Canal Insurance CO Has $2.43 Million Stock Holdings in Fluence Energy, Inc. (NASDAQ:FLNC)

Canal Insurance CO lifted its position in Fluence Energy, Inc. (NASDAQ:FLNC - Free Report) by 66.7% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 500,000 shares of the company's stock after buying an additional 200,000 shares during the period. Canal Insurance CO owned about 0.28% of Fluence Energy worth $2,425,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Altshuler Shaham Ltd bought a new position in Fluence Energy in the fourth quarter valued at approximately $34,000. Tower Research Capital LLC TRC lifted its position in Fluence Energy by 827.1% in the 4th quarter. Tower Research Capital LLC TRC now owns 5,516 shares of the company's stock valued at $88,000 after acquiring an additional 4,921 shares in the last quarter. Blueshift Asset Management LLC acquired a new position in Fluence Energy in the 4th quarter worth $176,000. Alpha Wealth Funds LLC bought a new position in Fluence Energy during the 1st quarter worth about $63,000. Finally, Envestnet Asset Management Inc. raised its stake in shares of Fluence Energy by 47.4% in the 4th quarter. Envestnet Asset Management Inc. now owns 13,317 shares of the company's stock valued at $211,000 after purchasing an additional 4,285 shares during the period. Institutional investors and hedge funds own 53.16% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on FLNC. JPMorgan Chase & Co. downgraded Fluence Energy from an "overweight" rating to a "neutral" rating and decreased their price objective for the stock from $14.00 to $7.00 in a report on Friday, April 11th. The Goldman Sachs Group decreased their price target on shares of Fluence Energy from $9.00 to $8.00 and set a "buy" rating for the company in a research note on Friday, May 9th. Morgan Stanley boosted their price objective 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. Robert W. Baird reduced their target price on shares of Fluence Energy from $9.00 to $5.00 and set a "neutral" rating for the company in a report on Tuesday, April 15th. Finally, Guggenheim lowered their price target on shares of Fluence Energy from $6.00 to $2.00 and set a "sell" rating on the stock in a research note on Tuesday, April 15th. 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 MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $7.88.

Fluence Energy Stock Performance

NASDAQ:FLNC traded up $0.58 on Monday, hitting $6.72. The company's stock had a trading volume of 6,574,607 shares, compared to its average volume of 3,820,772. Fluence Energy, Inc. has a one year low of $3.46 and a one year high of $24.00. The firm has a market capitalization of $1.22 billion, a P/E ratio of -30.55 and a beta of 2.51. The stock has a fifty day moving average of $4.90 and a two-hundred day moving average of $8.04. The company has a current ratio of 1.51, a quick ratio of 0.99 and a debt-to-equity ratio of 0.78.

Fluence Energy (NASDAQ:FLNC - Get Free Report) last posted its earnings results on Wednesday, May 7th. The company reported ($0.24) earnings per share for the quarter, missing analysts' consensus estimates of ($0.21) by ($0.03). Fluence Energy had a negative return on equity of 4.40% and a negative net margin of 1.10%. The business had revenue of $431.62 million for the quarter, compared to analyst estimates of $328.17 million. During the same period in the previous year, the firm posted ($0.07) earnings per share. The firm's revenue was down 30.7% compared to the same quarter last year. Research analysts predict that Fluence Energy, Inc. will post 0.08 earnings per share for the current year.

Insider Activity

In other news, Director Cynthia A. Arnold acquired 33,000 shares of Fluence Energy stock in a transaction dated Monday, May 12th. The stock was bought at an average price of $5.90 per share, for a total transaction of $194,700.00. Following the completion of the acquisition, the director now directly owns 86,202 shares in the company, valued at approximately $508,591.80. The trade was a 62.03% increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 0.65% of the company's stock.

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.