Geode Capital Management LLC Buys 998,332 Shares of Eos Energy Enterprises, Inc. $EOSE

Geode Capital Management LLC raised its stake in Eos Energy Enterprises, Inc. (NASDAQ:EOSE) by 16.1% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 7,205,507 shares of the company’s stock after purchasing an additional 998,332 shares during the quarter. Geode Capital Management LLC’s holdings in Eos Energy Enterprises were worth $82,587,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. State of New Jersey Common Pension Fund D bought a new stake in Eos Energy Enterprises in the fourth quarter valued at approximately $1,834,000. Vanguard Group Inc. lifted its position in Eos Energy Enterprises by 19.8% in the fourth 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 during the last quarter. DNB Asset Management AS lifted its position in Eos Energy Enterprises by 22.4% in the third quarter. DNB Asset Management AS now owns 1,034,086 shares of the company’s stock valued at $11,778,000 after purchasing an additional 189,039 shares during the last quarter. Park Avenue Securities LLC bought a new stake in Eos Energy Enterprises in the fourth quarter valued at approximately $4,307,000. Finally, Vaughan Nelson Investment Management L.P. bought a new stake in Eos Energy Enterprises in the fourth quarter valued at approximately $22,330,000. Institutional investors own 54.87% of the company’s stock.

Analyst Ratings Changes

Several analysts have weighed in on EOSE shares. JPMorgan Chase & Co. lowered their price objective on Eos Energy Enterprises from $9.00 to $6.00 and set a “neutral” rating for the company in a research report on Thursday, April 16th. Zacks Research upgraded Eos Energy Enterprises from a “strong sell” rating to a “hold” rating in a research report on Tuesday, April 28th. Weiss Ratings restated a “sell (d-)” rating on shares of Eos Energy Enterprises in a report on Tuesday, April 21st. Wall Street Zen upgraded Eos Energy Enterprises from a “strong sell” rating to a “hold” rating in a report on Saturday, May 16th. Finally, TD Cowen upped their target price on Eos Energy Enterprises from $7.00 to $8.00 and gave the company a “hold” rating in a report on Thursday, May 14th. Two analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $10.94.

Insiders Place Their Bets

In related news, Director Marian Walters sold 7,681 shares of the company’s stock in a transaction on Tuesday, May 19th. The stock was sold at an average price of $7.07, for a total value of $54,304.67. Following the sale, the director directly owned 135,334 shares of the company’s stock, valued at $956,811.38. This represents a 5.37% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 1.73% of the stock is currently owned by insiders.

Eos Energy Enterprises Price Performance

Shares of Eos Energy Enterprises stock opened at $7.08 on Monday. The company has a market cap of $2.40 billion, a PE ratio of -1.06 and a beta of 2.62. The business has a 50 day moving average of $6.93 and a 200 day moving average of $10.22. Eos Energy Enterprises, Inc. has a 52 week low of $3.81 and a 52 week high of $19.86.

Eos Energy Enterprises (NASDAQ:EOSE) last announced its earnings results on Wednesday, May 13th. The company reported $0.12 EPS for the quarter, beating analysts’ consensus estimates of ($0.22) by $0.34. The business had revenue of $56.96 million for the quarter, compared to the consensus estimate of $54.32 million. On average, research analysts anticipate that Eos Energy Enterprises, Inc. will post -0.31 earnings per share for the current year.

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.