Eos Energy Enterprises (NASDAQ:EOSE) Stock Price Up 21.3% – Here’s Why

Eos Energy Enterprises, Inc. (NASDAQ:EOSE) was up 21.3% on Wednesday. The company traded as high as $2.28 and last traded at $2.3050. 8,550,706 shares changed hands during trading, a decline of 67% from the average session volume of 25,852,725 shares. The stock had previously closed at $1.90.

Analyst Upgrades and Downgrades

Several research firms have issued reports on EOSE. Truist Financial assumed coverage on Eos Energy Enterprises in a report on Monday, July 13th. They set a “buy” rating and a $7.00 price objective on the stock. Roth Capital increased their target price on Eos Energy Enterprises from $4.00 to $4.50 and gave the company a “neutral” rating in a research note on Thursday, September 10th. Wall Street Zen downgraded shares of Eos Energy Enterprises from a “sell” rating to a “strong sell” rating in a research report on Saturday, August 8th. Needham & Company LLC dropped their price target on shares of Eos Energy Enterprises from $10.00 to $6.00 and set a “buy” rating for the company in a research note on Monday, October 19th. Finally, Stifel Nicolaus cut their price target on shares of Eos Energy Enterprises from $10.00 to $9.00 and set a “buy” rating on the stock in a 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 given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $7.69.

Eos Energy Enterprises Price Performance

The business’s fifty day simple moving average is $2.96 and its 200 day simple moving average is $6.21. The stock has a market cap of $821.20 million, a price-to-earnings ratio of -0.33 and a beta of 3.17.

Eos Energy Enterprises (NASDAQ:EOSE) last posted its earnings results on Wednesday, August 5th. The company reported ($1.20) EPS for the quarter, missing the consensus estimate of ($0.19) by ($1.01). The firm had revenue of $68.78 million during the quarter, compared to the consensus estimate of $68.32 million. During the same period in the previous year, the business earned ($1.05) earnings per share. As a group, equities analysts forecast that Eos Energy Enterprises, Inc. will post -1.28 EPS for the current fiscal year.

Insider Activity

In other Eos Energy Enterprises news, 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 sale, the insider directly owned 111,827 shares in the company, valued at approximately $223,654. The trade was a 30.90% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 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, CEO Joe Mastrangelo sold 250,000 shares of Eos Energy Enterprises stock in a transaction on Wednesday, September 16th. The shares were sold at an average price of $3.92, for a total value of $980,000.00. Following the transaction, the chief executive officer owned 2,308,704 shares in the company, valued at approximately $9,050,119.68. This trade represents a 9.77% decrease in their ownership of the stock. 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 have sold a total of 377,917 shares of company stock worth $1,392,610 in the last quarter. Company insiders own 1.73% of the company’s stock.

Institutional Trading of Eos Energy Enterprises

Large investors have recently added to or reduced their stakes in the business. J. Derek Lewis & Associates Inc. raised its position in shares of Eos Energy Enterprises by 561.4% during the third quarter. J. Derek Lewis & Associates Inc. now owns 291,000 shares of the company’s stock worth $953,000 after purchasing an additional 247,000 shares during the period. StoneX Group Inc. acquired a new stake in shares of Eos Energy Enterprises during the third quarter worth approximately $95,000. United Advisor Group LLC purchased a new position in shares of Eos Energy Enterprises during the 3rd quarter valued at $51,000. Alps Advisors Inc. grew its stake in Eos Energy Enterprises by 5.6% in the third quarter. Alps Advisors Inc. now owns 536,590 shares of the company’s stock valued at $1,645,000 after purchasing an additional 28,284 shares in the last quarter. Finally, Chicago Partners Investment Group LLC acquired a new position in Eos Energy Enterprises in the third quarter worth approximately $44,000. 54.87% of the stock is currently owned by 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.