Concentric Capital Strategies LP Acquires New Holdings in Fluence Energy, Inc. (NASDAQ:FLNC)

Concentric Capital Strategies LP bought a new stake in Fluence Energy, Inc. (NASDAQ:FLNC - Free Report) during the third quarter, according to its most recent disclosure with the SEC. The firm bought 73,821 shares of the company's stock, valued at approximately $1,676,000.

A number of other hedge funds have also recently modified their holdings of the stock. Price T Rowe Associates Inc. MD grew its position in Fluence Energy by 10.1% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 22,689 shares of the company's stock worth $394,000 after purchasing an additional 2,081 shares during the last quarter. Comerica Bank grew its position in Fluence Energy by 79.1% during the 1st quarter. Comerica Bank now owns 4,211 shares of the company's stock worth $73,000 after purchasing an additional 1,860 shares during the last quarter. GAMMA Investing LLC lifted its stake in shares of Fluence Energy by 264.9% in the 2nd quarter. GAMMA Investing LLC now owns 2,956 shares of the company's stock worth $51,000 after acquiring an additional 2,146 shares during the period. Renaissance Capital LLC lifted its stake in shares of Fluence Energy by 42.0% in the 2nd quarter. Renaissance Capital LLC now owns 54,288 shares of the company's stock worth $941,000 after acquiring an additional 16,045 shares during the period. Finally, Sanders Morris Harris LLC acquired a new stake in shares of Fluence Energy in the 2nd quarter worth $2,683,000. 53.16% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms have recently commented on FLNC. Canaccord Genuity Group reduced their target price on shares of Fluence Energy from $37.00 to $34.00 and set a "buy" rating for the company in a research note on Friday. Truist Financial raised their target price on shares of Fluence Energy from $25.00 to $28.00 and gave the stock a "buy" rating in a research note on Wednesday, October 16th. Citigroup cut shares of Fluence Energy from a "buy" rating to a "neutral" rating and reduced their price objective for the company from $32.00 to $24.00 in a research note on Tuesday, October 1st. Royal Bank of Canada reduced their price objective on shares of Fluence Energy from $28.00 to $27.00 and set an "outperform" rating for the company in a research note on Wednesday, November 27th. Finally, Bank of America reduced their price target on shares of Fluence Energy from $25.00 to $24.00 and set a "buy" rating on the stock in a report on Thursday, November 7th. Five analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $26.85.

Fluence Energy Price Performance

Shares of Fluence Energy stock traded up $0.01 during trading on Tuesday, hitting $18.78. 874,945 shares of the company were exchanged, compared to its average volume of 2,237,110. The firm has a market capitalization of $3.39 billion, a P/E ratio of 144.38, a price-to-earnings-growth ratio of 0.62 and a beta of 2.39. Fluence Energy, Inc. has a 1-year low of $12.74 and a 1-year high of $27.80. The firm's fifty day moving average price is $21.02 and its 200 day moving average price is $19.67.

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.