Eos Energy Enterprises (NASDAQ:EOSE) Upgraded at TD Cowen

Key Points

• TD Cowen upgraded Eos Energy Enterprises to “Hold.” Analyst sentiment remains mixed, with the stock carrying an overall “Hold” consensus and an average price target of $8.19.
• Eos shares opened at $3.27, near their 52-week low of $2.96 and well below the 52-week high of $19.86. The company recently reported a quarterly loss of $1.20 per share, significantly missing the expected $0.19 loss, despite revenue slightly exceeding estimates.
• Insiders sold 626,655 shares worth about $2.34 million over the past 90 days, including sales by the CEO and chief accounting officer under pre-arranged plans to cover tax obligations. Institutional investors own approximately 54.87% of the company.

Eos Energy Enterprises (NASDAQ:EOSE - Get Free Report) was upgraded by equities researchers at TD Cowen to a "hold" rating in a note issued to investors on Monday, Zacks reports.

A number of other brokerages have also recently commented on EOSE. Truist Financial started coverage on shares of Eos Energy Enterprises in a research report on Monday, July 13th. They set a "buy" rating and a $7.00 price target on the stock. Weiss Ratings reissued a "sell (d-)" rating on shares of Eos Energy Enterprises in a research report on Friday, July 17th. Stifel Nicolaus dropped their price objective on Eos Energy Enterprises from $10.00 to $9.00 and set a "buy" rating on the stock in a research note on Thursday, August 6th. Wall Street Zen lowered Eos Energy Enterprises from a "sell" rating to a "strong sell" rating in a research report on Saturday, August 8th. Finally, Roth Capital raised their target price on Eos Energy Enterprises from $4.00 to $4.50 and gave the stock a "neutral" rating in a research note on Thursday, September 10th. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Eos Energy Enterprises currently has an average rating of "Hold" and an average target price of $8.19.

Eos Energy Enterprises Stock Performance

Shares of NASDAQ EOSE opened at $3.27 on Monday. The company has a market capitalization of $1.19 billion, a P/E ratio of -0.48 and a beta of 2.88. Eos Energy Enterprises has a 52-week low of $2.96 and a 52-week high of $19.86. The company's 50 day moving average price is $3.68 and its 200-day moving average price is $5.33.

Eos Energy Enterprises (NASDAQ:EOSE - Get Free Report) last posted its quarterly earnings data on Wednesday, August 5th. The company reported ($1.20) EPS for the quarter, missing analysts' consensus estimates of ($0.19) by ($1.01). The firm had revenue of $68.78 million for the quarter, compared to the consensus estimate of $68.32 million. During the same quarter in the prior year, the company posted ($1.05) earnings per share. Analysts forecast that Eos Energy Enterprises will post -1.28 earnings per share for the current year.

Insider Transactions at Eos Energy Enterprises

In other Eos Energy Enterprises news, CAO Sumeet Puri sold 43,750 shares of the firm's stock in a transaction that occurred on Wednesday, September 16th. The stock was sold at an average price of $3.92, for a total value of $171,500.00. Following the completion of the sale, the chief accounting officer owned 280,195 shares of the company's stock, valued at approximately $1,098,364.40. This trade represents a 13.51% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through 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 business's stock in a transaction that occurred on Wednesday, September 16th. The shares were sold at an average price of $3.92, for a total value of $980,000.00. Following the sale, the chief executive officer owned 2,308,704 shares of the company's stock, valued at approximately $9,050,119.68. This represents a 9.77% decrease in their position. The SEC filing for this sale provides additional information. 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 ninety days, insiders sold 626,655 shares of company stock worth $2,336,158. 1.73% of the stock is currently owned by insiders.

Institutional Trading of Eos Energy Enterprises

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Allworth Financial LP grew its holdings in shares of Eos Energy Enterprises by 198.6% during the second quarter. Allworth Financial LP now owns 4,300 shares of the company's stock valued at $25,000 after buying an additional 2,860 shares during the last quarter. PNC Financial Services Group Inc. raised its holdings in shares of Eos Energy Enterprises by 279.4% in the 1st quarter. PNC Financial Services Group Inc. now owns 9,577 shares of the company's stock worth $48,000 after acquiring an additional 7,053 shares during the last quarter. KFA Private Wealth Group LLC bought a new position in Eos Energy Enterprises in the 1st quarter valued at about $50,000. Laurel Oak Wealth Management LLC bought a new position in Eos Energy Enterprises in the 1st quarter valued at about $55,000. Finally, Abel Hall LLC acquired a new position in Eos Energy Enterprises during the 1st quarter valued at about $56,000. Institutional investors own 54.87% of the company's stock.

About Eos Energy Enterprises

Eos Energy Enterprises, Inc develops and manufactures long-duration energy storage systems designed to support the electric grid and renewable energy projects. Its technology is based on aqueous zinc battery chemistry, which is intended to provide a safer, nonflammable alternative to conventional lithium-ion systems for stationary energy storage.

The company's primary product is the Eos Z3 energy storage system, a modular, utility-scale battery platform designed for applications such as renewable energy integration, grid resilience, peak-load management, and microgrids.

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