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

Eos Energy Enterprises, Inc. (NASDAQ:EOSE)’s share price shot up 8.3% on Thursday . The stock traded as high as $7.69 and last traded at $7.6980. 7,261,640 shares traded hands during trading, a decline of 71% from the average session volume of 25,374,072 shares. The stock had previously closed at $7.11.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on EOSE. Roth Mkm decreased their target price on shares of Eos Energy Enterprises from $12.00 to $6.00 and set a “neutral” rating on the stock in a research report on Friday, February 27th. Guggenheim restated a “neutral” rating and issued a $20.00 price target on shares of Eos Energy Enterprises in a research report on Friday, February 27th. Wall Street Zen upgraded shares of Eos Energy Enterprises from a “strong sell” rating to a “hold” rating in a research report on Saturday, May 16th. Needham & Company LLC assumed coverage on shares of Eos Energy Enterprises in a research report on Friday. They issued a “buy” rating and a $11.00 price target on the stock. Finally, JPMorgan Chase & Co. reduced their price target on shares of Eos Energy Enterprises from $9.00 to $6.00 and set a “neutral” rating on the stock in a research report on Thursday, April 16th. Two investment analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, Eos Energy Enterprises currently has an average rating of “Hold” and an average target price of $10.94.

Eos Energy Enterprises Price Performance

The company has a market capitalization of $2.74 billion, a P/E ratio of -1.21 and a beta of 2.56. The stock’s 50 day simple moving average is $6.33 and its two-hundred day simple moving average is $10.78.

Eos Energy Enterprises (NASDAQ:EOSE) last announced its earnings results on Wednesday, May 13th. The company reported $0.12 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.22) by $0.34. The company had revenue of $56.96 million during the quarter, compared to the consensus estimate of $54.32 million. As a group, equities research analysts expect that Eos Energy Enterprises, Inc. will post -0.8 earnings per share for the current year.

Insider Activity at Eos Energy Enterprises

In related news, CEO Joe Mastrangelo bought 60,000 shares of the company’s stock in a transaction on Monday, March 2nd. The stock was bought at an average cost of $5.75 per share, with a total value of $345,000.00. Following the completion of the purchase, the chief executive officer owned 1,463,226 shares in the company, valued at approximately $8,413,549.50. The trade was a 4.28% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Marian Walters sold 7,681 shares of the business’s stock in a transaction dated Tuesday, May 19th. The stock was sold at an average price of $7.07, for a total transaction of $54,304.67. Following the completion of the transaction, the director directly owned 135,334 shares of the company’s stock, valued at approximately $956,811.38. This represents a 5.37% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders purchased 115,150 shares of company stock valued at $692,962. Insiders own 1.73% of the company’s stock.

Hedge Funds Weigh In On Eos Energy Enterprises

Institutional investors have recently modified their holdings of the stock. PNC Financial Services Group Inc. raised its stake in shares of Eos Energy Enterprises by 3,843.8% in the fourth quarter. PNC Financial Services Group Inc. now owns 2,524 shares of the company’s stock worth $29,000 after acquiring an additional 2,460 shares during the last quarter. Chung Wu Investment Group LLC bought a new stake in shares of Eos Energy Enterprises during the third quarter worth approximately $30,000. Towarzystwo Funduszy Inwestycyjnych PZU SA raised its stake in shares of Eos Energy Enterprises by 58.8% during the fourth quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA now owns 2,700 shares of the company’s stock worth $31,000 after buying an additional 1,000 shares during the last quarter. Danske Bank A S bought a new stake in shares of Eos Energy Enterprises during the fourth quarter worth approximately $33,000. Finally, TD Waterhouse Canada Inc. raised its stake in shares of Eos Energy Enterprises by 178.7% during the fourth quarter. TD Waterhouse Canada Inc. now owns 3,119 shares of the company’s stock worth $36,000 after buying an additional 2,000 shares during the last quarter. 54.87% of the stock is owned by institutional investors.

About Eos Energy Enterprises

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.