Geode Capital Management LLC Boosts Position in Eos Energy Enterprises, Inc. $EOSE

Geode Capital Management LLC raised its stake in shares of Eos Energy Enterprises, Inc. (NASDAQ:EOSE) by 16.1% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 7,205,507 shares of the company’s stock after buying an additional 998,332 shares during the quarter. Geode Capital Management LLC owned about 2.50% of Eos Energy Enterprises worth $82,587,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in EOSE. PNC Financial Services Group Inc. grew its holdings in Eos Energy Enterprises by 3,843.8% during the 4th quarter. PNC Financial Services Group Inc. now owns 2,524 shares of the company’s stock valued at $29,000 after buying an additional 2,460 shares in the last quarter. Danske Bank A S purchased a new position in Eos Energy Enterprises during the 4th quarter valued at about $33,000. TD Waterhouse Canada Inc. grew its holdings in Eos Energy Enterprises by 178.7% during the 4th quarter. TD Waterhouse Canada Inc. now owns 3,119 shares of the company’s stock valued at $36,000 after buying an additional 2,000 shares in the last quarter. GAMMA Investing LLC grew its holdings in Eos Energy Enterprises by 46.4% during the 4th quarter. GAMMA Investing LLC now owns 3,270 shares of the company’s stock valued at $37,000 after buying an additional 1,036 shares in the last quarter. Finally, FNY Investment Advisers LLC grew its holdings in Eos Energy Enterprises by 27,450.0% during the 4th quarter. FNY Investment Advisers LLC now owns 3,857 shares of the company’s stock valued at $44,000 after buying an additional 3,843 shares in the last quarter. Hedge funds and other institutional investors own 54.87% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the company. Guggenheim reaffirmed a “neutral” rating and set a $20.00 target price on shares of Eos Energy Enterprises in a report on Friday, February 27th. Wall Street Zen raised Eos Energy Enterprises from a “strong sell” rating to a “hold” rating in a report on Saturday, May 16th. Zacks Research raised Eos Energy Enterprises from a “strong sell” rating to a “hold” rating in a report on Tuesday, April 28th. JPMorgan Chase & Co. cut their price objective on Eos Energy Enterprises from $9.00 to $6.00 and set a “neutral” rating for the company in a report on Thursday, April 16th. Finally, Roth Mkm cut their price objective on Eos Energy Enterprises from $12.00 to $6.00 and set a “neutral” rating for the company in a report on Friday, February 27th. Two research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, Eos Energy Enterprises currently has an average rating of “Hold” and a consensus target price of $10.94.

Insiders Place Their Bets

In related news, Director Marian Walters sold 7,681 shares of the business’s stock in a transaction that occurred on Tuesday, May 19th. The stock was sold at an average price of $7.07, for a total value of $54,304.67. Following the completion of the sale, the director owned 135,334 shares in the company, valued at $956,811.38. The trade was a 5.37% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 1.73% of the stock is owned by insiders.

Eos Energy Enterprises Price Performance

NASDAQ:EOSE opened at $7.08 on Monday. The business has a 50 day moving average of $6.93 and a 200 day moving average of $10.22. The company has a market capitalization of $2.40 billion, a price-to-earnings ratio of -1.06 and a beta of 2.62. Eos Energy Enterprises, Inc. has a 1-year low of $3.81 and a 1-year high of $19.86.

Eos Energy Enterprises (NASDAQ:EOSE) last released its earnings results on Wednesday, May 13th. The company reported $0.12 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.22) by $0.34. The firm had revenue of $56.96 million during the quarter, compared to the consensus estimate of $54.32 million. As a group, sell-side analysts anticipate that Eos Energy Enterprises, Inc. will post -0.31 EPS for the current year.

Eos Energy Enterprises 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.