Principal Financial Group Inc. Purchases New Position in Fluence Energy, Inc. (NASDAQ:FLNC)

Principal Financial Group Inc. purchased a new stake in shares of Fluence Energy, Inc. (NASDAQ:FLNC - Free Report) during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 252,824 shares of the company's stock, valued at approximately $5,742,000. Principal Financial Group Inc. owned approximately 0.14% of Fluence Energy as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the stock. PARK CIRCLE Co acquired a new position in Fluence Energy in the second quarter worth approximately $28,000. US Bancorp DE increased its stake in shares of 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 purchasing an additional 1,475 shares during the last quarter. CWM LLC raised its holdings in shares of Fluence Energy by 164.4% during the 3rd quarter. CWM LLC now owns 2,842 shares of the company's stock valued at $65,000 after purchasing an additional 1,767 shares in 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 valued at $51,000 after purchasing an additional 2,146 shares during the last quarter. Finally, Blue Trust Inc. acquired a new stake in shares of Fluence Energy in the 2nd quarter valued at $58,000. 53.16% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the company. Citigroup cut Fluence Energy from a "buy" rating to a "neutral" rating and reduced their price target for the stock from $32.00 to $24.00 in a research report on Tuesday, October 1st. Bank of America reduced their target price on Fluence Energy from $25.00 to $24.00 and set a "buy" rating for the company in a report on Thursday, November 7th. BNP Paribas upgraded Fluence Energy from an "underperform" rating to a "neutral" rating and set a $22.00 price target on the stock in a report on Friday, November 8th. Guggenheim upgraded shares of Fluence Energy from a "neutral" rating to a "buy" rating and set a $26.00 price objective for the company in a research note on Friday, August 9th. Finally, Piper Sandler lifted their target price on shares of Fluence Energy from $16.00 to $18.00 and gave the stock a "neutral" rating in a report on Tuesday, October 22nd. Five equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company's stock. According to MarketBeat.com, Fluence Energy presently has an average rating of "Moderate Buy" and an average price target of $26.63.

Fluence Energy Price Performance

Shares of FLNC stock opened at $21.91 on Thursday. The stock has a market cap of $3.95 billion, a P/E ratio of -115.32, a price-to-earnings-growth ratio of 0.68 and a beta of 2.54. The stock has a fifty day moving average price of $21.26 and a 200 day moving average price of $19.58. Fluence Energy, Inc. has a one year low of $12.74 and a one year high of $27.80.

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.