Arizona State Retirement System Grows Position in Fluence Energy, Inc. (NASDAQ:FLNC)

Arizona State Retirement System lifted its holdings in shares of Fluence Energy, Inc. (NASDAQ:FLNC) by 50.6% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 17,547 shares of the company’s stock after buying an additional 5,895 shares during the period. Arizona State Retirement System’s holdings in Fluence Energy were worth $418,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of FLNC. National Bank of Canada FI purchased a new position in Fluence Energy in the third quarter worth about $27,000. Point72 Hong Kong Ltd purchased a new position in Fluence Energy in the second quarter worth about $39,000. Allspring Global Investments Holdings LLC boosted its position in Fluence Energy by 185.3% in the third quarter. Allspring Global Investments Holdings LLC now owns 2,137 shares of the company’s stock worth $49,000 after purchasing an additional 1,388 shares during the last quarter. Quarry LP boosted its position in Fluence Energy by 342.2% in the first quarter. Quarry LP now owns 2,401 shares of the company’s stock worth $49,000 after purchasing an additional 1,858 shares during the last quarter. Finally, Legal & General Group Plc boosted its position in Fluence Energy by 107.9% in the second quarter. Legal & General Group Plc now owns 5,940 shares of the company’s stock worth $56,000 after purchasing an additional 3,083 shares during the last quarter. 53.16% of the stock is owned by hedge funds and other institutional investors.

Fluence Energy Price Performance

NASDAQ:FLNC opened at $15.10 on Friday. Fluence Energy, Inc. has a 1 year low of $13.03 and a 1 year high of $31.32. The stock’s 50 day simple moving average is $16.28 and its two-hundred day simple moving average is $19.37. The company has a market cap of $2.70 billion, a price-to-earnings ratio of -28.49 and a beta of 2.57.

Fluence Energy (NASDAQ:FLNC) last released its quarterly earnings data on Wednesday, February 7th. The company reported ($0.14) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.13) by ($0.01). Fluence Energy had a negative return on equity of 11.18% and a negative net margin of 2.72%. The firm had revenue of $363.96 million during the quarter, compared to the consensus estimate of $403.93 million. During the same period in the previous year, the firm earned ($0.21) EPS. The business’s revenue was up 17.2% compared to the same quarter last year. As a group, analysts anticipate that Fluence Energy, Inc. will post 0.14 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on the company. Raymond James raised Fluence Energy from a “market perform” rating to an “outperform” rating and set a $22.00 price objective on the stock in a research report on Wednesday, April 3rd. BMO Capital Markets raised Fluence Energy from a “market perform” rating to an “outperform” rating and set a $27.00 price objective on the stock in a research report on Tuesday, January 16th. Susquehanna raised Fluence Energy from a “neutral” rating to a “positive” rating and set a $24.00 price objective on the stock in a research report on Monday, February 26th. The Goldman Sachs Group lowered their price objective on Fluence Energy from $32.00 to $26.00 and set a “buy” rating on the stock in a research report on Friday, March 22nd. Finally, JPMorgan Chase & Co. raised Fluence Energy from a “neutral” rating to an “overweight” rating and set a $23.00 price objective on the stock in a research report on Friday, February 23rd. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and fourteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $28.56.

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.