Eos Energy Enterprises, Inc. (NASDAQ:EOSE) Receives Average Rating of “Hold” from Brokerages

Eos Energy Enterprises, Inc. (NASDAQ:EOSE) has received a consensus rating of “Hold” from the ten research firms that are presently covering the firm, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation, six have assigned a hold recommendation, two have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average 12-month price target among brokers that have issued a report on the stock in the last year is $8.1875.

Several brokerages recently commented on EOSE. Needham & Company LLC cut their price objective on Eos Energy Enterprises from $11.00 to $10.00 and set a “buy” rating for the company in a report on Tuesday, September 15th. TD Cowen lowered their target price on Eos Energy Enterprises from $8.00 to $4.00 and set a “hold” rating on the stock in a report on Thursday, August 6th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Eos Energy Enterprises in a research report on Friday, July 17th. Wall Street Zen lowered Eos Energy Enterprises from a “sell” rating to a “strong sell” rating in a report on Saturday, August 8th. Finally, Stifel Nicolaus cut their price objective on Eos Energy Enterprises from $10.00 to $9.00 and set a “buy” rating for the company in a research note on Thursday, August 6th.

Insiders Place Their Bets

In other news, insider Michelle Buczkowski sold 11,469 shares of the stock in a transaction on Tuesday, June 30th. The shares were sold at an average price of $5.87, for a total value of $67,323.03. Following the completion of the sale, the insider directly owned 59,242 shares of the company’s stock, valued at $347,750.54. This represents a 16.22% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 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. Also, CEO Joe Mastrangelo sold 250,000 shares of the firm’s stock in a transaction on Wednesday, September 16th. The shares were sold at an average price of $3.92, for a total transaction of $980,000.00. Following the sale, the chief executive officer owned 2,308,704 shares in the company, valued at $9,050,119.68. The trade was a 9.77% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 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. Over the last quarter, insiders sold 776,543 shares of company stock valued at $3,121,182. Insiders own 1.73% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Renaissance Technologies LLC bought a new position in shares of Eos Energy Enterprises during the 1st quarter valued at approximately $9,152,000. Quantinno Capital Management LP raised its position in shares of Eos Energy Enterprises by 8,418.9% during the 1st quarter. Quantinno Capital Management LP now owns 1,078,070 shares of the company’s stock valued at $5,347,000 after buying an additional 1,065,415 shares in the last quarter. Baker Avenue Asset Management LP bought a new position in shares of Eos Energy Enterprises in the 4th quarter valued at about $11,542,000. Geode Capital Management LLC lifted its holdings in shares of Eos Energy Enterprises by 16.1% in the 4th quarter. Geode Capital Management LLC now owns 7,205,507 shares of the company’s stock valued at $82,587,000 after acquiring an additional 998,332 shares during the last quarter. Finally, Wellington Management Group LLP grew its position in Eos Energy Enterprises by 475.8% in the second quarter. Wellington Management Group LLP now owns 1,155,515 shares of the company’s stock worth $6,794,000 after acquiring an additional 954,828 shares in the last quarter. 54.87% of the stock is currently owned by institutional investors.

Eos Energy Enterprises Trading Down 0.2%

Shares of EOSE stock opened at $4.06 on Friday. Eos Energy Enterprises has a 12-month low of $3.01 and a 12-month high of $19.86. The firm’s 50 day moving average is $3.82 and its 200 day moving average is $5.51. The stock has a market capitalization of $1.48 billion, a P/E ratio of -0.59 and a beta of 2.77.

Eos Energy Enterprises (NASDAQ:EOSE) last posted its earnings results on Wednesday, August 5th. The company reported ($1.20) EPS for the quarter, missing analysts’ consensus estimates of ($0.19) by ($1.01). The business had revenue of $68.78 million for the quarter, compared to analyst estimates of $68.32 million. During the same period in the previous year, the business posted ($1.05) earnings per share. As a group, equities analysts predict that Eos Energy Enterprises will post -1.28 earnings per share for the current year.

Eos Energy Enterprises Company Profile

Eos Energy Enterprises, Inc develops and manufactures long-duration energy storage systems designed to support the reliability and flexibility of electric grids. Its technology is based on aqueous zinc battery chemistry, which is intended to provide a non-flammable alternative to conventional lithium-ion batteries for stationary storage applications.

The company’s primary product platform is the Eos Z3, a modular battery system designed for utility-scale and other large-scale energy storage projects.