Renaissance Capital LLC Grows Holdings in Fluence Energy, Inc. (NASDAQ:FLNC)

Renaissance Capital LLC increased its stake in Fluence Energy, Inc. (NASDAQ:FLNC) by 20.0% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 65,169 shares of the company’s stock after buying an additional 10,881 shares during the period. Fluence Energy comprises about 1.0% of Renaissance Capital LLC’s investment portfolio, making the stock its 24th largest position. Renaissance Capital LLC’s holdings in Fluence Energy were worth $1,480,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Handelsbanken Fonder AB raised its stake in shares of Fluence Energy by 47.3% in the 3rd quarter. Handelsbanken Fonder AB now owns 6,376,024 shares of the company’s stock valued at $144,800,000 after purchasing an additional 2,047,063 shares in the last quarter. Vanguard Group Inc. lifted its holdings in Fluence Energy by 41.0% during the 4th quarter. Vanguard Group Inc. now owns 5,521,379 shares of the company’s stock worth $131,685,000 after buying an additional 1,605,345 shares during the last quarter. Lazard Freres Gestion S.A.S. acquired a new position in shares of Fluence Energy in the 2nd quarter worth approximately $26,877,000. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of Fluence Energy by 1,355.7% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,024,114 shares of the company’s stock valued at $17,758,000 after acquiring an additional 953,761 shares during the last quarter. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. raised its position in shares of Fluence Energy by 21.2% during the 1st quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 4,330,198 shares of the company’s stock valued at $75,086,000 after acquiring an additional 757,105 shares in the last quarter. 53.16% of the stock is owned by institutional investors and hedge funds.

Fluence Energy Price Performance

Shares of FLNC opened at $21.30 on Wednesday. The firm’s 50 day moving average is $19.73 and its 200-day moving average is $18.88. Fluence Energy, Inc. has a 12-month low of $12.74 and a 12-month high of $27.80. The stock has a market capitalization of $3.82 billion, a P/E ratio of -54.62, a P/E/G ratio of 0.75 and a beta of 2.54.

Insider Buying and Selling

In related news, Director Herman E. Bulls purchased 10,000 shares of the company’s stock in a transaction on Tuesday, August 13th. The shares were bought at an average price of $16.81 per share, with a total value of $168,100.00. Following the completion of the acquisition, the director now owns 65,861 shares of the company’s stock, valued at approximately $1,107,123.41. This represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 0.41% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of analysts have weighed in on FLNC shares. Robert W. Baird dropped their target price on shares of Fluence Energy from $34.00 to $27.00 and set an “outperform” rating on the stock in a report on Friday, August 9th. Bank of America dropped their price objective on shares of Fluence Energy from $29.00 to $28.00 and set a “buy” rating on the stock in a research note on Wednesday, July 17th. Jefferies Financial Group began coverage on Fluence Energy in a report on Wednesday, September 4th. They set a “buy” rating and a $26.00 target price for the company. Susquehanna cut their price target on Fluence Energy from $24.00 to $23.00 and set a “positive” rating on the stock in a report on Friday, August 9th. Finally, JPMorgan Chase & Co. upped their price objective on Fluence Energy from $25.00 to $28.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 16th. One research analyst has rated the stock with a sell rating, four have given a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat, Fluence Energy has a consensus rating of “Moderate Buy” and an average price target of $26.11.

About Fluence Energy

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.