Eos Energy Enterprises, Inc. (NASDAQ:EOSE) Shares Acquired by American Financial Group Inc.

Key Points

• American Financial Group Inc. increased its stake in Eos Energy Enterprises by 174.0%, owning 1,861,930 shares, which makes up 3.0% of its portfolio and values the investment at approximately $7 million.
• Eos Energy Enterprises' CFO, Nathan Kroeker, sold 99,375 shares of stock for about $590,287, signaling a reduction of 13.96% in his position.
• The company reported an earnings miss with an EPS of ($1.05), falling short of analysts' expectations, and has a consensus rating of "Hold" from five research analysts.

American Financial Group Inc. increased its holdings in shares of Eos Energy Enterprises, Inc. (NASDAQ:EOSE - Free Report) by 174.0% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,861,930 shares of the company's stock after purchasing an additional 1,182,310 shares during the quarter. Eos Energy Enterprises accounts for approximately 3.0% of American Financial Group Inc.'s portfolio, making the stock its 12th biggest position. American Financial Group Inc. owned about 0.82% of Eos Energy Enterprises worth $7,038,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of EOSE. KBC Group NV purchased a new position in Eos Energy Enterprises during the 1st quarter valued at about $38,000. SBI Securities Co. Ltd. boosted its holdings 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 valued at $38,000 after acquiring an additional 8,602 shares during the period. Parallel Advisors LLC purchased a new position in Eos Energy Enterprises during the 1st quarter valued at about $43,000. Carmel Capital Partners LLC boosted its holdings 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 valued at $47,000 after acquiring an additional 2,450 shares during the period. Finally, Cannon Global Investment Management LLC purchased a new position in Eos Energy Enterprises during the 1st quarter valued at about $57,000. 54.87% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on EOSE shares. Guggenheim decreased their price objective on Eos Energy Enterprises from $7.00 to $6.00 and set a "buy" rating for the company in a research note on Monday, June 2nd. TD Cowen lifted their price objective on Eos Energy Enterprises from $5.50 to $6.00 and gave the company a "hold" rating in a research note on Friday. Wall Street Zen upgraded Eos Energy Enterprises from a "sell" rating to a "hold" rating in a research note on Saturday, July 26th. Finally, Stifel Nicolaus decreased their price objective on Eos Energy Enterprises from $9.00 to $8.50 and set a "buy" rating for the company in a research note on Monday, June 9th. Five equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, Eos Energy Enterprises has an average rating of "Hold" and a consensus price target of $6.38.

Insiders Place Their Bets

In related news, CFO Nathan Kroeker sold 99,375 shares of the business's stock in a transaction that occurred on Tuesday, July 29th. The stock was sold at an average price of $5.94, for a total transaction of $590,287.50. Following the completion of the sale, the chief financial officer owned 612,512 shares in the company, valued at $3,638,321.28. The trade was a 13.96% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Joe Mastrangelo sold 166,667 shares of the business's stock in a transaction that occurred on Tuesday, July 29th. The stock was sold at an average price of $5.94, for a total value of $990,001.98. Following the sale, the chief executive officer owned 1,403,226 shares of the company's stock, valued at approximately $8,335,162.44. The trade was a 10.62% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,108,053 shares of company stock worth $6,901,858 in the last three months. 3.63% of the stock is owned by company insiders.

Eos Energy Enterprises Stock Performance

Shares of EOSE traded down $0.19 during midday trading on Friday, hitting $5.51. The company had a trading volume of 13,965,349 shares, compared to its average volume of 15,184,184. The company's 50-day simple moving average is $4.94 and its 200-day simple moving average is $4.96. Eos Energy Enterprises, Inc. has a 1 year low of $1.39 and a 1 year high of $7.36.

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