Eos Energy Enterprises, Inc. (NASDAQ:EOSE) Stock Rated "Hold" by Wall Street Brokerages

Key Points

• Wall Street’s consensus rating is “Hold” for Eos Energy Enterprises, based on coverage from 10 research firms. The average 12-month price target is $8.19, with ratings ranging from sell to strong buy.
• EOSE shares opened at $2.39, near their 52-week low of $2.35 and well below the 52-week high of $19.86. The company reported a quarterly loss of $1.20 per share, substantially missing the $0.19 consensus estimate, while revenue slightly exceeded expectations.
• Institutional investors own 54.87% of the company, with several large funds increasing or initiating positions. Insiders sold 626,655 shares worth about $2.34 million over the past quarter, primarily through pre-arranged plans to cover tax obligations.

Eos Energy Enterprises, Inc. (NASDAQ:EOSE - Get Free Report) has been given a consensus rating of "Hold" by the ten research firms that are currently covering the company, MarketBeat reports. One analyst has rated the stock with a sell rating, six have assigned a hold rating, two have assigned a buy rating and one has issued a strong buy rating on the company. The average twelve-month price target among brokers that have issued ratings on the stock in the last year is $8.19.

EOSE has been the subject of a number of analyst reports. Stifel Nicolaus reduced their price target on Eos Energy Enterprises from $10.00 to $9.00 and set a "buy" rating for the company in a research report on Thursday, August 6th. Truist Financial assumed coverage on Eos Energy Enterprises in a research report on Monday, July 13th. They set a "buy" rating and a $7.00 price objective on the stock. TD Cowen raised Eos Energy Enterprises to a "hold" rating in a research report on Monday, October 5th. Wall Street Zen downgraded Eos Energy Enterprises from a "sell" rating to a "strong sell" rating in a research note on Saturday, August 8th. Finally, Weiss Ratings reissued a "sell (d-)" rating on shares of Eos Energy Enterprises in a report on Friday, July 17th.

Insider Activity

In other Eos Energy Enterprises news, insider Nathan Kroeker sold 110,417 shares of the company's stock in a transaction that occurred on Tuesday, July 28th. The shares were sold at an average price of $3.36, for a total value of $371,001.12. Following the completion of the transaction, the insider directly owned 887,527 shares in the company, valued at $2,982,090.72. This represents a 11.06% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available 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 stock in a transaction on Wednesday, September 16th. The stock was sold at an average price of $3.92, for a total transaction of $980,000.00. Following the completion of the sale, the chief executive officer directly owned 2,308,704 shares of the company's stock, valued at approximately $9,050,119.68. This trade represents a 9.77% decrease in their ownership of the stock. 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 have sold a total of 626,655 shares of company stock worth $2,336,158 in the last quarter. 1.73% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of EOSE. Wellington Management Group LLP grew its position in shares of Eos Energy Enterprises by 475.8% during the second quarter. Wellington Management Group LLP now owns 1,155,515 shares of the company's stock worth $6,794,000 after purchasing an additional 954,828 shares in the last quarter. Bank of America Corp DE raised its stake in Eos Energy Enterprises by 89.1% during the 1st quarter. Bank of America Corp DE now owns 1,247,548 shares of the company's stock valued at $6,188,000 after purchasing an additional 587,752 shares during the period. Renaissance Technologies LLC purchased a new position in Eos Energy Enterprises in the 1st quarter worth approximately $9,152,000. Bank of New York Mellon Corp purchased a new position in Eos Energy Enterprises in the 2nd quarter worth approximately $5,530,000. Finally, Quantinno Capital Management LP lifted its holdings in Eos Energy Enterprises by 8,418.9% in the 1st quarter. Quantinno Capital Management LP now owns 1,078,070 shares of the company's stock worth $5,347,000 after purchasing an additional 1,065,415 shares in the last quarter. Hedge funds and other institutional investors own 54.87% of the company's stock.

Eos Energy Enterprises Price Performance

Shares of EOSE stock opened at $2.39 on Tuesday. The company has a market cap of $870.37 million, a price-to-earnings ratio of -0.35 and a beta of 2.88. Eos Energy Enterprises has a 1 year low of $2.35 and a 1 year high of $19.86. The firm has a fifty day moving average price of $3.62 and a 200-day moving average price of $5.24.

Eos Energy Enterprises (NASDAQ:EOSE - Get Free Report) last announced 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 company had revenue of $68.78 million during 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. Equities research analysts expect that Eos Energy Enterprises will post -1.28 EPS 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 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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