Eos Energy Enterprises, Inc. $EOSE Shares Acquired by Vanguard Group Inc.

Key Points

• Vanguard Group increased its stake in Eos Energy Enterprises by 19.8% in the fourth quarter, buying 3.08 million additional shares and bringing its total holding to 18.6 million shares valued at about $213.3 million.
• Insiders have been buying shares, including CEO Joe Mastrangelo and Director David Urban, with $693,000 worth of insider purchases over the last three months.
• The company recently reported weaker-than-expected results, posting a larger-than-forecast loss and lower revenue for the quarter, while analysts mostly rate the stock as a Hold with an average price target of $10.64.

Vanguard Group Inc. lifted its position in shares of Eos Energy Enterprises, Inc. (NASDAQ:EOSE - Free Report) by 19.8% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 18,616,874 shares of the company's stock after purchasing an additional 3,080,012 shares during the quarter. Vanguard Group Inc. owned 6.46% of Eos Energy Enterprises worth $213,349,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Rubric Capital Management LP acquired a new stake in shares of Eos Energy Enterprises during the 3rd quarter valued at about $117,317,000. Goldman Sachs Group Inc. grew its position in shares of Eos Energy Enterprises by 36.8% during the 1st quarter. Goldman Sachs Group Inc. now owns 3,900,513 shares of the company's stock valued at $14,744,000 after acquiring an additional 1,050,128 shares during the period. Bank of America Corp DE grew its position in shares of Eos Energy Enterprises by 43.3% during the 3rd quarter. Bank of America Corp DE now owns 3,071,242 shares of the company's stock valued at $34,981,000 after acquiring an additional 928,389 shares during the period. Millennium Management LLC grew its position in shares of Eos Energy Enterprises by 55.1% during the 1st quarter. Millennium Management LLC now owns 2,522,273 shares of the company's stock valued at $9,534,000 after acquiring an additional 896,471 shares during the period. Finally, Engineers Gate Manager LP acquired a new stake in shares of Eos Energy Enterprises during the 2nd quarter valued at about $11,840,000. Institutional investors and hedge funds own 54.87% of the company's stock.

Insider Buying and Selling

In other news, CEO Joe Mastrangelo acquired 23,900 shares of the stock in a transaction that occurred on Wednesday, March 4th. The shares were bought at an average cost of $6.58 per share, for a total transaction of $157,262.00. Following the acquisition, the chief executive officer owned 1,487,126 shares in the company, valued at approximately $9,785,289.08. This represents a 1.63% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director David Urban bought 16,250 shares of the stock in a transaction on Monday, March 9th. The shares were acquired at an average cost of $6.16 per share, for a total transaction of $100,100.00. Following the purchase, the director owned 62,471 shares in the company, valued at $384,821.36. The trade was a 35.16% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. In the last three months, insiders have bought 115,150 shares of company stock worth $692,962. Insiders own 1.73% of the company's stock.

Eos Energy Enterprises Trading Up 25.9%

EOSE stock opened at $8.01 on Friday. Eos Energy Enterprises, Inc. has a 12-month low of $3.69 and a 12-month high of $19.86. The stock has a market cap of $2.72 billion, a price-to-earnings ratio of -1.14 and a beta of 2.56. The business's 50-day moving average is $6.08 and its 200 day moving average is $11.32.

Eos Energy Enterprises (NASDAQ:EOSE - Get Free Report) last posted its quarterly earnings data on Thursday, February 26th. The company reported ($0.84) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.20) by ($0.64). The company had revenue of $58.00 million during the quarter, compared to the consensus estimate of $93.36 million. As a group, equities analysts forecast that Eos Energy Enterprises, Inc. will post -0.9 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of research firms have recently commented on EOSE. JPMorgan Chase & Co. dropped their target price on 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. B. Riley Financial dropped their price target on shares of Eos Energy Enterprises from $12.00 to $8.00 and set a "neutral" rating on the stock in a research note on Thursday, March 5th. Zacks Research raised shares of Eos Energy Enterprises from a "strong sell" rating to a "hold" rating in a research note on Tuesday, April 28th. Wall Street Zen cut shares of Eos Energy Enterprises from a "sell" rating to a "strong sell" rating in a research note on Saturday, April 18th. Finally, Guggenheim reissued a "neutral" rating and issued a $20.00 price target on shares of Eos Energy Enterprises in a research note on Friday, February 27th. One research analyst has rated the stock with a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and an average target price of $10.64.

Eos Energy Enterprises 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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