Eos Energy Enterprises (NASDAQ:EOSE) Shares Up 8.5% – Here’s Why

Eos Energy Enterprises, Inc. (NASDAQ:EOSE)’s stock price shot up 8.5% during mid-day trading on Thursday . The company traded as high as $16.03 and last traded at $16.0420. 14,295,915 shares were traded during mid-day trading, an increase of 0% from the average session volume of 14,282,180 shares. The stock had previously closed at $14.79.

Wall Street Analyst Weigh In

EOSE has been the subject of a number of recent research reports. Zacks Research downgraded shares of Eos Energy Enterprises from a “hold” rating to a “strong sell” rating in a report on Wednesday, October 29th. Guggenheim lifted their target price on Eos Energy Enterprises from $10.00 to $20.00 and gave the company a “buy” rating in a report on Wednesday, October 22nd. B. Riley upped their price target on Eos Energy Enterprises from $8.00 to $12.00 and gave the stock a “neutral” rating in a research note on Tuesday, November 11th. Roth Capital set a $12.00 price target on shares of Eos Energy Enterprises and gave the company a “neutral” rating in a report on Wednesday, October 22nd. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Eos Energy Enterprises in a research note on Wednesday, October 8th. Two research analysts have rated the stock with a Buy rating, six have given a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $11.93.

Eos Energy Enterprises Stock Performance

The firm has a market capitalization of $4.28 billion, a P/E ratio of -1.78 and a beta of 2.15. The stock has a fifty day moving average price of $14.98 and a two-hundred day moving average price of $9.35.

Eos Energy Enterprises (NASDAQ:EOSE) last announced its quarterly earnings data on Wednesday, November 5th. The company reported ($2.77) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.31) by ($2.46). The company had revenue of $30.51 million for the quarter, compared to analyst estimates of $39.55 million. As a group, research analysts anticipate that Eos Energy Enterprises, Inc. will post -2.54 earnings per share for the current fiscal year.

Insider Transactions at Eos Energy Enterprises

In other news, Director Russell Monoki Stidolph sold 500,000 shares of the business’s stock in a transaction that occurred on Friday, December 5th. The stock was sold at an average price of $14.99, for a total transaction of $7,495,000.00. Following the completion of the transaction, the director directly owned 2,153,272 shares in the company, valued at approximately $32,277,547.28. The trade was a 18.84% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Marian Walters sold 50,000 shares of the stock in a transaction that occurred on Thursday, December 4th. The stock was sold at an average price of $15.81, for a total value of $790,500.00. Following the completion of the transaction, the director directly owned 135,334 shares of the company’s stock, valued at $2,139,630.54. This trade represents a 26.98% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 816,134 shares of company stock valued at $12,262,335 over the last three months. 3.30% of the stock is currently owned by company insiders.

Institutional Trading of Eos Energy Enterprises

Several institutional investors have recently modified their holdings of EOSE. Farther Finance Advisors LLC lifted its stake in Eos Energy Enterprises by 33.0% in the 3rd quarter. Farther Finance Advisors LLC now owns 3,325 shares of the company’s stock worth $38,000 after acquiring an additional 825 shares in the last quarter. Diversify Advisory Services LLC boosted its holdings in shares of Eos Energy Enterprises by 6.5% during the third quarter. Diversify Advisory Services LLC now owns 17,124 shares of the company’s stock worth $195,000 after purchasing an additional 1,049 shares during the period. Investment Advisory Group LLC boosted its holdings in shares of Eos Energy Enterprises by 7.0% during the third quarter. Investment Advisory Group LLC now owns 23,000 shares of the company’s stock worth $262,000 after purchasing an additional 1,500 shares during the period. Copia Wealth Management grew its position in Eos Energy Enterprises by 54.7% during the third quarter. Copia Wealth Management now owns 4,796 shares of the company’s stock valued at $55,000 after purchasing an additional 1,696 shares in the last quarter. Finally, SBI Securities Co. Ltd. increased its stake in Eos Energy Enterprises by 23.6% in the 2nd quarter. SBI Securities Co. Ltd. now owns 12,444 shares of the company’s stock valued at $64,000 after buying an additional 2,379 shares during the period. Institutional investors and hedge funds own 54.87% of the company’s stock.

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.