Canal Insurance CO Buys 200,000 Shares of Fluence Energy, Inc. (NASDAQ:FLNC)

Canal Insurance CO boosted its stake in shares of Fluence Energy, Inc. (NASDAQ:FLNC - Free Report) by 66.7% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 500,000 shares of the company's stock after purchasing an additional 200,000 shares during the period. Canal Insurance CO owned about 0.28% of Fluence Energy worth $2,425,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in FLNC. New York State Common Retirement Fund increased its stake in shares of Fluence Energy by 14.5% in the fourth quarter. New York State Common Retirement Fund now owns 18,995 shares of the company's stock worth $302,000 after purchasing an additional 2,400 shares in the last quarter. Bank of New York Mellon Corp increased its stake in Fluence Energy by 18.0% in the 4th quarter. Bank of New York Mellon Corp now owns 199,575 shares of the company's stock worth $3,169,000 after buying an additional 30,480 shares in the last quarter. Versor Investments LP bought a new stake in Fluence Energy during the fourth quarter valued at about $546,000. Jones Financial Companies Lllp raised its holdings in Fluence Energy by 31.3% during the fourth quarter. Jones Financial Companies Lllp now owns 23,331 shares of the company's stock valued at $370,000 after acquiring an additional 5,560 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its position in shares of Fluence Energy by 4.4% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 523,872 shares of the company's stock valued at $8,319,000 after acquiring an additional 21,932 shares in the last quarter. Hedge funds and other institutional investors own 53.16% of the company's stock.

Fluence Energy Stock Performance

Fluence Energy stock opened at $6.30 on Friday. The company has a market capitalization of $1.14 billion, a price-to-earnings ratio of -28.64 and a beta of 2.51. Fluence Energy, Inc. has a 12-month low of $3.46 and a 12-month high of $24.00. The company has a debt-to-equity ratio of 0.78, a current ratio of 1.51 and a quick ratio of 0.99. The firm's fifty day moving average price is $4.85 and its 200 day moving average price is $8.23.

Fluence Energy (NASDAQ:FLNC - Get Free Report) last issued its quarterly earnings results on Wednesday, May 7th. The company reported ($0.24) earnings per share (EPS) 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 company had revenue of $431.62 million during the quarter, compared to the consensus estimate of $328.17 million. The firm's quarterly revenue was down 30.7% on a year-over-year basis. During the same quarter last year, the firm posted ($0.07) EPS. On average, research analysts forecast that Fluence Energy, Inc. will post 0.08 EPS for the current fiscal year.

Analyst Ratings Changes

A number of research analysts recently commented on the company. Barclays reissued an "equal weight" rating and issued a $5.00 price target (down from $9.00) on shares of Fluence Energy in a report on Tuesday, April 8th. Guggenheim reduced their price target on shares of Fluence Energy from $6.00 to $2.00 and set a "sell" rating on the stock in a report on Tuesday, April 15th. JPMorgan Chase & Co. cut Fluence Energy from an "overweight" rating to a "neutral" rating and reduced their target price for the stock from $14.00 to $7.00 in a report on Friday, April 11th. Robert W. Baird reduced their price objective on Fluence Energy from $9.00 to $5.00 and set a "neutral" rating on the stock in a research note on Tuesday, April 15th. Finally, Mizuho dropped their price target on Fluence Energy from $7.00 to $6.00 and set an "outperform" rating for the company in a research report on Monday, June 2nd. Two research 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 presently has an average rating of "Hold" and an average price target of $7.88.

Insider Transactions at Fluence Energy

In other news, 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 acquired at an average cost of $5.90 per share, with a total value of $194,700.00. Following the transaction, the director now 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 Securities & Exchange Commission, which is accessible through this link. Corporate 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.

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