Millennium Management LLC Raises Stock Position in Fluence Energy, Inc. (NASDAQ:FLNC)

Millennium Management LLC increased its stake in Fluence Energy, Inc. (NASDAQ:FLNC) by 257.2% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 720,828 shares of the company’s stock after purchasing an additional 519,049 shares during the quarter. Millennium Management LLC owned 0.40% of Fluence Energy worth $11,447,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Deutsche Bank AG boosted its holdings in Fluence Energy by 130.4% in the fourth quarter. Deutsche Bank AG now owns 99,043 shares of the company’s stock worth $1,573,000 after purchasing an additional 56,055 shares during the last quarter. Cubist Systematic Strategies LLC boosted its holdings in Fluence Energy by 426.8% in the fourth quarter. Cubist Systematic Strategies LLC now owns 111,148 shares of the company’s stock worth $1,765,000 after purchasing an additional 90,048 shares during the last quarter. Centiva Capital LP purchased a new stake in Fluence Energy in the fourth quarter worth approximately $281,000. Baker Avenue Asset Management LP boosted its holdings in Fluence Energy by 11.8% in the fourth quarter. Baker Avenue Asset Management LP now owns 355,711 shares of the company’s stock worth $5,649,000 after purchasing an additional 37,454 shares during the last quarter. Finally, Bank of America Corp DE boosted its holdings in Fluence Energy by 44.4% in the fourth quarter. Bank of America Corp DE now owns 578,750 shares of the company’s stock worth $9,191,000 after purchasing an additional 177,931 shares during the last quarter. Hedge funds and other institutional investors own 53.16% of the company’s stock.

Insiders Place Their Bets

In other Fluence Energy news, Director Herman E. Bulls acquired 10,000 shares of the company’s stock in a transaction on Wednesday, March 5th. The stock was acquired at an average cost of $5.41 per share, with a total value of $54,100.00. Following the purchase, the director now directly owns 115,861 shares of the company’s stock, valued at approximately $626,808.01. This represents a 9.45% increase in their position. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Cynthia A. Arnold purchased 33,000 shares of the company’s stock in a transaction that occurred on Monday, May 12th. The shares were purchased at an average cost of $5.90 per share, with a total value of $194,700.00. Following the completion of the purchase, the director now owns 86,202 shares in the company, valued at $508,591.80. This trade represents a 62.03% increase in their position. The disclosure for this purchase can be found here. Corporate insiders own 0.65% of the company’s stock.

Fluence Energy Stock Performance

FLNC opened at $4.88 on Friday. The stock has a market capitalization of $885.96 million, a price-to-earnings ratio of -97.60 and a beta of 2.49. The company has a fifty day moving average of $4.58 and a 200 day moving average of $10.59. Fluence Energy, Inc. has a fifty-two week low of $3.46 and a fifty-two week high of $26.12. The company has a debt-to-equity ratio of 0.74, a quick ratio of 1.14 and a current ratio of 1.57.

Fluence Energy (NASDAQ:FLNC) last posted its earnings results on Wednesday, May 7th. The company reported ($0.24) earnings per share for the quarter, missing the consensus estimate of ($0.21) by ($0.03). Fluence Energy had a negative net margin of 0.08% and a negative return on equity of 0.36%. The company had revenue of $431.62 million for the quarter, compared to analysts’ expectations of $328.17 million. During the same period in the previous year, the business posted ($0.07) earnings per share. The business’s revenue was down 30.7% on a year-over-year basis. As a group, sell-side analysts forecast that Fluence Energy, Inc. will post 0.08 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the stock. HSBC downgraded shares of Fluence Energy from a “buy” rating to a “hold” rating and set a $4.00 price target on the stock. in a research report on Monday, April 28th. Morgan Stanley increased their price target on shares of Fluence Energy from $4.00 to $5.00 and gave the stock an “equal weight” rating in a research report on Monday, May 19th. Roth Capital downgraded shares of Fluence Energy from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, February 12th. Hsbc Global Res downgraded shares of Fluence Energy from a “strong-buy” rating to a “hold” rating in a research report on Monday, April 28th. Finally, Bank of America downgraded shares of Fluence Energy from a “buy” rating to a “neutral” rating and decreased their price target for the stock from $20.00 to $8.00 in a research report on Thursday, February 13th. Two investment analysts have rated the stock with a sell rating, eighteen have issued a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $8.21.

Fluence Energy 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.