Eos Energy Enterprises (NASDAQ:EOSE) Stock Price Up 13% – Here’s What Happened

Eos Energy Enterprises, Inc. (NASDAQ:EOSE)’s share price rose 13% on Monday . The stock traded as high as $4.64 and last traded at $4.55. Approximately 3,893,943 shares traded hands during mid-day trading, a decline of 55% from the average daily volume of 8,648,029 shares. The stock had previously closed at $4.03.

Analysts Set New Price Targets

EOSE has been the subject of several research reports. Roth Capital lowered Eos Energy Enterprises from a “strong-buy” rating to a “hold” rating in a research note on Thursday, February 20th. Stifel Nicolaus decreased their price objective on Eos Energy Enterprises from $9.00 to $8.50 and set a “buy” rating on the stock in a report on Monday, June 9th. Roth Mkm cut Eos Energy Enterprises from a “buy” rating to a “neutral” rating and upped their price objective for the company from $4.00 to $5.00 in a report on Thursday, February 20th. Guggenheim decreased their price target on Eos Energy Enterprises from $7.00 to $6.00 and set a “buy” rating on the stock in a research note on Monday, June 2nd. Finally, Cowen restated a “hold” rating on shares of Eos Energy Enterprises in a research note on Friday, March 7th. Four investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat, Eos Energy Enterprises presently has a consensus rating of “Hold” and a consensus target price of $6.50.

Eos Energy Enterprises Price Performance

The business has a 50 day simple moving average of $5.09 and a 200 day simple moving average of $4.75. The company has a market capitalization of $1.02 billion, a price-to-earnings ratio of -1.85 and a beta of 1.97.

Eos Energy Enterprises (NASDAQ:EOSE) last issued its earnings results on Tuesday, May 6th. The company reported ($0.20) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.01). The firm had revenue of $10.46 million during the quarter, compared to analyst estimates of $11.77 million. On average, equities research analysts predict that Eos Energy Enterprises, Inc. will post -2.54 EPS for the current year.

Insider Buying and Selling

In other news, CAO Sumeet Puri sold 36,173 shares of the firm’s stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $6.86, for a total transaction of $248,146.78. Following the completion of the sale, the chief accounting officer now directly owns 95,624 shares in the company, valued at $655,980.64. This trade represents a 27.45% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Joe Mastrangelo sold 270,384 shares of Eos Energy Enterprises stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $6.86, for a total value of $1,854,834.24. Following the completion of the transaction, the chief executive officer now owns 1,109,409 shares of the company’s stock, valued at $7,610,545.74. This trade represents a 19.60% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 560,356 shares of company stock worth $3,844,042 in the last quarter. Company insiders own 3.63% of the company’s stock.

Hedge Funds Weigh In On Eos Energy Enterprises

Several institutional investors and hedge funds have recently modified their holdings of EOSE. Vanguard Group Inc. lifted its position in Eos Energy Enterprises by 0.6% during the 1st quarter. Vanguard Group Inc. now owns 10,362,810 shares of the company’s stock worth $39,171,000 after acquiring an additional 59,762 shares during the last quarter. Stifel Financial Corp raised its position in shares of Eos Energy Enterprises by 6.4% during the fourth quarter. Stifel Financial Corp now owns 4,978,078 shares of the company’s stock valued at $24,193,000 after buying an additional 297,909 shares during the last quarter. Legal & General Group Plc raised its position in shares of Eos Energy Enterprises by 61,220.5% during the fourth quarter. Legal & General Group Plc now owns 4,804,461 shares of the company’s stock valued at $23,350,000 after buying an additional 4,796,626 shares during the last quarter. Goldman Sachs Group Inc. grew its stake in Eos Energy Enterprises by 36.8% during the first quarter. Goldman Sachs Group Inc. now owns 3,900,513 shares of the company’s stock worth $14,744,000 after buying an additional 1,050,128 shares during the last quarter. Finally, Driehaus Capital Management LLC bought a new stake in Eos Energy Enterprises during the first quarter worth about $13,456,000. 54.87% of the stock is currently owned by hedge funds and other institutional investors.

Eos Energy Enterprises Company Profile

Eos Energy Enterprises, Inc designs, manufactures, and markets zinc-based energy storage solutions for utility-scale, microgrid, and commercial and industrial (C&I) applications in the United States. The company offers Znyth technology battery energy storage system (BESS), which provides the operating flexibility to manage increased grid complexity and price volatility.