Eos Energy Enterprises (NASDAQ:EOSE) Shares Up 10.5% – Here’s What Happened

Shares of Eos Energy Enterprises, Inc. (NASDAQ:EOSEGet 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%

The firm has a market capitalization of $1.27 billion, a price-to-earnings ratio of -0.56 and a beta of 2.68. The business’s 50-day simple moving average is $5.85 and its two-hundred day simple moving average is $7.89.

Eos Energy Enterprises (NASDAQ:EOSEGet 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

(Get Free Report)

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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