Point72 Asset Management L.P. Invests $21.81 Million in Fluence Energy, Inc. (NASDAQ:FLNC)

Point72 Asset Management L.P. bought a new stake in Fluence Energy, Inc. (NASDAQ:FLNC) during the 3rd quarter, HoldingsChannel.com reports. The fund bought 960,321 shares of the company’s stock, valued at approximately $21,809,000.

Other hedge funds have also recently made changes to their positions in the company. PARK CIRCLE Co purchased a new stake in Fluence Energy during the 2nd quarter valued at about $28,000. US Bancorp DE lifted its holdings in shares of Fluence Energy by 676.6% during the third 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 boosted its position in Fluence Energy by 164.4% in the third quarter. CWM LLC now owns 2,842 shares of the company’s stock valued at $65,000 after buying an additional 1,767 shares during the last quarter. GAMMA Investing LLC boosted 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 valued at $51,000 after buying an additional 2,146 shares during the last quarter. Finally, Blue Trust Inc. acquired a new position in Fluence Energy in the 2nd quarter worth approximately $58,000. 53.16% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on FLNC shares. BNP Paribas upgraded Fluence Energy from an “underperform” rating to a “neutral” rating and set a $22.00 price objective for the company in a research note on Friday, November 8th. Canaccord Genuity Group cut their price target on Fluence Energy from $37.00 to $34.00 and set a “buy” rating for the company in a report on Friday, November 29th. Bank of America reduced their target price on Fluence Energy from $25.00 to $24.00 and set a “buy” rating on the stock in a research report on Thursday, November 7th. Susquehanna lifted their target price on shares of Fluence Energy from $23.00 to $28.00 and gave the company a “positive” rating in a report on Wednesday, October 16th. Finally, Jefferies Financial Group assumed coverage on shares of Fluence Energy in a research note on Wednesday, September 4th. They set a “buy” rating and a $26.00 price target on the stock. Five research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $26.85.

Fluence Energy Trading Down 1.4 %

Shares of Fluence Energy stock opened at $16.84 on Friday. The company has a fifty day simple moving average of $20.74 and a 200-day simple moving average of $19.63. The stock has a market cap of $3.04 billion, a price-to-earnings ratio of 129.54, a PEG ratio of 0.61 and a beta of 2.39. Fluence Energy, Inc. has a 12-month low of $12.74 and a 12-month high of $27.39.

Fluence Energy (NASDAQ:FLNC) last issued its quarterly earnings results on Monday, November 25th. The company reported $0.34 earnings per share for the quarter, topping the consensus estimate of $0.23 by $0.11. The firm had revenue of $1.23 billion during the quarter, compared to the consensus estimate of $1.28 billion. Fluence Energy had a return on equity of 4.10% and a net margin of 0.89%. The company’s revenue for the quarter was up 82.5% on a year-over-year basis. During the same period last year, the company earned $0.02 earnings per share. On average, analysts forecast that Fluence Energy, Inc. will post 0.54 earnings per share for the current fiscal year.

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.