Bank of America Corp DE Raises Stock Position in Eos Energy Enterprises, Inc. $EOSE

Key Points

• Bank of America increased its Eos Energy Enterprises stake by 89.1% in the first quarter, adding 587,752 shares to own 1.25 million shares worth approximately $6.2 million. Institutional investors collectively own 54.87% of EOSE.
• EOSE reported a quarterly loss of $1.20 per share, substantially worse than analysts’ expected $0.19 loss, although revenue of $68.78 million slightly exceeded expectations.
• The stock opened at $3.34, near its one-year low of $3.11. Analysts maintain a consensus “Hold” rating with an average price target of $8.06, despite mixed recommendations and recent target-price cuts.

Bank of America Corp DE lifted its stake in Eos Energy Enterprises, Inc. (NASDAQ:EOSE - Free Report) by 89.1% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,247,548 shares of the company's stock after buying an additional 587,752 shares during the quarter. Bank of America Corp DE owned approximately 0.37% of Eos Energy Enterprises worth $6,188,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of EOSE. State of New Jersey Common Pension Fund D acquired a new stake in shares of Eos Energy Enterprises during the fourth quarter worth about $1,834,000. Baker Avenue Asset Management LP acquired a new position in Eos Energy Enterprises in the 4th quarter worth approximately $11,542,000. Vanguard Group Inc. increased its holdings in Eos Energy Enterprises by 19.8% in the 4th quarter. Vanguard Group Inc. now owns 18,616,874 shares of the company's stock worth $213,349,000 after buying an additional 3,080,012 shares during the period. Renaissance Technologies LLC purchased a new position in Eos Energy Enterprises during the 1st quarter worth approximately $9,152,000. Finally, Quantinno Capital Management LP raised its position in Eos Energy Enterprises by 8,418.9% during the 1st quarter. Quantinno Capital Management LP now owns 1,078,070 shares of the company's stock worth $5,347,000 after buying an additional 1,065,415 shares during the last quarter. Institutional investors own 54.87% of the company's stock.

Insider Buying and Selling

In related news, insider Michelle Buczkowski sold 11,469 shares of the business's stock in a transaction on Tuesday, June 30th. The shares were sold at an average price of $5.87, for a total transaction of $67,323.03. Following the completion of the transaction, the insider owned 59,242 shares in the company, valued at approximately $347,750.54. The trade was a 16.22% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CAO Sumeet Puri sold 29,167 shares of the stock in a transaction on Tuesday, July 28th. The shares were sold at an average price of $3.36, for a total value of $98,001.12. Following the completion of the transaction, the chief accounting officer directly owned 202,279 shares in the company, valued at $679,657.44. This trade represents a 12.60% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 448,626 shares of company stock worth $1,828,572 over the last ninety days. Company insiders own 1.73% of the company's stock.

Eos Energy Enterprises Stock Performance

EOSE stock opened at $3.34 on Thursday. The firm has a market cap of $1.22 billion, a PE ratio of -0.49 and a beta of 2.75. The firm's 50 day moving average price is $4.52 and its 200-day moving average price is $6.36. Eos Energy Enterprises, Inc. has a one year low of $3.11 and a one year high of $19.86.

Eos Energy Enterprises (NASDAQ:EOSE - Get Free Report) last posted its quarterly earnings data on Wednesday, August 5th. The company reported ($1.20) earnings per share for the quarter, missing analysts' consensus estimates of ($0.19) by ($1.01). The company had revenue of $68.78 million for the quarter, compared to analysts' expectations of $68.32 million. During the same period in the prior year, the firm earned ($1.05) earnings per share. Equities research analysts predict that Eos Energy Enterprises, Inc. will post -0.91 EPS for the current fiscal year.

Analysts Set New Price Targets

EOSE has been the subject of a number of recent research reports. Needham & Company LLC began coverage on Eos Energy Enterprises in a research note on Friday, May 22nd. They set a "buy" rating and a $11.00 price objective for the company. B. Riley Financial lowered their target price on Eos Energy Enterprises from $8.00 to $5.00 and set a "neutral" rating on the stock in a research note on Friday, August 14th. Stifel Nicolaus dropped their target price on Eos Energy Enterprises from $10.00 to $9.00 and set a "buy" rating on the stock in a report on Thursday, August 6th. Wall Street Zen cut Eos Energy Enterprises from a "sell" rating to a "strong sell" rating in a research report on Saturday, August 8th. Finally, Weiss Ratings reissued a "sell (d-)" rating on shares of Eos Energy Enterprises in a report on Friday, July 17th. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $8.06.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.