Electron Capital Partners LLC Sells 742,235 Shares of Eos Energy Enterprises, Inc. $EOSE

Key Points

• Electron Capital Partners reduced its Eos Energy Enterprises stake by 12.1%, selling 742,235 shares and retaining 5.38 million shares valued at approximately $26.7 million.
• EOSE shares opened at $3.61, near their 12-month low of $3.36, despite the company beating quarterly earnings and revenue expectations. Analysts maintain a consensus “Hold” rating with a $9.17 price target.
• Company insiders have sold 157,569 shares worth about $839,000 over the past three months, though the reported transactions were conducted under pre-arranged plans to cover tax obligations.

Electron Capital Partners LLC decreased its position in shares of Eos Energy Enterprises, Inc. (NASDAQ:EOSE - Free Report) by 12.1% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 5,379,661 shares of the company's stock after selling 742,235 shares during the period. Eos Energy Enterprises makes up approximately 1.0% of Electron Capital Partners LLC's holdings, making the stock its 23rd largest holding. Electron Capital Partners LLC owned approximately 1.58% of Eos Energy Enterprises worth $26,683,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in EOSE. PNC Financial Services Group Inc. raised its stake in shares of Eos Energy Enterprises by 3,843.8% during the fourth quarter. PNC Financial Services Group Inc. now owns 2,524 shares of the company's stock worth $29,000 after acquiring an additional 2,460 shares in the last quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA grew its holdings in shares of Eos Energy Enterprises by 58.8% during the 4th quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA now owns 2,700 shares of the company's stock valued at $31,000 after purchasing an additional 1,000 shares during the last quarter. Danske Bank A S bought a new position in shares of Eos Energy Enterprises during the 4th quarter valued at $33,000. TD Waterhouse Canada Inc. raised its position in Eos Energy Enterprises by 178.7% in the 4th quarter. TD Waterhouse Canada Inc. now owns 3,119 shares of the company's stock worth $36,000 after purchasing an additional 2,000 shares during the period. Finally, GAMMA Investing LLC lifted its stake in Eos Energy Enterprises by 46.4% in the fourth quarter. GAMMA Investing LLC now owns 3,270 shares of the company's stock worth $37,000 after purchasing an additional 1,036 shares during the last quarter. Institutional investors own 54.87% of the company's stock.

Eos Energy Enterprises Trading Up 4.0%

Shares of Eos Energy Enterprises stock opened at $3.61 on Tuesday. Eos Energy Enterprises, Inc. has a 12-month low of $3.36 and a 12-month high of $19.86. The company has a market cap of $1.23 billion, a P/E ratio of -0.54 and a beta of 2.68. The company's fifty day simple moving average is $6.19 and its two-hundred day simple moving average is $8.21.

Eos Energy Enterprises (NASDAQ:EOSE - Get Free Report) last announced its earnings results on Wednesday, May 13th. The company reported $0.12 earnings per share for the quarter, beating analysts' consensus estimates of ($0.22) by $0.34. The company had revenue of $56.96 million for the quarter, compared to the consensus estimate of $54.32 million. Analysts predict that Eos Energy Enterprises, Inc. will post -0.32 EPS for the current fiscal year.

Insider Activity

In other news, CFO Nathan Kroeker sold 79,309 shares of the stock in a transaction that occurred on Tuesday, July 7th. The stock was sold at an average price of $4.68, for a total value of $371,166.12. Following the completion of the transaction, the chief financial officer owned 777,110 shares of the company's stock, valued at approximately $3,636,874.80. This represents a 9.26% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, 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, insider Michelle Buczkowski sold 11,469 shares of Eos Energy Enterprises stock in a transaction that occurred on Tuesday, June 30th. The shares were sold at an average price of $5.87, for a total value of $67,323.03. Following the sale, the insider owned 59,242 shares in the company, valued at $347,750.54. This represents a 16.22% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 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. In the last three months, insiders have sold 157,569 shares of company stock worth $839,328. Company insiders own 1.73% of the company's stock.

Analyst Upgrades and Downgrades

EOSE has been the subject of several analyst reports. Stifel Nicolaus cut their price target on shares of Eos Energy Enterprises from $12.00 to $10.00 and set a "buy" rating for the company in a research report on Monday, July 13th. Zacks Research raised Eos Energy Enterprises from a "strong sell" rating to a "hold" rating in a research note on Tuesday, April 28th. Truist Financial assumed coverage on Eos Energy Enterprises in a research report on Monday, July 13th. They set a "buy" rating and a $7.00 price target on the stock. JPMorgan Chase & Co. decreased their price target on Eos Energy Enterprises from $9.00 to $6.00 and set a "neutral" rating on the stock in a research note on Thursday, April 16th. Finally, Wall Street Zen downgraded Eos Energy Enterprises from a "hold" rating to a "sell" rating in a research report on Saturday, July 4th. One 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 assigned a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $9.17.

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.

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.