State of New Jersey Common Pension Fund D Makes New $1.83 Million Investment in Eos Energy Enterprises, Inc. $EOSE

Key Points

• State of New Jersey Common Pension Fund D initiated a new position in Eos Energy Enterprises, buying 160,004 shares worth about $1.83 million in the fourth quarter.
• Several other institutional investors also increased or started stakes in the company, and institutions now own 54.87% of Eos Energy Enterprises.
• The company reported a wider-than-expected quarterly loss and weaker revenue than analysts forecast, while recent insider buying and mostly neutral-to-bearish analyst ratings suggest mixed sentiment around the stock.

State of New Jersey Common Pension Fund D bought a new stake in shares of Eos Energy Enterprises, Inc. (NASDAQ:EOSE - Free Report) in the 4th quarter, according to the company in its most recent filing with the SEC. The fund bought 160,004 shares of the company's stock, valued at approximately $1,834,000. State of New Jersey Common Pension Fund D owned about 0.06% of Eos Energy Enterprises as of its most recent filing with the SEC.

Other large investors also recently made changes to their positions in the company. 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 worth $9,534,000 after buying an additional 896,471 shares during the period. Goldman Sachs Group Inc. increased its stake in Eos Energy Enterprises by 36.8% in the first quarter. Goldman Sachs Group Inc. now owns 3,900,513 shares of the company's stock valued at $14,744,000 after purchasing an additional 1,050,128 shares in the last quarter. Envestnet Asset Management Inc. bought a new stake in Eos Energy Enterprises in the second quarter valued at approximately $76,000. JPMorgan Chase & Co. acquired a new stake in Eos Energy Enterprises in the second quarter worth $5,958,000. Finally, Prudential Financial Inc. acquired a new stake in Eos Energy Enterprises in the second quarter worth $144,000. Institutional investors and hedge funds own 54.87% of the company's stock.

Eos Energy Enterprises Stock Performance

Shares of EOSE stock opened at $8.01 on Monday. The firm's fifty day moving average price is $6.08 and its two-hundred day moving average price is $11.32. Eos Energy Enterprises, Inc. has a 1 year low of $3.69 and a 1 year high of $19.86. The firm has a market capitalization of $2.72 billion, a P/E ratio of -1.14 and a beta of 2.56.

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

Insider Buying and Selling

In other news, Director Alexander Dimitrief bought 15,000 shares of the company's stock in a transaction dated Monday, March 2nd. The shares were bought at an average cost of $6.04 per share, with a total value of $90,600.00. Following the acquisition, the director owned 235,221 shares in the company, valued at $1,420,734.84. This trade represents a 6.81% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Joe Mastrangelo bought 60,000 shares of the business's stock in a transaction that occurred on Monday, March 2nd. The stock was purchased at an average price of $5.75 per share, with a total value of $345,000.00. Following the completion of the purchase, the chief executive officer directly owned 1,463,226 shares in the company, valued at $8,413,549.50. The trade was a 4.28% increase in their position. The disclosure for this purchase is available in the SEC filing. Over 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.

Wall Street Analyst Weigh In

A number of analysts recently commented on EOSE shares. JPMorgan Chase & Co. lowered their price objective on shares of Eos Energy Enterprises from $9.00 to $6.00 and set a "neutral" rating for the company in a research report on Thursday, April 16th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Eos Energy Enterprises in a report on Tuesday, April 21st. Roth Mkm dropped their price objective on shares of Eos Energy Enterprises from $12.00 to $6.00 and set a "neutral" rating on the stock in a report on Friday, February 27th. Zacks Research raised shares of Eos Energy Enterprises from a "strong sell" rating to a "hold" rating in a research report on Tuesday, April 28th. Finally, Wall Street Zen cut Eos Energy Enterprises from a "sell" rating to a "strong sell" rating in a report on Saturday, April 18th. One research analyst has rated the stock with a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $10.64.

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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