Shares of Eos Energy Enterprises, Inc. (NASDAQ:EOSE – Get Free Report) were up 10.5% during trading on Monday . The company traded as high as $3.73 and last traded at $3.7360. 26,172,393 shares traded hands during trading, an increase of 3% from the average daily volume of 25,446,248 shares. The stock had previously closed at $3.38.
Wall Street Analysts Forecast Growth
Several research firms have recently weighed in on EOSE. Zacks Research raised shares of Eos Energy Enterprises from a “strong sell” rating to a “hold” rating in a research note on Tuesday, April 28th. JPMorgan Chase & Co. decreased their price objective on Eos Energy Enterprises from $9.00 to $6.00 and set a “neutral” rating on the stock in a report on Thursday, April 16th. Needham & Company LLC assumed coverage on Eos Energy Enterprises in a research report on Friday, May 22nd. They issued a “buy” rating and a $11.00 price objective for the company. TD Cowen raised their target price on Eos Energy Enterprises from $7.00 to $8.00 and gave the stock a “hold” rating in a research note on Thursday, May 14th. Finally, Truist Financial started coverage on Eos Energy Enterprises in a research report on Monday, July 13th. They issued a “buy” rating and a $7.00 target price on the stock. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, Eos Energy Enterprises currently has an average rating of “Hold” and a consensus price target of $9.17.
View Our Latest Stock Report on EOSE
Eos Energy Enterprises Stock Up 10.5%
Eos Energy Enterprises (NASDAQ:EOSE – Get Free Report) last issued its quarterly earnings data on Wednesday, May 13th. The company reported $0.12 EPS for the quarter, topping the consensus estimate of ($0.22) by $0.34. The company had revenue of $56.96 million during the quarter, compared to analyst estimates of $54.32 million. Sell-side analysts anticipate that Eos Energy Enterprises, Inc. will post -0.32 earnings per share for the current year.
Insider Buying and Selling at Eos Energy Enterprises
In other news, insider Michael W. Silberman sold 14,998 shares of the firm’s stock in a transaction on 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 directly owned 298,277 shares in the company, valued at $1,750,885.99. This trade represents a 4.79% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at 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, CEO Joe Mastrangelo sold 159,154 shares of the business’s stock in a transaction on Monday, July 27th. The shares were sold at an average price of $3.61, for a total value of $574,545.94. Following the completion of the sale, the chief executive officer owned 1,947,586 shares in the company, valued at $7,030,785.46. This represents a 7.55% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 456,307 shares of company stock valued at $1,882,877. Corporate insiders own 1.73% of the company’s stock.
Institutional Trading of Eos Energy Enterprises
A number of institutional investors and hedge funds have recently bought and sold shares of EOSE. State of New Jersey Common Pension Fund D acquired a new stake in shares of Eos Energy Enterprises in the fourth quarter valued at $1,834,000. Baker Avenue Asset Management LP purchased a new stake in Eos Energy Enterprises during the 4th quarter worth about $11,542,000. Vanguard Group Inc. raised its position in 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. Universal Beteiligungs und Servicegesellschaft mbH raised its position in Eos Energy Enterprises by 2,431.5% in the 4th quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 845,314 shares of the company’s stock valued at $9,687,000 after purchasing an additional 811,922 shares in the last quarter. Finally, Renaissance Technologies LLC purchased a new position in shares of Eos Energy Enterprises in the 1st quarter valued at about $9,152,000. 54.87% of the stock is currently owned by hedge funds and other institutional investors.
Eos Energy Enterprises Company Profile
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.
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