5 High Growth Utility Stocks to Buy

3. Fluence Energy, Inc. (NASDAQ:FLNC)

Latest YoY Quarterly Revenue Growth: 52.26%

Number of Hedge Fund Holders: 17

Arlington, Virginia-based Fluence Energy, Inc. (NASDAQ:FLNC) is a global market leader in energy storage products and services, and cloud-based software for renewables and storage. It provides energy storage products, service offerings, and the Fluence IQ Platform, which delivers AI-enabled SaaS products for managing and optimizing renewables and storage from any provider.

On November 28, Fluence Energy, Inc. (NASDAQ:FLNC) released its financial results for the three months and fiscal year ended September 30, 2023. During the quarter, its revenues increased by 52% y-o-y to $673 million, while it generated a net income of $3 million. The normalized EPS was recorded at $0.67 for the quarter, which exceeded consensus estimates by $0.16.

On December 11, RBC Capital analyst Shelby Tucker raised the price target for Fluence Energy, Inc. (NASDAQ:FLNC) shares to $33 from $32 and maintained an ‘Outperform’ rating. The price target represents a potential upside of 27.46% based on the share price on December 15.

According to the Insider Monkey data on 910 leading hedge funds, 17 hedge funds were long Fluence Energy, Inc. (NASDAQ:FLNC) shares as of Q3 2023, with the total shares held by hedge funds valued at $122 million. Jos Shaver’s Electron Capital Partners was the largest hedge fund shareholder with ownership of 2.4 million shares valued at $55 million.