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

Principal Financial Group Inc. bought a new stake in Fluence Energy, Inc. (NASDAQ:FLNC) during the third quarter, Holdings Channel.com reports. The fund bought 252,824 shares of the company’s stock, valued at approximately $5,742,000.

Other institutional investors also recently added to or reduced their stakes in the company. Franklin Resources Inc. increased its position in Fluence Energy by 11.8% during the third quarter. Franklin Resources Inc. now owns 166,613 shares of the company’s stock worth $3,644,000 after acquiring an additional 17,551 shares during the period. Geode Capital Management LLC grew its position in Fluence Energy by 4.2% in the 3rd quarter. Geode Capital Management LLC now owns 1,508,003 shares of the company’s stock worth $34,253,000 after purchasing an additional 60,633 shares during the last quarter. Duff & Phelps Investment Management Co. increased its holdings in shares of Fluence Energy by 76.2% during the 3rd quarter. Duff & Phelps Investment Management Co. now owns 25,760 shares of the company’s stock worth $585,000 after purchasing an additional 11,138 shares during the period. Barclays PLC raised its position in shares of Fluence Energy by 296.8% during the third quarter. Barclays PLC now owns 181,766 shares of the company’s stock valued at $4,127,000 after buying an additional 135,957 shares during the last quarter. Finally, Main Management ETF Advisors LLC bought a new stake in shares of Fluence Energy in the third quarter valued at about $1,234,000. 53.16% of the stock is owned by institutional investors.

Fluence Energy Trading Down 3.3 %

Shares of FLNC stock opened at $15.88 on Thursday. Fluence Energy, Inc. has a 1 year low of $12.74 and a 1 year high of $26.12. The firm’s 50 day moving average is $18.84 and its 200-day moving average is $18.80. The firm has a market capitalization of $2.88 billion, a price-to-earnings ratio of 122.15, a PEG ratio of 0.54 and a beta of 2.39.

Fluence Energy (NASDAQ:FLNC) last announced its quarterly earnings data on Monday, November 25th. The company reported $0.34 EPS for the quarter, beating analysts’ consensus estimates of $0.23 by $0.11. The firm had revenue of $1.23 billion for the quarter, compared to analyst estimates of $1.28 billion. Fluence Energy had a return on equity of 4.10% and a net margin of 0.89%. The business’s quarterly revenue was up 82.5% compared to the same quarter last year. During the same period last year, the company earned $0.02 EPS. On average, equities research analysts forecast that Fluence Energy, Inc. will post 0.56 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Fluence Energy news, Director Herman E. Bulls bought 10,000 shares of the stock in a transaction on Monday, December 23rd. The stock was purchased at an average price of $15.57 per share, with a total value of $155,700.00. Following the acquisition, the director now owns 75,861 shares of the company’s stock, valued at approximately $1,181,155.77. The trade was a 15.18 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 0.41% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have commented on the company. 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 decreased their price target on shares of Fluence Energy from $25.00 to $24.00 and set a “buy” rating on the stock in a research note on Thursday, November 7th. BNP Paribas upgraded shares of 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. Robert W. Baird reaffirmed a “neutral” rating and set a $20.00 price objective (down from $24.00) on shares of Fluence Energy in a report on Wednesday, December 18th. Finally, Piper Sandler upped their target price on shares of Fluence Energy from $18.00 to $20.00 and gave the company a “neutral” rating in a research note on Wednesday, November 27th. Seven research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $26.65.

Fluence Energy Company 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.