Baker Avenue Asset Management LP Buys Shares of 1,007,183 Eos Energy Enterprises, Inc. $EOSE

Key Points

• Baker Avenue Asset Management disclosed a new fourth-quarter position in Eos Energy Enterprises, buying 1,007,183 shares worth about $11.5 million.
• Institutional interest remains high, with 54.87% of the stock owned by institutions and several firms, including Millennium Management and Goldman Sachs, increasing their stakes.
• Eos Energy recently beat earnings expectations, reporting EPS of $0.12 versus an expected loss, while analysts currently rate the stock Hold with an average price target of $10.94.

Baker Avenue Asset Management LP purchased a new position in shares of Eos Energy Enterprises, Inc. (NASDAQ:EOSE - Free Report) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 1,007,183 shares of the company's stock, valued at approximately $11,542,000. Baker Avenue Asset Management LP owned approximately 0.35% of Eos Energy Enterprises at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Millennium Management LLC raised its holdings in shares of Eos Energy Enterprises by 55.1% in the 1st quarter. Millennium Management LLC now owns 2,522,273 shares of the company's stock worth $9,534,000 after purchasing an additional 896,471 shares in the last quarter. Goldman Sachs Group Inc. raised its holdings in shares of Eos Energy Enterprises by 36.8% in the 1st quarter. Goldman Sachs Group Inc. now owns 3,900,513 shares of the company's stock worth $14,744,000 after purchasing an additional 1,050,128 shares in the last quarter. Envestnet Asset Management Inc. bought a new stake in shares of Eos Energy Enterprises in the 2nd quarter worth approximately $76,000. JPMorgan Chase & Co. bought a new stake in shares of Eos Energy Enterprises in the 2nd quarter worth approximately $5,958,000. Finally, Prudential Financial Inc. bought a new stake in shares of Eos Energy Enterprises in the 2nd quarter worth approximately $144,000. 54.87% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on EOSE. Guggenheim reissued a "neutral" rating and issued a $20.00 target price on shares of Eos Energy Enterprises in a research report on Friday, February 27th. TD Cowen lifted their target price on shares of Eos Energy Enterprises from $7.00 to $8.00 and gave the stock a "hold" rating in a research report on Thursday, May 14th. Weiss Ratings reissued a "sell (d-)" rating on shares of Eos Energy Enterprises in a research report on Tuesday, April 21st. JPMorgan Chase & Co. dropped their target price on shares of 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, Roth Mkm dropped their target price on shares of Eos Energy Enterprises from $12.00 to $6.00 and set a "neutral" rating on the stock in a research report on Friday, February 27th. Two research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $10.94.

Eos Energy Enterprises Trading Down 1.4%

Shares of Eos Energy Enterprises stock opened at $8.61 on Thursday. The firm has a fifty day simple moving average of $6.49 and a 200-day simple moving average of $10.62. Eos Energy Enterprises, Inc. has a 1-year low of $3.69 and a 1-year high of $19.86. The stock has a market capitalization of $2.92 billion, a price-to-earnings ratio of -1.29 and a beta of 2.56.

Eos Energy Enterprises (NASDAQ:EOSE - Get Free Report) last announced its quarterly earnings data on Wednesday, May 13th. The company reported $0.12 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.22) by $0.34. The business had revenue of $56.96 million during the quarter, compared to analyst estimates of $54.32 million. As a group, research analysts predict that Eos Energy Enterprises, Inc. will post -0.8 earnings per share for the current year.

Insider Activity

In other news, Director Alexander Dimitrief purchased 15,000 shares of the business's stock in a transaction that occurred on Monday, March 2nd. The shares were acquired at an average cost of $6.04 per share, for a total transaction of $90,600.00. Following the transaction, the director directly owned 235,221 shares of the company's stock, valued at approximately $1,420,734.84. The trade was a 6.81% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at this link. Also, CEO Joe Mastrangelo bought 23,900 shares of the company's stock in a transaction on Wednesday, March 4th. The shares were bought at an average price of $6.58 per share, for a total transaction of $157,262.00. Following the completion of the acquisition, the chief executive officer directly owned 1,487,126 shares in the company, valued at approximately $9,785,289.08. This trade represents a 1.63% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Over the last 90 days, insiders have acquired 115,150 shares of company stock valued at $692,962. Insiders own 1.73% of the company's stock.

Eos Energy Enterprises Company Profile

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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