P/E ratio of -35.36 and a beta of 2.65. Fluence Energy, Inc. has a 1-year low of $3.46 and a 1-year high of $24.00. The company has a debt-to-equity ratio of 0.78, a current ratio of 1.51 and a quick ratio of 0.99. The business has a 50 day moving average of $6.82 and a 200 day moving average of $6.77.

Fluence Energy (NASDAQ:FLNC - Get Free Report) last issued its quarterly earnings results on Wednesday, May 7th. The company reported ($0.24) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.21) by ($0.03). The company had revenue of $431.62 million for the quarter, compared to analyst estimates of $328.17 million. Fluence Energy had a negative return on equity of 4.40% and a negative net margin of 1.10%. The company's quarterly revenue was down 30.7% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.07) EPS. Research analysts forecast that Fluence Energy, Inc. will post 0.08 EPS for the current year.

Insiders Place Their Bets

In other Fluence Energy news, Director Cynthia A. Arnold bought 33,000 shares of the business's stock in a transaction 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 completion of the purchase, the director directly owned 86,202 shares of the company's stock, valued at approximately $508,591.80. This trade represents a 62.03% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. 0.65% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

FLNC has been the topic of a number of recent research reports. 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 report on Tuesday, May 13th. Canaccord Genuity Group lowered their target price on Fluence Energy from $14.00 to $10.00 and set a "buy" rating on the stock in a research report on Wednesday, April 16th. Guggenheim lowered their price target on Fluence Energy from $6.00 to $2.00 and set a "sell" rating on the stock in a research report on Tuesday, April 15th. JPMorgan Chase & Co. boosted their price target on Fluence Energy from $5.00 to $8.00 and gave the stock a "neutral" rating in a research report on Tuesday, July 22nd. Finally, Hsbc Global Res downgraded Fluence Energy from a "strong-buy" rating to a "hold" rating in a research report on Monday, April 28th. Two investment analysts have rated the stock with a sell rating, nineteen have issued a hold rating and four have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $7.98.

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.