Morse Asset Management Inc Lowers Stock Position in Fluence Energy, Inc. (NASDAQ:FLNC)

Morse Asset Management Inc decreased its holdings in Fluence Energy, Inc. (NASDAQ:FLNC) by 47.4% in the 1st quarter, HoldingsChannel reports. The firm owned 19,983 shares of the company’s stock after selling 18,012 shares during the quarter. Morse Asset Management Inc’s holdings in Fluence Energy were worth $347,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in FLNC. Pflug Koory LLC purchased a new position in shares of Fluence Energy in the first quarter valued at approximately $35,000. Quarry LP purchased a new position in Fluence Energy in the fourth quarter worth approximately $38,000. Baillie Gifford & Co. purchased a new position in Fluence Energy in the first quarter worth approximately $38,000. Quest Partners LLC purchased a new position in Fluence Energy in the fourth quarter worth approximately $60,000. Finally, National Bank of Canada FI lifted its stake in Fluence Energy by 116.3% in the fourth quarter. National Bank of Canada FI now owns 2,595 shares of the company’s stock worth $62,000 after acquiring an additional 1,395 shares during the last quarter. Hedge funds and other institutional investors own 53.16% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently issued reports on FLNC. Raymond James upgraded shares of Fluence Energy from a “market perform” rating to an “outperform” rating and set a $22.00 price target for the company in a research note on Wednesday, April 3rd. Roth Mkm reiterated a “buy” rating and issued a $27.00 price target (down previously from $31.00) on shares of Fluence Energy in a research note on Friday, May 10th. Guggenheim downgraded shares of Fluence Energy from a “buy” rating to a “neutral” rating in a research note on Thursday, June 6th. Bank of America decreased their price target on shares of Fluence Energy from $29.00 to $28.00 and set a “buy” rating for the company in a research note on Wednesday, July 17th. Finally, Piper Sandler cut their price objective on shares of Fluence Energy from $18.00 to $16.00 and set a “neutral” rating on the stock in a report on Monday, July 22nd. One research 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. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $27.76.

Fluence Energy Trading Up 4.9 %

Shares of Fluence Energy stock traded up $0.77 during trading on Friday, reaching $16.37. The company’s stock had a trading volume of 1,586,503 shares, compared to its average volume of 2,778,913. The company has a 50-day moving average price of $19.54 and a two-hundred day moving average price of $18.37. The firm has a market cap of $2.94 billion, a PE ratio of -41.97 and a beta of 2.50. Fluence Energy, Inc. has a fifty-two week low of $13.03 and a fifty-two week high of $30.19.

Fluence Energy (NASDAQ:FLNC) last announced its earnings results on Wednesday, May 8th. The company reported ($0.07) EPS for the quarter, meeting analysts’ consensus estimates of ($0.07). The business had revenue of $623.14 million for the quarter, compared to analysts’ expectations of $538.42 million. Fluence Energy had a negative net margin of 2.10% and a negative return on equity of 8.48%. The company’s quarterly revenue was down 10.7% on a year-over-year basis. During the same period in the previous year, the company posted ($0.21) EPS. On average, analysts predict that Fluence Energy, Inc. will post 0.09 earnings per share 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.