Eos Energy Enterprises (NASDAQ:EOSE) Upgraded to Strong-Buy at Truist Financial

Truist Financial upgraded shares of Eos Energy Enterprises (NASDAQ:EOSE) to a strong-buy rating in a report published on Monday morning,Zacks.com reports.

Several other research analysts have also commented on EOSE. JPMorgan Chase & Co. decreased their target price on Eos Energy Enterprises from $9.00 to $6.00 and set a “neutral” rating for the company in a research report on Thursday, April 16th. Needham & Company LLC assumed coverage on shares of Eos Energy Enterprises in a research report on Friday, May 22nd. They issued a “buy” rating and a $11.00 price target on the stock. Stifel Nicolaus dropped their price objective on shares of Eos Energy Enterprises from $12.00 to $10.00 and set a “buy” rating on the stock in a research note on Monday. TD Cowen lifted their target price on Eos Energy Enterprises from $7.00 to $8.00 and gave the company a “hold” rating in a research note on Thursday, May 14th. Finally, Wall Street Zen downgraded Eos Energy Enterprises from a “hold” rating to a “sell” rating in a report on Saturday, July 4th. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, Eos Energy Enterprises presently has a consensus rating of “Hold” and a consensus target price of $9.17.

Eos Energy Enterprises Stock Down 1.4%

EOSE stock opened at $4.29 on Monday. The company has a market capitalization of $1.46 billion, a PE ratio of -0.64 and a beta of 2.68. The stock’s 50 day moving average is $6.86 and its two-hundred day moving average is $8.74. Eos Energy Enterprises has a 52-week low of $4.05 and a 52-week high of $19.86.

Eos Energy Enterprises (NASDAQ:EOSE) last released its quarterly earnings results on Wednesday, May 13th. The company reported $0.12 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.22) by $0.34. The company had revenue of $56.96 million for the quarter, compared to analyst estimates of $54.32 million. As a group, sell-side analysts anticipate that Eos Energy Enterprises will post -0.31 EPS for the current year.

Insiders Place Their Bets

In related news, insider Michael W. Silberman sold 14,998 shares of the firm’s stock in a transaction dated Tuesday, June 30th. The stock was sold at an average price of $5.87, for a total transaction of $88,038.26. Following the completion of the transaction, the insider owned 298,277 shares of the company’s stock, valued at $1,750,885.99. This trade represents a 4.79% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Marian Walters sold 7,681 shares of the business’s stock in a transaction dated Tuesday, May 19th. The stock was sold at an average price of $7.07, for a total transaction of $54,304.67. Following the completion of the sale, the director owned 135,334 shares in the company, valued at approximately $956,811.38. This trade represents a 5.37% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 157,569 shares of company stock valued at $839,328. 1.73% of the stock is currently owned by insiders.

Institutional Trading of Eos Energy Enterprises

A number of institutional investors have recently added to or reduced their stakes in the business. State of New Jersey Common Pension Fund D bought a new position in Eos Energy Enterprises in the fourth quarter worth $1,834,000. Baker Avenue Asset Management LP bought a new stake in Eos Energy Enterprises in the fourth quarter valued at $11,542,000. Vanguard Group Inc. boosted its stake in shares of Eos Energy Enterprises by 19.8% in the 4th quarter. Vanguard Group Inc. now owns 18,616,874 shares of the company’s stock valued at $213,349,000 after purchasing an additional 3,080,012 shares in the last quarter. Park Avenue Securities LLC bought a new position in Eos Energy Enterprises during the 4th quarter valued at about $4,307,000. Finally, Vaughan Nelson Investment Management L.P. acquired a new stake in shares of Eos Energy Enterprises during the fourth quarter worth approximately $22,330,000. 54.87% of the stock is currently owned by institutional investors and hedge funds.

About Eos Energy Enterprises

Eos Energy Enterprises specializes in the development and deployment of scalable, long-duration energy storage systems designed to support the integration of renewable power and enhance grid reliability. The company’s core technology centers on its proprietary zinc hybrid cathode (Znyth™) battery platform, which aims to deliver safe, low-cost, and durable performance for utility, commercial and industrial, and microgrid applications.

The company’s flagship product, the Aurora™ energy storage system, combines its Znyth™ cells with modular power conversion and controls to offer flexible capacity ranging from one to three hours of discharge duration.