Eos Energy Enterprises (NASDAQ:EOSE) Upgraded to Hold at TD Cowen

TD Cowen upgraded shares of Eos Energy Enterprises (NASDAQ:EOSE) to a hold rating in a research report released on Monday morning,Zacks reports.

Several other research firms have also recently commented on EOSE. Stifel Nicolaus lowered their target price on Eos Energy Enterprises from $10.00 to $9.00 and set a “buy” rating for the company in a research note on Thursday, August 6th. Truist Financial started coverage on Eos Energy Enterprises in a research note on Monday, July 13th. They set a “buy” rating and a $7.00 price target on the stock. Wall Street Zen cut Eos Energy Enterprises from a “sell” rating to a “strong sell” rating in a report on Saturday, August 8th. B. Riley Financial lowered their price objective on Eos Energy Enterprises from $8.00 to $5.00 and set a “neutral” rating for the company in a research report on Friday, August 14th. Finally, Roth Capital boosted their price objective on Eos Energy Enterprises from $4.00 to $4.50 and gave the stock a “neutral” rating in a report on Thursday, September 10th. One equities research 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 assigned a Sell rating to the company. According to MarketBeat, Eos Energy Enterprises currently has a consensus rating of “Hold” and an average price target of $8.19.

Eos Energy Enterprises Trading Up 1.9%

Shares of EOSE stock opened at $3.27 on Monday. Eos Energy Enterprises has a 1 year low of $2.96 and a 1 year high of $19.86. The firm’s 50 day moving average is $3.68 and its 200-day moving average is $5.33. The firm has a market capitalization of $1.19 billion, a price-to-earnings ratio of -0.48 and a beta of 2.88.

Eos Energy Enterprises (NASDAQ:EOSE) last released its quarterly earnings results on Wednesday, August 5th. The company reported ($1.20) EPS for the quarter, missing the consensus estimate of ($0.19) by ($1.01). The firm had revenue of $68.78 million for the quarter, compared to analyst estimates of $68.32 million. During the same quarter in the prior year, the business earned ($1.05) earnings per share. On average, equities research analysts forecast that Eos Energy Enterprises will post -1.28 earnings per share for the current fiscal year.

Insider Buying and Selling at Eos Energy Enterprises

In related news, CEO Joe Mastrangelo sold 250,000 shares of Eos Energy Enterprises stock in a transaction on Wednesday, September 16th. The stock was sold at an average price of $3.92, for a total transaction of $980,000.00. Following the completion of the sale, the chief executive officer directly owned 2,308,704 shares of the company’s stock, valued at $9,050,119.68. The trade was a 9.77% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at 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, Director Haiyan Song acquired 10,000 shares of the firm’s stock in a transaction that occurred on Friday, September 11th. The shares were bought at an average cost of $3.95 per share, with a total value of $39,500.00. Following the completion of the purchase, the director owned 10,000 shares of the company’s stock, valued at $39,500. This trade represents a ∞ increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Over the last 90 days, insiders have sold 626,655 shares of company stock worth $2,336,158. 1.73% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Eos Energy Enterprises

Hedge funds have recently added to or reduced their stakes in the stock. Sequoia Financial Advisors LLC acquired a new position in shares of Eos Energy Enterprises during the 2nd quarter worth about $117,000. Tidal Investments LLC raised its position in shares of Eos Energy Enterprises by 151.0% in the 2nd quarter. Tidal Investments LLC now owns 649,111 shares of the company’s stock valued at $3,817,000 after acquiring an additional 390,461 shares during the period. WINTON GROUP Ltd acquired a new stake in shares of Eos Energy Enterprises in the 2nd quarter valued at approximately $920,000. Baird Financial Group Inc. raised its position in shares of Eos Energy Enterprises by 9.4% in the 2nd quarter. Baird Financial Group Inc. now owns 863,479 shares of the company’s stock valued at $5,077,000 after acquiring an additional 74,338 shares during the period. Finally, Allworth Financial LP boosted its stake in Eos Energy Enterprises by 198.6% during the 2nd quarter. Allworth Financial LP now owns 4,300 shares of the company’s stock worth $25,000 after acquiring an additional 2,860 shares during the last quarter. 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 electric grid and renewable energy projects. Its technology is based on aqueous zinc battery chemistry, which is intended to provide a safer, nonflammable alternative to conventional lithium-ion systems for stationary energy storage.

The company’s primary product is the Eos Z3 energy storage system, a modular, utility-scale battery platform designed for applications such as renewable energy integration, grid resilience, peak-load management, and microgrids.