Eos Energy Enterprises (NASDAQ:EOSE) Stock Price Up 11% After Analyst Upgrade

Key Points

• Eos Energy Enterprises shares increased by 11% following an upgrade from TD Cowen, which raised their price target from $5.50 to $6.00, while maintaining a hold rating.
• The company reported disappointing quarterly earnings, with an EPS of ($1.05), significantly missing the expected ($0.17) by $0.88, alongside a revenue of $15.24 million, below the $24.96 million consensus estimate.
• Institutional investors now hold 54.87% of Eos Energy's stock, with notable recent transactions including KBC Group NV and SBI Securities purchasing new stakes in the company.

Eos Energy Enterprises, Inc. (NASDAQ:EOSE - Get Free Report)'s share price rose 11% on Monday after TD Cowen raised their price target on the stock from $5.50 to $6.00. TD Cowen currently has a hold rating on the stock. Eos Energy Enterprises traded as high as $6.00 and last traded at $6.12. Approximately 2,451,480 shares were traded during mid-day trading, a decline of 76% from the average daily volume of 10,367,381 shares. The stock had previously closed at $5.51.

A number of other research analysts have also recently weighed in on the company. Stifel Nicolaus reduced their target price on Eos Energy Enterprises from $9.00 to $8.50 and set a "buy" rating on the stock in a report on Monday, June 9th. Guggenheim cut their price objective on Eos Energy Enterprises from $7.00 to $6.00 and set a "buy" rating on the stock in a research report on Monday, June 2nd. Finally, Wall Street Zen raised Eos Energy Enterprises from a "sell" rating to a "hold" rating in a research report on Saturday, July 26th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, Eos Energy Enterprises has an average rating of "Hold" and an average price target of $6.38.

Insider Buying and Selling

In other news, General Counsel Michael W. Silberman sold 100,943 shares of Eos Energy Enterprises stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $6.86, for a total transaction of $692,468.98. Following the sale, the general counsel directly owned 161,404 shares of the company's stock, valued at approximately $1,107,231.44. The trade was a 38.48% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Nathan Kroeker sold 152,856 shares of Eos Energy Enterprises stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $6.86, for a total value of $1,048,592.16. Following the sale, the insider directly owned 403,815 shares in the company, valued at approximately $2,770,170.90. The trade was a 27.46% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,153,053 shares of company stock valued at $7,171,858 over the last ninety days. Insiders own 3.63% of the company's stock.

Institutional Trading of Eos Energy Enterprises

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Vanguard Group Inc. increased its position in shares of Eos Energy Enterprises by 0.6% during the first quarter. Vanguard Group Inc. now owns 10,362,810 shares of the company's stock worth $39,171,000 after acquiring an additional 59,762 shares during the last quarter. Geode Capital Management LLC increased its position in shares of Eos Energy Enterprises by 101.4% during the second quarter. Geode Capital Management LLC now owns 5,407,930 shares of the company's stock worth $27,692,000 after acquiring an additional 2,722,495 shares during the last quarter. Stifel Financial Corp increased its position in shares of Eos Energy Enterprises by 6.4% during the fourth quarter. Stifel Financial Corp now owns 4,978,078 shares of the company's stock worth $24,193,000 after acquiring an additional 297,909 shares during the last quarter. Legal & General Group Plc increased its position in shares of Eos Energy Enterprises by 61,220.5% during the fourth quarter. Legal & General Group Plc now owns 4,804,461 shares of the company's stock worth $23,350,000 after acquiring an additional 4,796,626 shares during the last quarter. Finally, Goldman Sachs Group Inc. increased its holdings in Eos Energy Enterprises by 36.8% in the first quarter. Goldman Sachs Group Inc. now owns 3,900,513 shares of the company's stock valued at $14,744,000 after buying an additional 1,050,128 shares during the last quarter. 54.87% of the stock is owned by hedge funds and other institutional investors.

Eos Energy Enterprises Stock Down 2.9%

The company has a 50 day simple moving average of $5.05 and a 200-day simple moving average of $4.98. The stock has a market cap of $1.66 billion, a price-to-earnings ratio of -1.22 and a beta of 2.07.

Eos Energy Enterprises (NASDAQ:EOSE - Get Free Report) last announced its quarterly earnings data on Wednesday, July 30th. The company reported ($1.05) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.17) by ($0.88). The business had revenue of $15.24 million during the quarter, compared to analysts' expectations of $24.96 million. On average, equities research analysts expect that Eos Energy Enterprises, Inc. will post -2.54 EPS for the current fiscal year.

About Eos Energy Enterprises

Eos Energy Enterprises, Inc designs, manufactures, and markets zinc-based energy storage solutions for utility-scale, microgrid, and commercial and industrial (C&I) applications in the United States. The company offers Znyth technology battery energy storage system (BESS), which provides the operating flexibility to manage increased grid complexity and price volatility.