Eos Energy Enterprises (NASDAQ:EOSE) Shares Up 15.3% - Here's What Happened

Key Points

• Shares jumped 15.3% intraday to $7.33 on Friday, with 6.66 million shares traded — about 72% below the stock's average session volume.
• The company missed the quarter badly, reporting EPS of -$0.84 (vs. -$0.20 expected) and $58M in revenue (vs. $93.36M expected), and several analysts have cut targets; consensus rating is Hold with a $10.64 average price target.
• Company insiders increased positions recently — CEO Joe Mastrangelo bought 60,000 shares at $5.75 and Director Alexander Dimitrief bought 15,000 at $6.04 — while insiders own 1.73% and institutions control about 54.9% of shares.

Eos Energy Enterprises, Inc. (NASDAQ:EOSE - Get Free Report)'s stock price shot up 15.3% during mid-day trading on Friday . The company traded as high as $7.35 and last traded at $7.3310. 6,662,355 shares changed hands during mid-day trading, a decline of 72% from the average session volume of 23,450,311 shares. The stock had previously closed at $6.36.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on EOSE shares. Roth Mkm dropped their price objective on Eos Energy Enterprises from $12.00 to $6.00 and set a "neutral" rating on the stock in a report on Friday, February 27th. Zacks Research raised Eos Energy Enterprises from a "strong sell" rating to a "hold" rating in a report on Tuesday, April 28th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Eos Energy Enterprises in a research report on Tuesday, April 21st. JPMorgan Chase & Co. decreased their target price on Eos Energy Enterprises from $9.00 to $6.00 and set a "neutral" rating on the stock in a research report on Thursday, April 16th. Finally, B. Riley Financial decreased their target price on Eos Energy Enterprises from $12.00 to $8.00 and set a "neutral" rating on the stock in a research report on Thursday, March 5th. One equities research analyst has rated the stock with a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $10.64.

Eos Energy Enterprises Price Performance

The company has a 50-day moving average of $6.08 and a two-hundred day moving average of $11.32. The stock has a market capitalization of $2.64 billion, a PE ratio of -1.11 and a beta of 2.56.

Eos Energy Enterprises (NASDAQ:EOSE - Get Free Report) last released its earnings results on Thursday, February 26th. The company reported ($0.84) earnings per share for the quarter, missing the consensus estimate of ($0.20) by ($0.64). The company had revenue of $58.00 million during the quarter, compared to analysts' expectations of $93.36 million. On average, research analysts forecast that Eos Energy Enterprises, Inc. will post -0.9 EPS for the current fiscal year.

Insider Buying and Selling

In other Eos Energy Enterprises news, Director Alexander Dimitrief bought 15,000 shares of Eos Energy Enterprises stock in a transaction that occurred on Monday, March 2nd. The shares were purchased at an average cost of $6.04 per share, for a total transaction of $90,600.00. Following the completion of the transaction, the director owned 235,221 shares of the company's stock, valued at $1,420,734.84. This represents a 6.81% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Joe Mastrangelo bought 60,000 shares of Eos Energy Enterprises stock in a transaction that occurred on Monday, March 2nd. The shares were acquired at an average price of $5.75 per share, for a total transaction of $345,000.00. Following the completion of the transaction, the chief executive officer directly owned 1,463,226 shares of the company's stock, valued at $8,413,549.50. This trade represents a 4.28% increase in their position. The SEC filing for this purchase provides additional information. Over the last ninety days, insiders have acquired 115,150 shares of company stock worth $692,962. 1.73% of the stock is owned by company insiders.

Hedge Funds Weigh In On Eos Energy Enterprises

A number of large investors have recently modified their holdings of the company. L.K. Benson & Company P.C. bought a new position in shares of Eos Energy Enterprises during the third quarter worth about $887,000. DNB Asset Management AS grew its position in shares of Eos Energy Enterprises by 22.4% in the 3rd quarter. DNB Asset Management AS now owns 1,034,086 shares of the company's stock worth $11,778,000 after acquiring an additional 189,039 shares in the last quarter. Park Avenue Securities LLC acquired a new position in shares of Eos Energy Enterprises in the 4th quarter worth approximately $4,307,000. Udine Wealth Management Inc. acquired a new position in shares of Eos Energy Enterprises in the 3rd quarter worth approximately $2,015,000. Finally, Vaughan Nelson Investment Management L.P. acquired a new position in shares of Eos Energy Enterprises in the 4th quarter worth approximately $22,330,000. 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.

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