DNB Asset Management AS Lowers Holdings in Eos Energy Enterprises, Inc. $EOSE

Key Points

• DNB Asset Management AS cut its Eos Energy Enterprises stake by 48.7% in the fourth quarter, selling 503,552 shares and leaving it with 530,534 shares worth about $6.08 million.
• Analyst sentiment remains cautious, with the stock carrying a consensus “Hold” rating and an average price target of $10.93; several firms recently lowered targets to $6.00.
• Eos Energy reported better-than-expected quarterly results, posting EPS of $0.12 versus an expected loss and revenue of $56.96 million, while insiders have also been buying shares in recent months.

DNB Asset Management AS trimmed its position in Eos Energy Enterprises, Inc. (NASDAQ:EOSE - Free Report) by 48.7% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 530,534 shares of the company's stock after selling 503,552 shares during the period. DNB Asset Management AS owned approximately 0.18% of Eos Energy Enterprises worth $6,080,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of EOSE. Millennium Management LLC grew its position in Eos Energy Enterprises by 55.1% in the 1st quarter. Millennium Management LLC now owns 2,522,273 shares of the company's stock valued at $9,534,000 after buying an additional 896,471 shares during the last quarter. Goldman Sachs Group Inc. grew its position in 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 valued at $14,744,000 after buying an additional 1,050,128 shares during the last quarter. Envestnet Asset Management Inc. purchased a new position in Eos Energy Enterprises in the 2nd quarter valued at $76,000. JPMorgan Chase & Co. purchased a new position in Eos Energy Enterprises in the 2nd quarter valued at $5,958,000. Finally, Prudential Financial Inc. purchased a new position in Eos Energy Enterprises in the 2nd quarter valued at $144,000. 54.87% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts have commented on EOSE shares. Wall Street Zen upgraded shares of Eos Energy Enterprises from a "strong sell" rating to a "hold" rating in a research report on Saturday. JPMorgan Chase & Co. decreased 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. Guggenheim restated a "neutral" rating and set a $20.00 target price on shares of Eos Energy Enterprises in a research report on Friday, February 27th. Roth Mkm decreased 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. Finally, Weiss Ratings restated a "sell (d-)" rating on shares of Eos Energy Enterprises in a research report on Tuesday, April 21st. One equities research analyst has 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. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $10.93.

Eos Energy Enterprises Stock Down 5.5%

NASDAQ:EOSE opened at $7.43 on Tuesday. The company has a market capitalization of $2.52 billion, a PE ratio of -1.11 and a beta of 2.56. Eos Energy Enterprises, Inc. has a 52-week low of $3.69 and a 52-week high of $19.86. The stock has a fifty day simple moving average of $6.23 and a 200-day simple moving average of $10.96.

Eos Energy Enterprises (NASDAQ:EOSE - Get Free Report) last released its quarterly earnings results on Wednesday, May 13th. The company reported $0.12 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.22) by $0.34. The firm had revenue of $56.96 million for the quarter, compared to analyst estimates of $54.32 million. As a group, equities analysts anticipate that Eos Energy Enterprises, Inc. will post -0.8 earnings per share for the current year.

Insider Transactions at Eos Energy Enterprises

In other news, Director David Urban purchased 16,250 shares of the business's stock in a transaction dated Monday, March 9th. The stock was acquired at an average price of $6.16 per share, with a total value of $100,100.00. Following the purchase, the director directly owned 62,471 shares of the company's stock, valued at $384,821.36. This represents a 35.16% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Joe Mastrangelo purchased 60,000 shares of the business's stock in a transaction dated Monday, March 2nd. The shares were purchased at an average cost of $5.75 per share, with a total value of $345,000.00. Following the purchase, the chief executive officer directly owned 1,463,226 shares in the company, valued at approximately $8,413,549.50. The trade was a 4.28% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders bought 115,150 shares of company stock valued at $692,962 in the last 90 days. 1.73% of the stock is currently owned by insiders.

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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