Clearbridge Investments LLC Trims Stock Position in Fluence Energy, Inc. (NASDAQ:FLNC)

Clearbridge Investments LLC lowered its position in shares of Fluence Energy, Inc. (NASDAQ:FLNCGet Rating) by 40.9% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 805,012 shares of the company’s stock after selling 556,217 shares during the period. Clearbridge Investments LLC owned 0.47% of Fluence Energy worth $7,632,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of the company. Quantbot Technologies LP purchased a new position in Fluence Energy in the 1st quarter worth approximately $69,000. Autonomy Capital Jersey L.P. purchased a new position in Fluence Energy in the 1st quarter worth approximately $95,000. Private Advisor Group LLC purchased a new position in Fluence Energy in the 2nd quarter worth approximately $100,000. Commonwealth Equity Services LLC purchased a new position in Fluence Energy in the 2nd quarter worth approximately $102,000. Finally, Gabelli Funds LLC purchased a new position in Fluence Energy in the 1st quarter worth approximately $131,000. Hedge funds and other institutional investors own 21.33% of the company’s stock.

Fluence Energy Stock Up 15.2 %

NASDAQ:FLNC opened at $17.29 on Friday. The company has a fifty day moving average of $14.91 and a 200 day moving average of $13.35. Fluence Energy, Inc. has a 52 week low of $4.96 and a 52 week high of $37.25. The firm has a market capitalization of $2.99 billion and a P/E ratio of -8.78.

Insider Activity at Fluence Energy

In related news, CFO Dennis Fehr sold 15,576 shares of the company’s stock in a transaction on Wednesday, September 14th. The shares were sold at an average price of $18.64, for a total transaction of $290,336.64. Following the completion of the sale, the chief financial officer now directly owns 30,590 shares in the company, valued at approximately $570,197.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.01% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on FLNC shares. Morgan Stanley boosted their price target on shares of Fluence Energy from $17.00 to $18.00 and gave the stock an “equal weight” rating in a research note on Thursday, September 22nd. Royal Bank of Canada boosted their price target on shares of Fluence Energy from $18.00 to $23.00 and gave the stock an “outperform” rating in a research note on Friday, September 2nd. The Goldman Sachs Group upped their price objective on shares of Fluence Energy from $15.00 to $19.00 and gave the company a “neutral” rating in a research note on Thursday, September 8th. Canaccord Genuity Group upped their price objective on shares of Fluence Energy from $16.00 to $20.00 and gave the company a “buy” rating in a research note on Wednesday, August 17th. Finally, JPMorgan Chase & Co. cut their price objective on shares of Fluence Energy from $28.00 to $25.00 and set an “overweight” rating for the company in a research note on Thursday, October 20th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $24.08.

Fluence Energy Company Profile

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Fluence Energy, Inc provides energy storage products and services, and artificial intelligence enabled digital applications for renewables and storage applications worldwide. The company sells energy storage products with integrated hardware, software, and digital intelligence, as well as engineering and delivery services to support the deployment of its storage products; operational and maintenance, and energy storage-as-a-service; and digital applications and solutions.

See Also

Institutional Ownership by Quarter for Fluence Energy (NASDAQ:FLNC)

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