Westwood Holdings Group Inc. Sells 76,426 Shares of Fluence Energy, Inc. (NASDAQ:FLNC)

Westwood Holdings Group Inc. cut its stake in Fluence Energy, Inc. (NASDAQ:FLNC) by 41.4% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 108,083 shares of the company’s stock after selling 76,426 shares during the period. Westwood Holdings Group Inc. owned about 0.06% of Fluence Energy worth $1,874,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. Swiss National Bank lifted its stake in Fluence Energy by 37.7% in the fourth quarter. Swiss National Bank now owns 123,900 shares of the company’s stock worth $2,955,000 after acquiring an additional 33,900 shares during the period. Jupiter Asset Management Ltd. purchased a new stake in Fluence Energy in the first quarter worth about $3,247,000. SG Americas Securities LLC purchased a new stake in Fluence Energy in the first quarter worth about $4,082,000. Norges Bank purchased a new stake in shares of Fluence Energy during the fourth quarter valued at about $13,931,000. Finally, Quadrature Capital Ltd purchased a new stake in shares of Fluence Energy during the fourth quarter valued at about $1,136,000. 53.16% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research firms have commented on FLNC. Guggenheim lowered shares of Fluence Energy from a “buy” rating to a “neutral” rating in a research report on Thursday, June 6th. Piper Sandler decreased their price target on shares of Fluence Energy from $18.00 to $16.00 and set a “neutral” rating for the company in a research report on Monday, July 22nd. JPMorgan Chase & Co. increased their price objective on shares of Fluence Energy from $25.00 to $28.00 and gave the company an “overweight” rating in a research report on Tuesday, July 16th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $29.00 price objective on shares of Fluence Energy in a research report on Friday, June 14th. Finally, Barclays decreased their price objective on shares of Fluence Energy from $30.00 to $28.00 and set an “overweight” rating for the company in a research report on Friday, July 26th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $27.76.

Fluence Energy Stock Performance

Shares of NASDAQ:FLNC traded down $1.18 during midday trading on Friday, reaching $14.67. 2,274,930 shares of the company’s stock traded hands, compared to its average volume of 2,388,918. The company has a fifty day simple moving average of $19.11 and a two-hundred day simple moving average of $18.20. The company has a market cap of $2.63 billion, a P/E ratio of -37.61 and a beta of 2.50. Fluence Energy, Inc. has a 1 year low of $13.03 and a 1 year high of $30.19.

Fluence Energy (NASDAQ:FLNC) last issued its quarterly earnings data on Wednesday, May 8th. The company reported ($0.07) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.07). The firm had revenue of $623.14 million during the quarter, compared to the consensus estimate of $538.42 million. Fluence Energy had a negative return on equity of 8.48% and a negative net margin of 2.10%. The company’s quarterly revenue was down 10.7% on a year-over-year basis. During the same period last year, the company earned ($0.21) EPS. As a group, research analysts forecast that Fluence Energy, Inc. will post 0.1 EPS for the current fiscal 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.