Eos Energy Enterprises (NASDAQ:EOSE) Shares Up 15.3% – Here’s What Happened

Eos Energy Enterprises, Inc. (NASDAQ:EOSE)’s stock price rose 15.3% during mid-day trading on Friday . The company traded as high as $7.35 and last traded at $7.3310. Approximately 6,662,355 shares traded hands during trading, a decline of 72% from the average daily volume of 23,450,311 shares. The stock had previously closed at $6.36.

Analysts Set New Price Targets

A number of research firms recently commented on EOSE. Zacks Research upgraded shares of Eos Energy Enterprises from a “strong sell” rating to a “hold” rating in a research note on Tuesday, April 28th. Roth Mkm dropped their price objective on Eos Energy Enterprises from $12.00 to $6.00 and set a “neutral” rating on the stock in a research note on Friday, February 27th. Weiss Ratings reissued a “sell (d-)” rating on shares of Eos Energy Enterprises in a research note on Tuesday, April 21st. Wall Street Zen downgraded Eos Energy Enterprises from a “sell” rating to a “strong sell” rating in a research note on Saturday, April 18th. Finally, B. Riley Financial dropped their price objective on Eos Energy Enterprises from $12.00 to $8.00 and set a “neutral” rating on the stock in a research note on Thursday, March 5th. One analyst has rated the stock with a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Eos Energy Enterprises currently has an average rating of “Hold” and an average target price of $10.64.

Eos Energy Enterprises Stock Up 22.5%

The stock has a market capitalization of $2.64 billion, a price-to-earnings ratio of -1.11 and a beta of 2.56. The firm has a 50-day moving average of $6.08 and a two-hundred day moving average of $11.32.

Eos Energy Enterprises (NASDAQ:EOSE) last posted its quarterly earnings results on Thursday, February 26th. The company reported ($0.84) earnings per share for the quarter, missing the consensus estimate of ($0.20) by ($0.64). The company had revenue of $58.00 million during the quarter, compared to analysts’ expectations of $93.36 million. As a group, sell-side analysts predict that Eos Energy Enterprises, Inc. will post -0.9 EPS for the current year.

Insider Buying and Selling at Eos Energy Enterprises

In other news, Director Alexander Dimitrief bought 15,000 shares of the stock in a transaction on Monday, March 2nd. The shares were purchased at an average price of $6.04 per share, for a total transaction of $90,600.00. Following the completion of the purchase, the director directly owned 235,221 shares of the company’s stock, valued at $1,420,734.84. This trade represents a 6.81% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director David Urban acquired 16,250 shares of the firm’s stock in a transaction dated Monday, March 9th. The shares were purchased at an average cost of $6.16 per share, for a total transaction of $100,100.00. Following the acquisition, the director directly owned 62,471 shares in the company, valued at $384,821.36. This represents a 35.16% increase in their position. The SEC filing for this purchase provides additional information. Insiders have bought 115,150 shares of company stock worth $692,962 over the last 90 days. 1.73% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. PNC Financial Services Group Inc. boosted its position in shares of Eos Energy Enterprises by 3,843.8% in the 4th quarter. PNC Financial Services Group Inc. now owns 2,524 shares of the company’s stock worth $29,000 after purchasing an additional 2,460 shares during the last quarter. Chung Wu Investment Group LLC bought a new position in shares of Eos Energy Enterprises in the 3rd quarter worth $30,000. Towarzystwo Funduszy Inwestycyjnych PZU SA boosted its position in shares of Eos Energy Enterprises by 58.8% in the 4th quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA now owns 2,700 shares of the company’s stock worth $31,000 after purchasing an additional 1,000 shares during the last quarter. Danske Bank A S bought a new position in shares of Eos Energy Enterprises in the 4th quarter worth $33,000. Finally, TD Waterhouse Canada Inc. boosted its position in shares of Eos Energy Enterprises by 178.7% in the 4th quarter. TD Waterhouse Canada Inc. now owns 3,119 shares of the company’s stock worth $36,000 after purchasing an additional 2,000 shares during the last quarter. 54.87% of the stock is currently owned by 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.