Eos Energy Enterprises, Inc. (NASDAQ:EOSE) Stock Has Consensus Price Target of $7.69

Shares of Eos Energy Enterprises, Inc. (NASDAQ:EOSE) have been given a consensus rating of “Hold” by the ten research firms that are presently covering the stock, Marketbeat.com reports. One analyst has rated the stock with a sell recommendation, six have given a hold recommendation, two have issued a buy recommendation and one has given a strong buy recommendation to the company. The average 1-year price target among brokers that have issued ratings on the stock in the last year is $6.69.

A number of research firms recently issued reports on EOSE. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Eos Energy Enterprises in a research note on Thursday, October 15th. Wall Street Zen downgraded Eos Energy Enterprises from a “sell” rating to a “strong sell” rating in a research report on Saturday, August 8th. Stifel Nicolaus dropped their price target on Eos Energy Enterprises from $9.00 to $4.00 and set a “buy” rating for the company in a research report on Monday. B. Riley Financial cut their price target on Eos Energy Enterprises from $5.00 to $2.00 and set a “neutral” rating for the company in a report on Monday. Finally, Roth Capital upped their price objective on Eos Energy Enterprises from $4.00 to $4.50 and gave the company a “neutral” rating in a research report on Thursday, September 10th.

Eos Energy Enterprises Price Performance

Shares of NASDAQ EOSE opened at $1.88 on Friday. The firm’s 50-day moving average is $2.84 and its two-hundred day moving average is $5.90. The company has a market capitalization of $684.64 million, a PE ratio of -0.90 and a beta of 3.17. Eos Energy Enterprises has a 12-month low of $1.59 and a 12-month high of $19.86.

Eos Energy Enterprises (NASDAQ:EOSE) last issued its quarterly earnings data on Thursday, November 5th. The company reported ($0.17) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.24) by $0.07. The business had revenue of $82.73 million for the quarter, compared to analysts’ expectations of $81.60 million. On average, analysts forecast that Eos Energy Enterprises will post -1.28 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CAO Sumeet Puri sold 43,750 shares of Eos Energy Enterprises stock in a transaction dated Wednesday, September 16th. The stock was sold at an average price of $3.92, for a total transaction of $171,500.00. Following the completion of the sale, the chief accounting officer owned 280,195 shares in the company, valued at approximately $1,098,364.40. This trade represents a 13.51% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 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, insider Michelle Buczkowski sold 50,000 shares of the business’s stock in a transaction dated Thursday, October 29th. The shares were sold at an average price of $2.00, for a total transaction of $100,000.00. Following the completion of the transaction, the insider directly owned 111,827 shares of the company’s stock, valued at $223,654. The trade was a 30.90% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 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. In the last 90 days, insiders have sold 377,917 shares of company stock worth $1,392,610. 1.73% of the stock is owned by company insiders.

Hedge Funds Weigh In On Eos Energy Enterprises

Several institutional investors and hedge funds have recently modified their holdings of the company. Renaissance Technologies LLC acquired a new stake in Eos Energy Enterprises during the first quarter worth approximately $9,152,000. Quantinno Capital Management LP boosted its holdings in shares of Eos Energy Enterprises by 8,418.9% during the first quarter. Quantinno Capital Management LP now owns 1,078,070 shares of the company’s stock worth $5,347,000 after purchasing an additional 1,065,415 shares during the last quarter. Wellington Management Group LLP boosted its holdings in shares of Eos Energy Enterprises by 475.8% during the second quarter. Wellington Management Group LLP now owns 1,155,515 shares of the company’s stock worth $6,794,000 after purchasing an additional 954,828 shares during the last quarter. Bank of New York Mellon Corp purchased a new stake in shares of Eos Energy Enterprises in the second quarter valued at $5,530,000. Finally, Bank of America Corp DE grew its position in shares of Eos Energy Enterprises by 89.1% in the first quarter. Bank of America Corp DE now owns 1,247,548 shares of the company’s stock valued at $6,188,000 after purchasing an additional 587,752 shares during the period. Hedge funds and other institutional investors own 54.87% of the company’s stock.

About Eos Energy Enterprises

Eos Energy Enterprises, Inc develops and manufactures zinc-based battery energy storage systems. Its aqueous zinc battery technology is designed for stationary, long-duration storage, providing an alternative to lithium-ion systems for applications that require electricity to be stored and delivered over extended periods.

The company’s products include the Eos Z3 battery system, which is intended for grid-scale and commercial and industrial uses, such as supporting renewable energy integration and helping manage electricity supply and demand.