California State Teachers Retirement System Lowers Position in Fluence Energy, Inc. (NASDAQ:FLNC)

California State Teachers Retirement System lessened its holdings in shares of Fluence Energy, Inc. (NASDAQ:FLNC) by 4.4% in the first quarter, HoldingsChannel.com reports. The fund owned 62,730 shares of the company’s stock after selling 2,893 shares during the period. California State Teachers Retirement System’s holdings in Fluence Energy were worth $1,088,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Raymond James Financial Services Advisors Inc. bought a new stake in Fluence Energy during the fourth quarter valued at approximately $207,000. Arizona State Retirement System lifted its holdings in shares of Fluence Energy by 50.6% during the 4th quarter. Arizona State Retirement System now owns 17,547 shares of the company’s stock worth $418,000 after acquiring an additional 5,895 shares during the last quarter. International Assets Investment Management LLC purchased a new position in Fluence Energy in the fourth quarter worth $270,000. Flputnam Investment Management Co. increased its stake in Fluence Energy by 111.1% in the fourth quarter. Flputnam Investment Management Co. now owns 18,890 shares of the company’s stock valued at $451,000 after acquiring an additional 9,941 shares during the last quarter. Finally, Handelsbanken Fonder AB raised its position in Fluence Energy by 145.5% during the fourth quarter. Handelsbanken Fonder AB now owns 2,880,052 shares of the company’s stock valued at $68,689,000 after purchasing an additional 1,706,808 shares in the last quarter. Hedge funds and other institutional investors own 53.16% of the company’s stock.

Fluence Energy Price Performance

FLNC opened at $17.03 on Wednesday. Fluence Energy, Inc. has a one year low of $12.74 and a one year high of $28.14. The business has a 50 day simple moving average of $17.98 and a two-hundred day simple moving average of $17.95. The firm has a market capitalization of $3.06 billion, a price-to-earnings ratio of -43.67 and a beta of 2.50.

Wall Street Analyst Weigh In

Several brokerages have recently commented on FLNC. Evercore ISI reduced their price objective on Fluence Energy from $59.00 to $47.00 and set an “outperform” rating on the stock in a research report on Monday, May 13th. Robert W. Baird reduced their price target on shares of Fluence Energy from $34.00 to $27.00 and set an “outperform” rating on the stock in a research report on Friday, August 9th. Scotiabank upgraded shares of Fluence Energy to a “hold” rating in a report on Friday, July 12th. Truist Financial began coverage on shares of Fluence Energy in a report on Wednesday, July 10th. They set a “buy” rating and a $25.00 target price on the stock. Finally, Bank of America lowered 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. One analyst has rated the stock with a sell rating, three have issued a hold rating and fifteen have issued a buy rating to the company. Based on data from MarketBeat.com, Fluence Energy currently has a consensus rating of “Moderate Buy” and an average target price of $26.67.

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.