SG Americas Securities LLC Cuts Position in Fluence Energy, Inc. (NASDAQ:FLNC)

SG Americas Securities LLC trimmed its holdings in shares of Fluence Energy, Inc. (NASDAQ:FLNC - Free Report) by 69.8% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 71,180 shares of the company's stock after selling 164,225 shares during the quarter. SG Americas Securities LLC's holdings in Fluence Energy were worth $1,234,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. Pflug Koory LLC purchased a new position in Fluence Energy in the first quarter valued at about $35,000. Quarry LP purchased a new position in Fluence Energy in the fourth quarter valued at approximately $38,000. Baillie Gifford & Co. bought a new position in Fluence Energy during the first quarter valued at $38,000. GAMMA Investing LLC increased its position in Fluence Energy by 264.9% in the second quarter. GAMMA Investing LLC now owns 2,956 shares of the company's stock worth $51,000 after buying an additional 2,146 shares during the last quarter. Finally, Quest Partners LLC purchased a new stake in Fluence Energy in the fourth quarter worth $60,000. 53.16% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the company. Bank of America cut their price target on Fluence Energy from $29.00 to $28.00 and set a "buy" rating for the company in a research note on Wednesday, July 17th. Susquehanna lowered their price target on shares of Fluence Energy from $24.00 to $23.00 and set a "positive" rating on the stock in a research report on Friday, August 9th. Piper Sandler cut their price objective on shares of Fluence Energy from $18.00 to $16.00 and set a "neutral" rating for the company in a report on Monday, July 22nd. Evercore ISI lowered their target price on shares of Fluence Energy from $59.00 to $47.00 and set an "outperform" rating on the stock in a report on Monday, May 13th. Finally, Roth Mkm reaffirmed a "buy" rating and issued a $27.00 price target (down from $31.00) on shares of Fluence Energy in a report on Friday, May 10th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and fourteen have issued a buy rating to the stock. According to data from MarketBeat.com, Fluence Energy has an average rating of "Moderate Buy" and an average price target of $26.67.

Insider Activity

In other news, Director Herman E. Bulls purchased 10,000 shares of the company's stock in a transaction on Tuesday, August 13th. The stock was purchased at an average price of $16.81 per share, with a total value of $168,100.00. Following the completion of the purchase, the director now directly owns 65,861 shares in the company, valued at approximately $1,107,123.41. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Corporate insiders own 0.41% of the company's stock.

Fluence Energy Stock Performance

FLNC traded down $0.20 on Friday, reaching $17.24. The company had a trading volume of 965,634 shares, compared to its average volume of 2,428,580. Fluence Energy, Inc. has a 52-week low of $12.74 and a 52-week high of $28.14. The company has a market cap of $3.09 billion, a price-to-earnings ratio of -44.21 and a beta of 2.50. The business has a 50 day simple moving average of $17.50 and a 200 day simple moving average of $17.89.

Fluence Energy Company 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.