Eos Energy Enterprises (NASDAQ:EOSE) Stock Price Up 8.3% – Here’s What Happened

Shares of Eos Energy Enterprises, Inc. (NASDAQ:EOSE) rose 8.3% during mid-day trading on Monday . The stock traded as high as $4.91 and last traded at $5.02. Approximately 2,201,174 shares changed hands during mid-day trading, a decline of 75% from the average daily volume of 8,654,683 shares. The stock had previously closed at $4.63.

Wall Street Analyst Weigh In

EOSE has been the topic of several research analyst reports. Wall Street Zen downgraded Eos Energy Enterprises from a “hold” rating to a “sell” rating in a research note on Saturday, July 5th. Stifel Nicolaus dropped their price objective on Eos Energy Enterprises from $9.00 to $8.50 and set a “buy” rating on the stock in a research note on Monday, June 9th. Guggenheim dropped their price objective 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, TD Cowen upgraded Eos Energy Enterprises to a “hold” rating in a research note on Monday, June 23rd. One investment analyst has rated the stock with a sell rating, four have given a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $6.50.

Eos Energy Enterprises Stock Up 10.0%

The company has a market cap of $1.16 billion, a PE ratio of -1.15 and a beta of 2.01. The stock has a 50-day moving average of $5.09 and a 200-day moving average of $4.89.

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

Insider Transactions at Eos Energy Enterprises

In other news, insider Nathan Kroeker sold 152,856 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 $1,048,592.16. Following the transaction, the insider directly owned 403,815 shares of the company’s stock, valued at approximately $2,770,170.90. This trade represents a 27.46% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Joe Mastrangelo sold 270,384 shares of the firm’s stock in a transaction dated Friday, May 16th. The shares were sold at an average price of $6.86, for a total value of $1,854,834.24. Following the transaction, the chief executive officer directly owned 1,109,409 shares in the company, 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 sold 758,886 shares of company stock worth $4,827,806 in the last three months. Insiders own 3.63% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of EOSE. KBC Group NV bought a new position in shares of Eos Energy Enterprises during the first quarter valued at about $38,000. SBI Securities Co. Ltd. grew its stake in shares of Eos Energy Enterprises by 588.0% in the first quarter. SBI Securities Co. Ltd. now owns 10,065 shares of the company’s stock worth $38,000 after purchasing an additional 8,602 shares during the last quarter. Elevatus Welath Management bought a new stake in shares of Eos Energy Enterprises in the first quarter worth about $39,000. Parallel Advisors LLC purchased a new stake in Eos Energy Enterprises in the first quarter worth about $43,000. Finally, Carmel Capital Partners LLC lifted its holdings in Eos Energy Enterprises by 24.5% in the first quarter. Carmel Capital Partners LLC now owns 12,450 shares of the company’s stock worth $47,000 after buying an additional 2,450 shares during the period. 54.87% of the stock is owned by 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.