Eos Energy Enterprises (NASDAQ:EOSE) Shares Up 6.1% – Here’s What Happened

Eos Energy Enterprises, Inc. (NASDAQ:EOSE) shares were up 6.1% during mid-day trading on Friday . The stock traded as high as $3.32 and last traded at $3.32. Approximately 2,425,262 shares were traded during trading, a decline of 64% from the average daily volume of 6,703,535 shares. The stock had previously closed at $3.13.

Analyst Ratings Changes

Separately, Stifel Nicolaus reaffirmed a “buy” rating and set a $6.00 target price on shares of Eos Energy Enterprises in a research note on Wednesday, August 21st. Two investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, Eos Energy Enterprises presently has an average rating of “Moderate Buy” and a consensus target price of $3.67.

Eos Energy Enterprises Stock Performance

The firm’s 50 day simple moving average is $2.72 and its 200-day simple moving average is $1.72. The company has a market cap of $695.15 million, a price-to-earnings ratio of -2.14 and a beta of 2.40.

Eos Energy Enterprises (NASDAQ:EOSE) last announced its quarterly earnings results on Tuesday, August 6th. The company reported ($0.30) earnings per share for the quarter, missing the consensus estimate of ($0.19) by ($0.11). The firm had revenue of $0.90 million for the quarter, compared to analysts’ expectations of $4.38 million. As a group, sell-side analysts expect that Eos Energy Enterprises, Inc. will post -0.78 EPS for the current fiscal year.

Insider Activity

In other news, CEO Joe Mastrangelo purchased 52,800 shares of the stock in a transaction dated Friday, August 9th. The shares were purchased at an average price of $1.43 per share, with a total value of $75,504.00. Following the transaction, the chief executive officer now owns 909,793 shares in the company, valued at $1,301,003.99. The trade was a 0.00 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, CEO Joe Mastrangelo acquired 52,800 shares of Eos Energy Enterprises stock in a transaction that occurred on Friday, August 9th. The shares were purchased at an average cost of $1.43 per share, for a total transaction of $75,504.00. Following the acquisition, the chief executive officer now owns 909,793 shares in the company, valued at approximately $1,301,003.99. This represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Jeffrey S. Bornstein sold 30,000 shares of the business’s stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $2.62, for a total transaction of $78,600.00. Following the completion of the sale, the director now owns 84,929 shares in the company, valued at approximately $222,513.98. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 4.06% of the company’s stock.

Institutional Trading of Eos Energy Enterprises

Several institutional investors and hedge funds have recently bought and sold shares of EOSE. Ground Swell Capital LLC purchased a new stake in Eos Energy Enterprises in the 2nd quarter valued at about $34,000. Scientech Research LLC purchased a new stake in Eos Energy Enterprises in the 2nd quarter valued at about $36,000. Price T Rowe Associates Inc. MD raised its holdings in Eos Energy Enterprises by 74.4% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 43,930 shares of the company’s stock valued at $46,000 after buying an additional 18,735 shares during the period. Venture Visionary Partners LLC purchased a new stake in Eos Energy Enterprises in the 3rd quarter valued at about $59,000. Finally, Duncan Williams Asset Management LLC purchased a new stake in Eos Energy Enterprises during the third quarter worth about $62,000. 54.87% of the stock is currently owned by hedge funds and other institutional investors.

About Eos Energy Enterprises

Eos Energy Enterprises, Inc designs, manufactures, and markets zinc-based energy storage solutions for utility-scale, microgrid, and commercial and industrial (C&I) applications in the United States. The company offers Znyth technology battery energy storage system (BESS), which provides the operating flexibility to manage increased grid complexity and price volatility.