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

CenterBook Partners LP purchased a new position in Fluence Energy, Inc. (NASDAQ:FLNC - Free Report) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 2,568,752 shares of the company's stock, valued at approximately $12,458,000. Fluence Energy accounts for 0.8% of CenterBook Partners LP's holdings, making the stock its 24th biggest position. CenterBook Partners LP owned approximately 1.41% of Fluence Energy at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Altshuler Shaham Ltd purchased a new position in Fluence Energy during the 4th quarter worth $34,000. SBI Securities Co. Ltd. increased its holdings in Fluence Energy by 462.6% during the 1st quarter. SBI Securities Co. Ltd. now owns 8,085 shares of the company's stock worth $39,000 after purchasing an additional 6,648 shares during the period. Silverlake Wealth Management LLC purchased a new position in shares of Fluence Energy in the 1st quarter valued at $56,000. Alpha Wealth Funds LLC purchased a new position in shares of Fluence Energy in the 1st quarter valued at $63,000. Finally, Stratos Wealth Partners LTD. purchased a new position in shares of Fluence Energy in the 1st quarter valued at $82,000. 53.16% of the stock is currently owned by hedge funds and other institutional investors.

Fluence Energy Stock Performance

Shares of NASDAQ FLNC traded up $0.40 during trading on Tuesday, reaching $8.34. 1,654,969 shares of the company traded hands, compared to its average volume of 3,931,195. The firm's fifty day simple moving average is $5.71 and its 200 day simple moving average is $7.47. The stock has a market cap of $1.51 billion, a P/E ratio of -37.98 and a beta of 2.65. Fluence Energy, Inc. has a 12-month low of $3.46 and a 12-month high of $24.00. 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 released its quarterly earnings data 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 net margin of 1.10% and a negative return on equity of 4.40%. The company had revenue of $431.62 million for the quarter, compared to analysts' expectations of $328.17 million. During the same quarter in the previous year, the business posted ($0.07) EPS. The business's quarterly revenue was down 30.7% on a year-over-year basis. As a group, research analysts anticipate that Fluence Energy, Inc. will post 0.08 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on FLNC shares. Canaccord Genuity Group cut their price target on Fluence Energy from $14.00 to $10.00 and set a "buy" rating on the stock in a report on Wednesday, April 16th. JPMorgan Chase & Co. downgraded Fluence Energy from an "overweight" rating to a "neutral" rating and cut their price target for the company from $14.00 to $7.00 in a report on Friday, April 11th. Guggenheim cut their price target on Fluence Energy from $6.00 to $2.00 and set a "sell" rating on the stock in a report on Tuesday, April 15th. The Goldman Sachs Group cut their price target on Fluence Energy from $9.00 to $8.00 and set a "buy" rating on the stock in a report on Friday, May 9th. Finally, Robert W. Baird lowered their price objective on Fluence Energy from $9.00 to $5.00 and set a "neutral" rating for the company in a research report on Tuesday, April 15th. Two investment analysts have rated the stock with a sell rating, eighteen have issued a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, Fluence Energy has a consensus rating of "Hold" and a consensus target price of $7.58.

Insider Buying and Selling at Fluence Energy

In other Fluence Energy news, Director Cynthia A. Arnold purchased 33,000 shares of the business's stock in a transaction that occurred on Monday, May 12th. The stock was purchased at an average price of $5.90 per share, for a total transaction of $194,700.00. Following the purchase, the director directly owned 86,202 shares in the company, valued at approximately $508,591.80. This trade represents a 62.03% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.65% of the stock is currently owned by corporate insiders.

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.