Eos Energy Enterprises (NASDAQ:EOSE) Stock Jumps 5% - Here's Why

Key Points

• Eos Energy Enterprises shares rose 5% to about $3.23, although trading volume was significantly below the stock’s average.
• Analyst sentiment remains mixed: the stock has an average “Hold” rating and an average price target of $8.19, with targets ranging from $4.50 to $7.00 among recent coverage.
• The company reported a quarterly loss of $1.20 per share, missing the $0.19-per-share consensus estimate, despite revenue of $68.78 million slightly exceeding expectations.

Shares of Eos Energy Enterprises, Inc. (NASDAQ:EOSE - Get Free Report) were up 5% during trading on Tuesday. The company traded as high as $3.20 and last traded at $3.2250. Approximately 3,664,841 shares traded hands during mid-day trading, a decline of 86% from the average daily volume of 25,726,811 shares. The stock had previously closed at $3.07.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on EOSE. B. Riley Financial decreased their price target on shares of Eos Energy Enterprises from $8.00 to $5.00 and set a "neutral" rating for the company in a research note on Friday, August 14th. Weiss Ratings restated a "sell (d-)" rating on shares of Eos Energy Enterprises in a report on Friday, July 17th. Roth Capital boosted their price target on shares of Eos Energy Enterprises from $4.00 to $4.50 and gave the company a "neutral" rating in a report on Thursday, September 10th. Truist Financial began coverage on Eos Energy Enterprises in a report on Monday, July 13th. They set a "buy" rating and a $7.00 target price for the company. Finally, Wall Street Zen cut Eos Energy Enterprises from a "sell" rating to a "strong sell" rating in a research report on Saturday, August 8th. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $8.19.

Eos Energy Enterprises Stock Up 2.8%

The stock has a market cap of $1.15 billion, a price-to-earnings ratio of -0.46 and a beta of 2.77. The stock's 50 day moving average price is $3.75 and its two-hundred day moving average price is $5.43.

Eos Energy Enterprises (NASDAQ:EOSE - Get Free Report) last posted its earnings results on Wednesday, August 5th. The company reported ($1.20) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.19) by ($1.01). The company had revenue of $68.78 million for the quarter, compared to analysts' expectations of $68.32 million. During the same period in the prior year, the company posted ($1.05) EPS. On average, analysts predict that Eos Energy Enterprises, Inc. will post -1.28 earnings per share for the current fiscal year.

Insider Buying and Selling at Eos Energy Enterprises

In related news, insider Nathan Kroeker sold 110,417 shares of Eos Energy Enterprises stock in a transaction that occurred on Tuesday, July 28th. The stock was sold at an average price of $3.36, for a total transaction of $371,001.12. Following the transaction, the insider owned 887,527 shares in the company, valued at approximately $2,982,090.72. This trade represents a 11.06% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, 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, CAO Sumeet Puri sold 43,750 shares of the business's stock in a transaction dated Wednesday, September 16th. The shares were sold at an average price of $3.92, for a total transaction of $171,500.00. Following the completion of the transaction, the chief accounting officer owned 280,195 shares in the company, valued at $1,098,364.40. The trade was a 13.51% 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. Over the last 90 days, insiders sold 705,964 shares of company stock valued at $2,707,324. Company insiders own 1.73% of the company's stock.

Hedge Funds Weigh In On Eos Energy Enterprises

A number of institutional investors and hedge funds have recently modified their holdings of the company. Renaissance Technologies LLC acquired a new position in shares of Eos Energy Enterprises in the 1st quarter valued at $9,152,000. Quantinno Capital Management LP grew 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. Geode Capital Management LLC raised its position in Eos Energy Enterprises by 16.1% during the 4th quarter. Geode Capital Management LLC now owns 7,205,507 shares of the company's stock worth $82,587,000 after buying an additional 998,332 shares during the last quarter. Wellington Management Group LLP boosted its holdings in shares of Eos Energy Enterprises by 475.8% in the second quarter. Wellington Management Group LLP now owns 1,155,515 shares of the company's stock valued at $6,794,000 after acquiring an additional 954,828 shares in the last quarter. Finally, Bank of New York Mellon Corp acquired a new position in Eos Energy Enterprises during the second quarter worth $5,530,000. Institutional investors and hedge funds own 54.87% of the company's stock.

About Eos Energy Enterprises

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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