Principal Financial Group Inc. Invests $5.74 Million in Fluence Energy, Inc. (NASDAQ:FLNC)

Principal Financial Group Inc. acquired a new stake in shares of Fluence Energy, Inc. (NASDAQ:FLNC) during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 252,824 shares of the company’s stock, valued at approximately $5,742,000. Principal Financial Group Inc. owned 0.14% of Fluence Energy at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Handelsbanken Fonder AB increased its position in shares of Fluence Energy by 47.3% during the 3rd quarter. Handelsbanken Fonder AB now owns 6,376,024 shares of the company’s stock valued at $144,800,000 after purchasing an additional 2,047,063 shares during the period. FMR LLC grew its holdings in Fluence Energy by 9.0% during the third quarter. FMR LLC now owns 1,606,100 shares of the company’s stock worth $36,475,000 after acquiring an additional 132,868 shares during the period. Geode Capital Management LLC lifted its holdings 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 valued at $34,253,000 after acquiring an additional 60,633 shares during the last quarter. Clearbridge Investments LLC boosted its position in shares of Fluence Energy by 1.6% during the 2nd quarter. Clearbridge Investments LLC now owns 1,500,841 shares of the company’s stock valued at $26,025,000 after purchasing an additional 23,927 shares in the last quarter. Finally, Erste Asset Management GmbH acquired a new position in shares of Fluence Energy in the 3rd quarter worth approximately $22,059,000. Institutional investors own 53.16% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on FLNC. Citigroup cut shares of Fluence Energy from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $32.00 to $24.00 in a report on Tuesday, October 1st. BNP Paribas raised 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. Guggenheim reaffirmed a “buy” rating and set a $26.00 target price on shares of Fluence Energy in a research report on Friday, December 6th. Canaccord Genuity Group decreased their price target on Fluence Energy from $37.00 to $34.00 and set a “buy” rating for the company in a research report on Friday, November 29th. Finally, Susquehanna boosted their price objective on Fluence Energy from $23.00 to $28.00 and gave the stock a “positive” rating in a report on Wednesday, October 16th. Seven research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $26.65.

Insiders Place Their Bets

In other news, Director Herman E. Bulls purchased 10,000 shares of the company’s stock in a transaction dated Monday, December 23rd. The shares were bought at an average price of $15.57 per share, with a total value of $155,700.00. Following the completion of the transaction, the director now directly owns 75,861 shares in the company, valued at $1,181,155.77. This trade represents a 15.18 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.41% of the company’s stock.

Fluence Energy Stock Performance

Shares of NASDAQ FLNC opened at $15.88 on Thursday. The business has a 50 day simple moving average of $18.84 and a 200 day simple moving average of $18.80. Fluence Energy, Inc. has a 52 week low of $12.74 and a 52 week high of $26.12. The stock has a market cap 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 results on Monday, November 25th. The company reported $0.34 EPS for the quarter, topping the consensus estimate of $0.23 by $0.11. Fluence Energy had a net margin of 0.89% and a return on equity of 4.10%. The company had revenue of $1.23 billion for the quarter, compared to analyst estimates of $1.28 billion. During the same quarter in the prior year, the business posted $0.02 EPS. Fluence Energy’s quarterly revenue was up 82.5% on a year-over-year basis. On average, analysts predict that Fluence Energy, Inc. will post 0.56 EPS for the current year.

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.