Eos Energy Enterprises, Inc. $EOSE Shares Bought by Wellington Management Group LLP

Key Points

• Wellington Management increased its Eos Energy Enterprises stake by 475.8% in the second quarter, purchasing 954,828 additional shares and ending with 1.16 million shares worth approximately $6.8 million. Institutional investors collectively own 54.87% of the company.
• Analyst sentiment remains mixed, with a consensus “Hold” rating and an average price target of $8.25; ratings range from Strong Buy to Strong Sell.
• Eos reported a quarterly loss of $1.20 per share, significantly wider than the expected $0.19 loss, despite revenue of $68.78 million slightly exceeding estimates. Company insiders sold 448,626 shares worth roughly $1.83 million over the last 90 days.

Wellington Management Group LLP raised its stake in shares of Eos Energy Enterprises, Inc. (NASDAQ:EOSE - Free Report) by 475.8% in the second quarter, according to its most recent 13F filing with the SEC. The fund owned 1,155,515 shares of the company's stock after buying an additional 954,828 shares during the period. Wellington Management Group LLP owned about 0.32% of Eos Energy Enterprises worth $6,794,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. PNC Financial Services Group Inc. grew its holdings in 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 during the period. Towarzystwo Funduszy Inwestycyjnych PZU SA boosted its position in Eos Energy Enterprises by 58.8% in the 4th quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA now owns 2,700 shares of the company's stock worth $31,000 after purchasing an additional 1,000 shares in the last quarter. Caitong International Asset Management Co. Ltd grew its stake in shares of Eos Energy Enterprises by 33.1% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 5,732 shares of the company's stock worth $66,000 after purchasing an additional 1,425 shares during the period. Los Angeles Capital Management LLC purchased a new position in shares of Eos Energy Enterprises during the 4th quarter valued at approximately $94,000. Finally, Global Retirement Partners LLC lifted its stake in shares of Eos Energy Enterprises by 52.2% in the 4th quarter. Global Retirement Partners LLC now owns 9,130 shares of the company's stock valued at $105,000 after purchasing an additional 3,130 shares during the period. Institutional investors and hedge funds own 54.87% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on EOSE shares. Needham & Company LLC initiated coverage on shares of Eos Energy Enterprises in a report on Friday, May 22nd. They issued a "buy" rating and a $11.00 price objective for the company. Weiss Ratings restated a "sell (d-)" rating on shares of Eos Energy Enterprises in a research report on Friday, July 17th. Truist Financial assumed coverage on Eos Energy Enterprises in a research note on Monday, July 13th. They issued a "buy" rating and a $7.00 price target for the company. Stifel Nicolaus reduced their price objective on shares of Eos Energy Enterprises from $10.00 to $9.00 and set a "buy" rating for the company in a research report on Thursday, August 6th. Finally, Wall Street Zen lowered shares of Eos Energy Enterprises from a "sell" rating to a "strong sell" rating in a research note on Saturday, August 8th. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Eos Energy Enterprises has a consensus rating of "Hold" and an average target price of $8.25.

Eos Energy Enterprises Trading Up 10.8%

EOSE opened at $4.30 on Wednesday. Eos Energy Enterprises, Inc. has a twelve month low of $3.01 and a twelve month high of $19.86. The firm has a market capitalization of $1.57 billion, a PE ratio of -0.63 and a beta of 2.77. The firm's 50-day moving average price is $3.97 and its 200 day moving average price is $5.84.

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

Insider Activity

In other Eos Energy Enterprises news, CEO Joe Mastrangelo sold 159,154 shares of the company's stock in a transaction on Monday, July 27th. The stock was sold at an average price of $3.61, for a total value of $574,545.94. Following the completion of the sale, the chief executive officer directly owned 1,947,586 shares in the company, valued at $7,030,785.46. This represents a 7.55% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Michelle Buczkowski sold 11,469 shares of Eos Energy Enterprises stock in a transaction on Tuesday, June 30th. The stock was sold at an average price of $5.87, for a total value of $67,323.03. Following the transaction, the insider owned 59,242 shares in the company, valued at approximately $347,750.54. This represents a 16.22% decrease in their position. The disclosure for this sale is available in the SEC filing. 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 a total of 448,626 shares of company stock valued at $1,828,572 in the last 90 days. 1.73% of the stock is 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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