Point72 Asset Management L.P. Takes Position in Fluence Energy, Inc. (NASDAQ:FLNC)

Point72 Asset Management L.P. bought a new stake in Fluence Energy, Inc. (NASDAQ:FLNC - Free Report) during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 960,321 shares of the company's stock, valued at approximately $21,809,000. Point72 Asset Management L.P. owned 0.53% of Fluence Energy at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Hsbc Holdings PLC raised its stake in shares of Fluence Energy by 3.8% in the second quarter. Hsbc Holdings PLC now owns 24,250 shares of the company's stock worth $420,000 after purchasing an additional 897 shares during the last quarter. US Bancorp DE raised its position in Fluence Energy by 676.6% during the 3rd quarter. US Bancorp DE now owns 1,693 shares of the company's stock worth $38,000 after buying an additional 1,475 shares during the last quarter. Blue Trust Inc. lifted its stake in Fluence Energy by 45.3% during the 3rd quarter. Blue Trust Inc. now owns 4,821 shares of the company's stock valued at $109,000 after acquiring an additional 1,502 shares during the period. PARK CIRCLE Co acquired a new stake in Fluence Energy during the 2nd quarter valued at approximately $28,000. Finally, CWM LLC boosted its holdings in shares of Fluence Energy by 164.4% in the 3rd quarter. CWM LLC now owns 2,842 shares of the company's stock valued at $65,000 after acquiring an additional 1,767 shares during the last quarter. Hedge funds and other institutional investors own 53.16% of the company's stock.

Fluence Energy Stock Performance

Shares of NASDAQ:FLNC traded up $0.08 during midday trading on Friday, hitting $16.92. The company's stock had a trading volume of 1,664,349 shares, compared to its average volume of 2,253,498. The company has a market cap of $3.06 billion, a P/E ratio of 130.15, a price-to-earnings-growth 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. The business's 50 day simple moving average is $20.62 and its 200 day simple moving average is $19.62.

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

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on FLNC shares. Royal Bank of Canada cut their price target on Fluence Energy from $28.00 to $27.00 and set an "outperform" rating on the stock in a research report on Wednesday, November 27th. Piper Sandler boosted their price target on Fluence Energy from $18.00 to $20.00 and gave the company a "neutral" rating in a report on Wednesday, November 27th. Canaccord Genuity Group dropped their price objective on shares of Fluence Energy from $37.00 to $34.00 and set a "buy" rating on the stock in a research note on Friday, November 29th. BNP Paribas upgraded shares of Fluence Energy from an "underperform" rating to a "neutral" rating and set a $22.00 target price for the company in a research note on Friday, November 8th. Finally, Robert W. Baird dropped their price target on shares of Fluence Energy from $27.00 to $24.00 and set an "outperform" rating on the stock in a research report on Wednesday, November 27th. Five research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $26.85.

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.