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

Principal Financial Group Inc. purchased a new position in shares of Fluence Energy, Inc. (NASDAQ:FLNC) in the third quarter, according to the company in its most recent 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 0.14% of Fluence Energy as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently modified their holdings of the company. ProShare Advisors LLC raised its position in shares of Fluence Energy by 8.5% during the 1st quarter. ProShare Advisors LLC now owns 10,539 shares of the company’s stock worth $183,000 after buying an additional 830 shares in the last quarter. Hsbc Holdings PLC raised its holdings in Fluence Energy by 3.8% during 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 in the last quarter. US Bancorp DE lifted its position in Fluence Energy by 676.6% in the third 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 period. Blue Trust Inc. boosted 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 purchasing an additional 1,502 shares in the last quarter. Finally, PARK CIRCLE Co acquired a new position in shares of Fluence Energy during the 2nd quarter valued at $28,000. Institutional investors own 53.16% of the company’s stock.

Fluence Energy Stock Up 3.9 %

FLNC stock opened at $21.91 on Thursday. The firm has a 50 day moving average of $21.26 and a two-hundred day moving average of $19.58. Fluence Energy, Inc. has a 12 month low of $12.74 and a 12 month high of $27.80. The company has a market capitalization of $3.95 billion, a price-to-earnings ratio of -113.21, a P/E/G ratio of 0.68 and a beta of 2.54.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on FLNC. Jefferies Financial Group assumed coverage on Fluence Energy in a research note on Wednesday, September 4th. They set a “buy” rating and a $26.00 target price for the company. Citigroup cut shares of Fluence Energy from a “buy” rating to a “neutral” rating and lowered their price objective for the stock from $32.00 to $24.00 in a research note on Tuesday, October 1st. Guggenheim raised shares of Fluence Energy from a “neutral” rating to a “buy” rating and set a $26.00 target price for the company in a research note on Friday, August 9th. Susquehanna lifted their price target on shares of Fluence Energy from $23.00 to $28.00 and gave the stock a “positive” rating in a research report on Wednesday, October 16th. Finally, Piper Sandler upped their price target on Fluence Energy from $16.00 to $18.00 and gave the company 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. According to MarketBeat, Fluence Energy currently has an average rating of “Moderate Buy” and an average target price of $26.63.

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.