Zurcher Kantonalbank Zurich Cantonalbank Has $305,000 Stock Position in Fluence Energy, Inc. (NASDAQ:FLNC)

Key Points

• Zurcher Kantonalbank Zurich Cantonalbank has reduced its holdings in Fluence Energy, Inc. by 36.0%, owning 62,873 shares worth $305,000 as of its latest SEC filing.
• Fluence Energy reported a quarterly loss of ($0.24) EPS, missing estimates, despite revenue of $431.62 million, which was above expectations.
• Fluence Energy's stock has received mixed ratings from analysts, with 19 hold ratings, 4 buy ratings, and 2 sell ratings, and an average price target of $7.98.

Zurcher Kantonalbank Zurich Cantonalbank lowered its holdings in shares of Fluence Energy, Inc. (NASDAQ:FLNC - Free Report) by 36.0% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 62,873 shares of the company's stock after selling 35,347 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank's holdings in Fluence Energy were worth $305,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Ameriprise Financial Inc. grew its stake in Fluence Energy by 0.4% in the fourth quarter. Ameriprise Financial Inc. now owns 440,002 shares of the company's stock valued at $6,988,000 after purchasing an additional 1,734 shares in the last quarter. Altshuler Shaham Ltd bought a new position in Fluence Energy in the fourth quarter valued at approximately $34,000. Alps Advisors Inc. grew its stake in Fluence Energy by 2.5% in the first quarter. Alps Advisors Inc. now owns 99,891 shares of the company's stock valued at $484,000 after purchasing an additional 2,444 shares in the last quarter. MetLife Investment Management LLC grew its stake in Fluence Energy by 7.8% in the fourth quarter. MetLife Investment Management LLC now owns 37,557 shares of the company's stock valued at $596,000 after purchasing an additional 2,718 shares in the last quarter. Finally, Vident Advisory LLC lifted its position in shares of Fluence Energy by 35.8% in the fourth quarter. Vident Advisory LLC now owns 13,930 shares of the company's stock valued at $221,000 after buying an additional 3,672 shares during the last quarter. Institutional investors and hedge funds own 53.16% of the company's stock.

Analysts Set New Price Targets

A number of analysts have recently issued reports on FLNC shares. Guggenheim cut their price objective on Fluence Energy from $6.00 to $2.00 and set a "sell" rating for the company in a research report on Tuesday, April 15th. Morgan Stanley raised their price objective on Fluence Energy from $4.00 to $5.00 and gave the company an "equal weight" rating in a research report on Monday, May 19th. Hsbc Global Res cut Fluence Energy from a "strong-buy" rating to a "hold" rating in a report on Monday, April 28th. The Goldman Sachs Group dropped their price target on Fluence Energy from $9.00 to $8.00 and set a "buy" rating for the company in a report on Friday, May 9th. Finally, Susquehanna lifted their price target on Fluence Energy from $6.00 to $11.00 and gave the stock a "positive" rating in a report on Monday, July 21st. Two analysts have rated the stock with a sell rating, nineteen have assigned a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $7.98.

Fluence Energy Trading Down 19.9%

Shares of NASDAQ FLNC traded down $1.82 during trading on Tuesday, reaching $7.33. The company had a trading volume of 9,081,661 shares, compared to its average volume of 5,271,857. The company's fifty day moving average price is $7.31 and its 200-day moving average price is $6.43. Fluence Energy, Inc. has a 12 month low of $3.46 and a 12 month high of $24.00. The stock has a market cap of $1.33 billion, a P/E ratio of -33.30 and a beta of 2.67. The company has a quick ratio of 0.99, a current ratio of 1.51 and a debt-to-equity ratio of 0.78.

Fluence Energy (NASDAQ:FLNC - Get Free Report) last announced its quarterly earnings data on Monday, August 11th. The company reported $0.01 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.02) by $0.03. The company had revenue of $602.53 million for the quarter, compared to the consensus estimate of $738.52 million. Fluence Energy had a negative return on equity of 4.40% and a negative net margin of 1.10%. The firm's quarterly revenue was up 24.7% compared to the same quarter last year. As a group, research analysts expect that Fluence Energy, Inc. will post 0.08 earnings per share for the current year.

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.