Renaissance Technologies LLC Purchases New Holdings in Eos Energy Enterprises, Inc. $EOSE

Renaissance Technologies LLC purchased a new position in shares of Eos Energy Enterprises, Inc. (NASDAQ:EOSE) in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm purchased 1,845,231 shares of the company’s stock, valued at approximately $9,152,000. Renaissance Technologies LLC owned 0.54% of Eos Energy Enterprises at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the business. Millennium Management LLC lifted its holdings in Eos Energy Enterprises by 55.1% in the first quarter. Millennium Management LLC now owns 2,522,273 shares of the company’s stock valued at $9,534,000 after acquiring an additional 896,471 shares during the period. Goldman Sachs Group Inc. grew its position in shares of 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 during the last quarter. Envestnet Asset Management Inc. acquired a new stake in Eos Energy Enterprises during the 2nd quarter valued at $76,000. JPMorgan Chase & Co. acquired a new position in Eos Energy Enterprises in the 2nd quarter valued at about $5,958,000. Finally, Prudential Financial Inc. acquired a new stake in Eos Energy Enterprises during the second quarter worth approximately $144,000. 54.87% of the stock is owned by institutional investors and hedge funds.

Eos Energy Enterprises Stock Performance

NASDAQ EOSE opened at $3.38 on Monday. Eos Energy Enterprises, Inc. has a 1 year low of $3.11 and a 1 year high of $19.86. The company has a market cap of $1.15 billion, a PE ratio of -0.51 and a beta of 2.75. The stock’s 50-day moving average price is $5.85 and its two-hundred day moving average price is $7.89.

Eos Energy Enterprises (NASDAQ:EOSE) last released its quarterly earnings data on Wednesday, May 13th. The company reported $0.12 earnings per share for the quarter, beating the consensus estimate of ($0.22) by $0.34. The company had revenue of $56.96 million during the quarter, compared to analyst estimates of $54.32 million. Research analysts forecast that Eos Energy Enterprises, Inc. will post -0.32 EPS for the current fiscal year.

Analysts Set New Price Targets

EOSE has been the subject of a number of recent analyst reports. Weiss Ratings restated a “sell (d-)” rating on shares of Eos Energy Enterprises in a report on Friday, July 17th. Stifel Nicolaus lowered their price target on shares of Eos Energy Enterprises from $12.00 to $10.00 and set a “buy” rating for the company in a report on Monday, July 13th. Wall Street Zen downgraded Eos Energy Enterprises from a “hold” rating to a “sell” rating in a report on Saturday, July 4th. 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, Needham & Company LLC began coverage on shares of Eos Energy Enterprises in a report on Friday, May 22nd. They set a “buy” rating and a $11.00 target price on the stock. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, Eos Energy Enterprises has an average rating of “Hold” and a consensus target price of $9.17.

Insider Buying and Selling at Eos Energy Enterprises

In related news, insider Michelle Buczkowski sold 11,469 shares of the business’s stock in a transaction that occurred on Tuesday, June 30th. The stock was sold at an average price of $5.87, for a total value of $67,323.03. Following the completion of the sale, the insider owned 59,242 shares of the company’s stock, valued at approximately $347,750.54. The trade was a 16.22% decrease in their position. 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 29,167 shares of the firm’s stock in a transaction that occurred on Tuesday, July 28th. The shares were sold at an average price of $3.36, for a total transaction of $98,001.12. Following the transaction, the chief accounting officer directly owned 202,279 shares in the company, valued at approximately $679,657.44. The trade was a 12.60% decrease in their position. The disclosure for this sale is available in the SEC filing. 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. Insiders sold 456,307 shares of company stock worth $1,882,877 over the last quarter. Insiders own 1.73% of the company’s stock.

About Eos Energy Enterprises

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.