Eos Energy Enterprises, Inc. $EOSE Shares Purchased by Tidal Investments LLC

Key Points

• Tidal Investments increased its Eos Energy Enterprises stake by 151% in the second quarter, owning 649,111 shares worth approximately $3.8 million. Institutional investors and hedge funds collectively own 54.87% of EOSE.
• Eos reported a substantial quarterly loss of $1.20 per share, missing the consensus estimate of a $0.19 loss, although revenue of $68.78 million slightly exceeded expectations.
• Analyst sentiment remains cautious: the stock has an average “Hold” rating and an $8.31 consensus price target, while several firms recently lowered their targets. EOSE opened at $3.82, well below its 12-month high of $19.86.

Tidal Investments LLC lifted its position in shares of Eos Energy Enterprises, Inc. (NASDAQ:EOSE - Free Report) by 151.0% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 649,111 shares of the company's stock after buying an additional 390,461 shares during the period. Tidal Investments LLC owned approximately 0.18% of Eos Energy Enterprises worth $3,817,000 as of its most recent SEC filing.

Other large investors also recently made changes to their positions in the company. Baker Avenue Asset Management LP purchased a new position in Eos Energy Enterprises in the fourth quarter valued at about $11,542,000. Wellington Management Group LLP grew its holdings in Eos Energy Enterprises by 475.8% during the 2nd quarter. Wellington Management Group LLP now owns 1,155,515 shares of the company's stock valued at $6,794,000 after purchasing an additional 954,828 shares in the last quarter. Bank of America Corp DE increased its stake in Eos Energy Enterprises by 89.1% during the 1st quarter. Bank of America Corp DE now owns 1,247,548 shares of the company's stock worth $6,188,000 after buying an additional 587,752 shares during the period. Renaissance Technologies LLC acquired a new position in Eos Energy Enterprises in the 1st quarter worth $9,152,000. Finally, Quantinno Capital Management LP boosted its position in Eos Energy Enterprises by 8,418.9% in the 1st quarter. Quantinno Capital Management LP now owns 1,078,070 shares of the company's stock valued at $5,347,000 after buying an additional 1,065,415 shares during the last quarter. Institutional investors and hedge funds own 54.87% of the company's stock.

Insider Activity

In other Eos Energy Enterprises news, insider Nathan Kroeker sold 110,417 shares of the business's stock in a transaction dated Tuesday, July 28th. The shares were sold at an average price of $3.36, for a total transaction of $371,001.12. Following the sale, the insider directly owned 887,527 shares in the company, valued at approximately $2,982,090.72. The trade was a 11.06% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 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 Michael Silberman sold 14,998 shares of the company's stock in a transaction that occurred on Tuesday, June 30th. The stock was sold at an average price of $5.87, for a total transaction of $88,038.26. Following the completion of the sale, the insider directly owned 298,277 shares of the company's stock, valued at approximately $1,750,885.99. This represents a 4.79% decrease in their ownership of the stock. 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 482,793 shares of company stock worth $1,969,682 in the last 90 days. 1.73% of the stock is currently owned by corporate insiders.

Eos Energy Enterprises Trading Down 3.3%

EOSE opened at $3.82 on Tuesday. Eos Energy Enterprises, Inc. has a twelve month low of $3.01 and a twelve month high of $19.86. The business's 50 day moving average is $3.87 and its 200-day moving average is $5.64. The stock has a market cap of $1.39 billion, a PE ratio of -0.56 and a beta of 2.77.

Eos Energy Enterprises (NASDAQ:EOSE - Get Free Report) last issued its quarterly earnings results on Wednesday, August 5th. The company reported ($1.20) EPS for the quarter, missing analysts' consensus estimates of ($0.19) by ($1.01). The firm had revenue of $68.78 million during the quarter, compared to the consensus estimate of $68.32 million. During the same quarter last year, the business earned ($1.05) earnings per share. As a group, analysts forecast that Eos Energy Enterprises, Inc. will post -0.92 EPS for the current year.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on EOSE. B. Riley Financial dropped their target price on Eos Energy Enterprises from $8.00 to $5.00 and set a "neutral" rating on the stock in a research report on Friday, August 14th. TD Cowen reduced their price target on shares of Eos Energy Enterprises from $8.00 to $4.00 and set a "hold" rating on the stock in a research report on Thursday, August 6th. Stifel Nicolaus decreased their price target on Eos Energy Enterprises from $10.00 to $9.00 and set a "buy" rating for the company in a research note on Thursday, August 6th. Wall Street Zen lowered Eos Energy Enterprises from a "sell" rating to a "strong sell" rating in a report on Saturday, August 8th. Finally, Roth Capital upped their price objective on Eos Energy Enterprises from $4.00 to $4.50 and gave the company a "neutral" rating in a research note on Thursday. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $8.31.

Eos Energy Enterprises Profile

Eos Energy Enterprises, Inc develops and manufactures long-duration energy storage systems designed to support the reliability and flexibility of electric grids. Its technology is based on aqueous zinc battery chemistry, which is intended to provide a non-flammable alternative to conventional lithium-ion batteries for stationary storage applications.

The company's primary product platform is the Eos Z3, a modular battery system designed for utility-scale and other large-scale energy storage projects.

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