Victory Capital Management Inc. Takes Position in Fluence Energy, Inc. (NASDAQ:FLNC)

Victory Capital Management Inc. purchased a new stake in Fluence Energy, Inc. (NASDAQ:FLNC) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 9,352 shares of the company’s stock, valued at approximately $212,000.

Several other institutional investors and hedge funds also recently made changes to their positions in FLNC. Principal Financial Group Inc. acquired a new position in Fluence Energy in the 3rd quarter worth $5,742,000. Harvest Portfolios Group Inc. boosted its stake in Fluence Energy by 26.7% in the 3rd quarter. Harvest Portfolios Group Inc. now owns 24,523 shares of the company’s stock worth $557,000 after purchasing an additional 5,172 shares during the period. US Bancorp DE boosted its stake in Fluence Energy by 676.6% in 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 period. Mirae Asset Global Investments Co. Ltd. acquired a new position in Fluence Energy in the 3rd quarter worth $1,375,000. Finally, International Assets Investment Management LLC boosted its stake in Fluence Energy by 2,170.9% in the 3rd quarter. International Assets Investment Management LLC now owns 10,787 shares of the company’s stock worth $245,000 after purchasing an additional 10,312 shares during the period. Institutional investors and hedge funds own 53.16% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the stock. Robert W. Baird reduced their price objective on shares of Fluence Energy from $27.00 to $24.00 and set an “outperform” rating for the company in a research note on Wednesday. Canaccord Genuity Group dropped their target price on shares of Fluence Energy from $37.00 to $34.00 and set a “buy” rating on the stock in a report on Friday. Guggenheim raised shares of Fluence Energy from a “neutral” rating to a “buy” rating and set a $26.00 target price on the stock in a report on Friday, August 9th. Bank of America dropped their target price on shares of Fluence Energy from $25.00 to $24.00 and set a “buy” rating on the stock in a report on Thursday, November 7th. Finally, Jefferies Financial Group began coverage on shares of Fluence Energy in a report on Wednesday, September 4th. They issued a “buy” rating and a $26.00 price target on the stock. Five investment analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $26.85.

Fluence Energy Price Performance

Shares of FLNC stock opened at $18.81 on Friday. The company has a market capitalization of $3.40 billion, a price-to-earnings ratio of 144.69, a PEG ratio of 0.62 and a beta of 2.54. The company’s fifty day moving average price is $21.08 and its 200-day moving average price is $19.65. Fluence Energy, Inc. has a one year low of $12.74 and a one year high of $27.80.

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.