Analysts Set Eos Energy Enterprises, Inc. (NASDAQ:EOSE) Price Target at $9.17

Shares of Eos Energy Enterprises, Inc. (NASDAQ:EOSE) have received an average recommendation of “Hold” from the eleven brokerages that are presently covering the firm, Marketbeat.com reports. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating, two have issued a buy rating and one has given a strong buy rating to the company. The average twelve-month price objective among analysts that have issued a report on the stock in the last year is $9.1667.

Several research analysts have issued reports on EOSE shares. JPMorgan Chase & Co. cut 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. Weiss Ratings restated a “sell (d-)” rating on shares of Eos Energy Enterprises in a research report on Friday, July 17th. Needham & Company LLC started coverage on shares of Eos Energy Enterprises in a research note on Friday, May 22nd. They set a “buy” rating and a $11.00 price target on the stock. Zacks Research upgraded shares of Eos Energy Enterprises from a “strong sell” rating to a “hold” rating in a report on Tuesday, April 28th. Finally, Stifel Nicolaus reduced their price objective on shares of Eos Energy Enterprises from $12.00 to $10.00 and set a “buy” rating for the company in a research note on Monday, July 13th.

Eos Energy Enterprises Trading Up 10.9%

Shares of EOSE opened at $3.75 on Thursday. Eos Energy Enterprises has a twelve month low of $3.11 and a twelve month high of $19.86. The stock’s 50 day moving average is $5.77 and its two-hundred day moving average is $7.79. The firm has a market capitalization of $1.27 billion, a PE ratio of -0.56 and a beta of 2.75.

Eos Energy Enterprises (NASDAQ:EOSE) last issued its earnings results on Wednesday, May 13th. The company reported $0.12 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.22) by $0.34. The business had revenue of $56.96 million for the quarter, compared to analysts’ expectations of $54.32 million. On average, sell-side analysts predict that Eos Energy Enterprises will post -0.32 EPS for the current year.

Insider Buying and Selling

In other news, CEO Joe Mastrangelo sold 159,154 shares of Eos Energy Enterprises stock in a transaction that occurred on Monday, July 27th. The shares were sold at an average price of $3.61, for a total transaction of $574,545.94. Following the completion of the sale, the chief executive officer directly owned 1,947,586 shares in the company, valued at approximately $7,030,785.46. This trade represents a 7.55% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Nathan Kroeker sold 110,417 shares of the company’s stock in a transaction that occurred on Tuesday, July 28th. The stock was sold at an average price of $3.36, for a total value of $371,001.12. Following the completion of the sale, the insider owned 887,527 shares in the company, valued at approximately $2,982,090.72. This represents a 11.06% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 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. Insiders sold a total of 456,307 shares of company stock valued at $1,882,877 in the last 90 days. 1.73% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Eos Energy Enterprises

Several institutional investors and hedge funds have recently made changes to their positions in EOSE. PNC Financial Services Group Inc. increased its holdings in Eos Energy Enterprises by 3,843.8% during the 4th quarter. PNC Financial Services Group Inc. now owns 2,524 shares of the company’s stock valued at $29,000 after acquiring an additional 2,460 shares in the last quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA increased its stake in shares of Eos Energy Enterprises by 58.8% during 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 in the last quarter. Danske Bank A S acquired a new position in shares of Eos Energy Enterprises during the 4th quarter worth approximately $33,000. TD Waterhouse Canada Inc. lifted its stake in Eos Energy Enterprises by 178.7% in the 4th quarter. TD Waterhouse Canada Inc. now owns 3,119 shares of the company’s stock valued at $36,000 after buying an additional 2,000 shares in the last quarter. Finally, GAMMA Investing LLC lifted its stake in Eos Energy Enterprises by 46.4% in the 4th quarter. GAMMA Investing LLC now owns 3,270 shares of the company’s stock valued at $37,000 after buying an additional 1,036 shares in the last quarter. 54.87% of the stock is currently owned by hedge funds and other 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.