Eos Energy Enterprises (NASDAQ:EOSE) Stock Price Up 11% on 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.

Shares of Eos Energy Enterprises, Inc. (NASDAQ:EOSE - Get Free Report) shot up 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. 2,451,480 shares were traded during mid-day trading, a decline of 76% from the average session volume of 10,367,381 shares. The stock had previously closed at $5.51.

EOSE has been the subject of several other research reports. Guggenheim lowered their price target on shares of Eos Energy Enterprises from $7.00 to $6.00 and set a "buy" rating for the company in a report on Monday, June 2nd. Wall Street Zen upgraded shares of Eos Energy Enterprises from a "sell" rating to a "hold" rating in a report on Saturday, July 26th. Finally, Stifel Nicolaus lowered their target price on shares of Eos Energy Enterprises from $9.00 to $8.50 and set a "buy" rating for the company in a report on Monday, June 9th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and two have issued a buy rating to the company's stock. According to MarketBeat.com, Eos Energy Enterprises currently has a consensus rating of "Hold" and an average target price of $6.38.

Insider Activity at Eos Energy Enterprises

In related news, CEO Joe Mastrangelo sold 270,384 shares of the company's stock in a transaction on Friday, May 16th. The shares were sold at an average price of $6.86, for a total value of $1,854,834.24. Following the completion of the sale, the chief executive officer owned 1,109,409 shares in the company, valued at $7,610,545.74. This represents a 19.60% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, General Counsel Michael W. Silberman sold 100,943 shares of the company's stock in a transaction on Friday, May 16th. The shares were sold at an average price of $6.86, for a total transaction of $692,468.98. Following the completion of the sale, the general counsel owned 161,404 shares of the company's stock, valued at approximately $1,107,231.44. This trade represents a 38.48% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 1,108,053 shares of company stock worth $6,901,858. Corporate insiders own 3.63% of the company's stock.

Institutional Trading of Eos Energy Enterprises

Institutional investors and hedge funds have recently bought and sold shares of the business. KBC Group NV purchased a new stake in Eos Energy Enterprises in the 1st quarter valued at $38,000. SBI Securities Co. Ltd. raised its position in Eos Energy Enterprises by 588.0% during the 1st quarter. SBI Securities Co. Ltd. now owns 10,065 shares of the company's stock worth $38,000 after buying an additional 8,602 shares during the last quarter. Elevatus Welath Management purchased a new position in Eos Energy Enterprises during the 1st quarter worth $39,000. Parallel Advisors LLC purchased a new position in Eos Energy Enterprises during the 1st quarter worth $43,000. Finally, Carmel Capital Partners LLC raised its position in Eos Energy Enterprises by 24.5% during the 1st quarter. Carmel Capital Partners LLC now owns 12,450 shares of the company's stock worth $47,000 after buying an additional 2,450 shares during the last quarter. Hedge funds and other institutional investors own 54.87% of the company's stock.

Eos Energy Enterprises Stock Performance

The company has a market cap of $1.41 billion, a PE ratio of -1.18 and a beta of 2.07. The stock's 50-day simple moving average is $4.94 and its 200 day simple moving average is $4.95.

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

Eos Energy Enterprises Company Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.