Wellington Management Group LLP Lowers Holdings in Fluence Energy, Inc. (NASDAQ:FLNC)

Wellington Management Group LLP decreased its holdings in shares of Fluence Energy, Inc. (NASDAQ:FLNC - Free Report) by 28.8% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 583,882 shares of the company's stock after selling 236,439 shares during the period. Wellington Management Group LLP owned approximately 0.32% of Fluence Energy worth $13,260,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. PARK CIRCLE Co bought a new position in shares of Fluence Energy in the second quarter worth $28,000. US Bancorp DE lifted its position in shares of Fluence Energy by 676.6% in the 3rd quarter. US Bancorp DE now owns 1,693 shares of the company's stock worth $38,000 after purchasing an additional 1,475 shares during the period. CWM LLC grew its stake in Fluence Energy by 164.4% in the third quarter. CWM LLC now owns 2,842 shares of the company's stock worth $65,000 after purchasing an additional 1,767 shares during the period. Point72 DIFC Ltd purchased a new stake in Fluence Energy in the third quarter worth about $74,000. Finally, Blue Trust Inc. bought a new position in Fluence Energy in the 2nd quarter worth about $58,000. 53.16% of the stock is owned by hedge funds and other institutional investors.

Fluence Energy Stock Performance

Fluence Energy stock traded up $0.10 during trading on Friday, reaching $17.17. The company had a trading volume of 3,408,647 shares, compared to its average volume of 2,355,970. The firm has a market capitalization of $3.11 billion, a PE ratio of 132.08, a price-to-earnings-growth ratio of 0.54 and a beta of 2.39. The firm's 50-day simple moving average is $20.15 and its 200 day simple moving average is $19.42. Fluence Energy, Inc. has a 1-year low of $12.74 and a 1-year high of $27.39.

Fluence Energy (NASDAQ:FLNC - Get Free Report) last announced its earnings results on Monday, November 25th. The company reported $0.34 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.23 by $0.11. The business had revenue of $1.23 billion for the quarter, compared to analyst estimates of $1.28 billion. Fluence Energy had a net margin of 0.89% and a return on equity of 4.10%. The company's revenue for the quarter was up 82.5% compared to the same quarter last year. During the same quarter last year, the business earned $0.02 earnings per share. Analysts anticipate that Fluence Energy, Inc. will post 0.56 EPS for the current year.

Analysts Set New Price Targets

Several brokerages have issued reports on FLNC. Truist Financial raised their target price on Fluence Energy from $25.00 to $28.00 and gave the stock a "buy" rating in a research report on Wednesday, October 16th. Susquehanna increased their target price on shares of Fluence Energy from $23.00 to $28.00 and gave the stock a "positive" rating in a report on Wednesday, October 16th. Piper Sandler lifted their price target on shares of Fluence Energy from $18.00 to $20.00 and gave the company a "neutral" rating in a report on Wednesday, November 27th. Royal Bank of Canada dropped their target price on shares of Fluence Energy from $28.00 to $27.00 and set an "outperform" rating for the company in a report on Wednesday, November 27th. Finally, Canaccord Genuity Group decreased their price target on Fluence Energy from $37.00 to $34.00 and set a "buy" rating on the stock in a report on Friday, November 29th. Five research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $26.85.

About Fluence Energy

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.