Eos Energy Enterprises (NASDAQ:EOSE) Stock Price Up 8.3% – Here’s What Happened

Eos Energy Enterprises, Inc. (NASDAQ:EOSE) shot up 8.3% during mid-day trading on Tuesday. The stock traded as high as $1.74 and last traded at $1.7550. Approximately 3,595,910 shares traded hands during trading, a decline of 86% from the average daily volume of 25,946,826 shares. The stock had previously closed at $1.62.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on EOSE. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Eos Energy Enterprises in a report on Thursday, October 15th. Truist Financial began coverage on shares of Eos Energy Enterprises in a research note on Monday, July 13th. They issued a “buy” rating and a $7.00 price objective for the company. B. Riley Financial lowered their target price on shares of Eos Energy Enterprises from $8.00 to $5.00 and set a “neutral” rating on the stock in a research report on Friday, August 14th. TD Cowen raised shares of Eos Energy Enterprises to a “hold” rating in a report on Monday, October 5th. Finally, Stifel Nicolaus reduced their price target on shares of Eos Energy Enterprises from $10.00 to $9.00 and set a “buy” rating for the company in a research report on Thursday, August 6th. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $7.69.

Eos Energy Enterprises Price Performance

The firm’s 50-day moving average price is $3.17 and its 200 day moving average price is $6.62. The firm has a market capitalization of $668.25 million, a price-to-earnings ratio of -0.27 and a beta of 2.88.

Eos Energy Enterprises (NASDAQ:EOSE) last posted its earnings results on Wednesday, August 5th. The company reported ($1.20) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.19) by ($1.01). The company had revenue of $68.78 million during the quarter, compared to analysts’ expectations of $68.32 million. During the same quarter in the prior year, the firm posted ($1.05) earnings per share. On average, analysts predict that Eos Energy Enterprises, Inc. will post -1.28 earnings per share for the current fiscal year.

Insider Transactions at Eos Energy Enterprises

In related news, Director Haiyan Song acquired 10,000 shares of the company’s stock in a transaction that occurred on Friday, September 11th. The stock was purchased at an average price of $3.95 per share, for a total transaction of $39,500.00. Following the transaction, the director owned 10,000 shares in the company, valued at $39,500. This trade represents a ∞ increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Joe Mastrangelo sold 250,000 shares of the business’s stock in a transaction dated Wednesday, September 16th. The shares were sold at an average price of $3.92, for a total transaction of $980,000.00. Following the completion of the transaction, the chief executive officer directly owned 2,308,704 shares of the company’s stock, valued at $9,050,119.68. The trade was a 9.77% 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. Insiders sold a total of 327,917 shares of company stock valued at $1,292,610 over the last three months. 1.73% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Eos Energy Enterprises

Hedge funds and other institutional investors have recently modified their holdings of the company. Wellington Management Group LLP raised its holdings in Eos Energy Enterprises by 475.8% in the 2nd quarter. Wellington Management Group LLP now owns 1,155,515 shares of the company’s stock valued at $6,794,000 after acquiring an additional 954,828 shares during the last quarter. 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. Renaissance Technologies LLC purchased a new stake in shares of Eos Energy Enterprises in the first quarter valued at $9,152,000. 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, Quantinno Capital Management LP increased its stake in Eos Energy Enterprises by 8,418.9% in the first quarter. Quantinno Capital Management LP now owns 1,078,070 shares of the company’s stock valued at $5,347,000 after purchasing an additional 1,065,415 shares during the last quarter. 54.87% of the stock is currently owned by hedge funds and other institutional investors.

Eos Energy Enterprises Company Profile

Eos Energy Enterprises, Inc develops and manufactures long-duration energy storage systems designed to help utilities, renewable energy developers, and commercial and industrial customers store electricity for use when demand is high or renewable generation is unavailable. The company’s technology is based on aqueous zinc battery chemistry, which it markets as a non-lithium alternative for stationary energy storage applications.

Eos’ product portfolio includes the Eos Z3 battery system and related generations of its zinc-based storage technology.