CenterBook Partners LP Takes $12.46 Million Position in Fluence Energy, Inc. (NASDAQ:FLNC)

CenterBook Partners LP acquired a new stake in Fluence Energy, Inc. (NASDAQ:FLNC - Free Report) in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 2,568,752 shares of the company's stock, valued at approximately $12,458,000. Fluence Energy makes up approximately 0.8% of CenterBook Partners LP's holdings, making the stock its 24th largest position. CenterBook Partners LP owned about 1.41% of Fluence Energy at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Westwood Holdings Group Inc. increased its holdings in Fluence Energy by 46.4% in the first quarter. Westwood Holdings Group Inc. now owns 85,228 shares of the company's stock valued at $413,000 after buying an additional 27,012 shares in the last quarter. Credit Capital Investments LLC increased its holdings in Fluence Energy by 42.9% in the first quarter. Credit Capital Investments LLC now owns 50,000 shares of the company's stock valued at $242,000 after buying an additional 15,000 shares in the last quarter. Moors & Cabot Inc. increased its holdings in Fluence Energy by 7.0% in the first quarter. Moors & Cabot Inc. now owns 56,250 shares of the company's stock valued at $273,000 after buying an additional 3,675 shares in the last quarter. XTX Topco Ltd increased its holdings in Fluence Energy by 454.9% in the first quarter. XTX Topco Ltd now owns 320,399 shares of the company's stock valued at $1,554,000 after buying an additional 262,657 shares in the last quarter. Finally, Banque Cantonale Vaudoise purchased a new position in Fluence Energy in the first quarter valued at $277,000. Hedge funds and other institutional investors own 53.16% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms have recently commented on FLNC. Guggenheim cut their target price on shares of Fluence Energy from $6.00 to $2.00 and set a "sell" rating for the company in a research note on Tuesday, April 15th. Susquehanna cut their target price on shares of Fluence Energy from $10.00 to $8.00 and set a "positive" rating for the company in a research note on Monday, April 14th. Robert W. Baird cut their target price on shares of Fluence Energy from $9.00 to $5.00 and set a "neutral" rating for the company in a research note on Tuesday, April 15th. Barclays boosted their target price on shares of Fluence Energy from $5.00 to $9.00 and gave the stock an "equal weight" rating in a research note on Thursday. Finally, HSBC cut shares of Fluence Energy from a "buy" rating to a "hold" rating and set a $4.00 target price for the company. in a research note on Monday, April 28th. Two equities research analysts have rated the stock with a sell rating, eighteen have issued a hold rating and four have assigned a buy rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $7.78.

Insider Activity

In related news, Director Cynthia A. Arnold purchased 33,000 shares of Fluence Energy stock in a transaction dated 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 purchase, the director owned 86,202 shares of the company's stock, valued at approximately $508,591.80. The trade was a 62.03% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 0.65% of the company's stock.

Fluence Energy Trading Up 0.5%

NASDAQ:FLNC traded up $0.05 on Thursday, hitting $8.32. The stock had a trading volume of 1,758,276 shares, compared to its average volume of 3,926,267. The company has a quick ratio of 0.99, a current ratio of 1.51 and a debt-to-equity ratio of 0.78. The stock has a market cap of $1.51 billion, a price-to-earnings ratio of -37.61 and a beta of 2.65. The company has a fifty day moving average price of $5.94 and a two-hundred day moving average price of $7.42. Fluence Energy, Inc. has a 1-year low of $3.46 and a 1-year high of $24.00.

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 the consensus estimate of ($0.21) by ($0.03). The firm had revenue of $431.62 million during the quarter, compared to analyst estimates of $328.17 million. Fluence Energy had a negative net margin of 1.10% and a negative return on equity of 4.40%. The business's revenue for the quarter was down 30.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.07) earnings per share. Equities research analysts expect that Fluence Energy, Inc. will post 0.08 earnings per share for the current fiscal year.

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.