Zurcher Kantonalbank Zurich Cantonalbank Trims 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 cut its holdings in shares of Fluence Energy, Inc. (NASDAQ:FLNC - Free Report) by 36.0% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. 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.

A number of other institutional investors have also recently bought and sold shares of the business. Ameriprise Financial Inc. boosted 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 worth $6,988,000 after purchasing an additional 1,734 shares in the last quarter. Altshuler Shaham Ltd bought a new stake in Fluence Energy in the fourth quarter valued at approximately $34,000. Alps Advisors Inc. increased its holdings in shares of Fluence Energy by 2.5% in the first quarter. Alps Advisors Inc. now owns 99,891 shares of the company's stock worth $484,000 after acquiring an additional 2,444 shares in the last quarter. MetLife Investment Management LLC increased its holdings in shares of Fluence Energy by 7.8% in the fourth quarter. MetLife Investment Management LLC now owns 37,557 shares of the company's stock worth $596,000 after acquiring 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. 53.16% of the stock is currently owned by institutional investors and hedge funds.

Fluence Energy Stock Down 3.3%

Shares of FLNC traded down $0.25 during mid-day trading on Wednesday, reaching $7.13. The company had a trading volume of 2,357,490 shares, compared to its average volume of 5,262,248. The company has a debt-to-equity ratio of 0.78, a quick ratio of 0.99 and a current ratio of 1.51. The firm has a 50-day moving average price of $7.36 and a 200 day moving average price of $6.43. Fluence Energy, Inc. has a 52 week low of $3.46 and a 52 week high of $24.00. The company has a market capitalization of $1.29 billion, a price-to-earnings ratio of -33.98 and a beta of 2.67.

Fluence Energy (NASDAQ:FLNC - Get Free Report) last posted its quarterly earnings data on Monday, August 11th. The company reported $0.01 EPS for the quarter, topping the consensus estimate of ($0.02) by $0.03. The firm had revenue of $602.53 million during the quarter, compared to analyst estimates of $738.52 million. Fluence Energy had a negative return on equity of 3.38% and a negative net margin of 0.76%. Fluence Energy's revenue for the quarter was up 24.7% compared to the same quarter last year. On average, sell-side analysts forecast that Fluence Energy, Inc. will post 0.08 EPS for the current year.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on FLNC. The Goldman Sachs Group decreased their price target on Fluence Energy from $9.00 to $8.00 and set a "buy" rating on the stock in a research note on Friday, May 9th. UBS Group boosted their price objective on Fluence Energy from $4.50 to $6.00 and gave the stock a "neutral" rating in a research report on Tuesday, May 13th. Canaccord Genuity Group reduced their price objective 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. Mizuho reaffirmed a "neutral" rating and set a $10.00 target price (up from $6.00) on shares of Fluence Energy in a report on Monday, July 14th. Finally, Seaport Res Ptn downgraded Fluence Energy from a "strong-buy" rating to a "hold" rating in a report on Tuesday, July 22nd. Three investment analysts have rated the stock with a sell rating, eighteen have assigned a hold rating and four have issued a buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $7.98.

About Fluence Energy

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.