Eos Energy Enterprises, Inc. (NASDAQ:EOSE) Receives $10.94 Consensus Target Price from Brokerages

Shares of Eos Energy Enterprises, Inc. (NASDAQ:EOSE) have received a consensus recommendation of “Hold” from the ten analysts that are presently covering the firm, MarketBeat.com reports. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and two have assigned a buy rating to the company. The average 1 year price target among brokerages that have issued a report on the stock in the last year is $10.9375.

EOSE has been the subject of several recent analyst reports. TD Cowen increased their price objective on shares of Eos Energy Enterprises from $7.00 to $8.00 and gave the stock a “hold” rating in a research report on Thursday, May 14th. JPMorgan Chase & Co. dropped their target price on shares of Eos Energy Enterprises from $9.00 to $6.00 and set a “neutral” rating on the stock in a report on Thursday, April 16th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Eos Energy Enterprises in a research report on Tuesday, April 21st. Wall Street Zen downgraded Eos Energy Enterprises from a “hold” rating to a “sell” rating in a report on Saturday. Finally, Zacks Research raised Eos Energy Enterprises from a “strong sell” rating to a “hold” rating in a research report on Tuesday, April 28th.

Eos Energy Enterprises Price Performance

Shares of EOSE stock opened at $4.73 on Friday. The business’s 50 day simple moving average is $7.09 and its 200 day simple moving average is $9.02. Eos Energy Enterprises has a one year low of $4.37 and a one year high of $19.86. The stock has a market capitalization of $1.61 billion, a PE ratio of -0.71 and a beta of 2.68.

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, beating analysts’ consensus estimates of ($0.22) by $0.34. The firm had revenue of $56.96 million for the quarter, compared to analyst estimates of $54.32 million. As a group, research analysts expect that Eos Energy Enterprises will post -0.31 earnings per share for the current year.

Insider Activity at Eos Energy Enterprises

In related news, CFO Nathan Kroeker sold 79,309 shares of the stock in a transaction on Tuesday, July 7th. The shares were sold at an average price of $4.68, for a total transaction of $371,166.12. Following the transaction, the chief financial officer directly owned 777,110 shares of the company’s stock, valued at $3,636,874.80. This represents a 9.26% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 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 8,823 shares of the firm’s stock in a transaction on Tuesday, June 30th. The stock was sold at an average price of $5.86, for a total transaction of $51,702.78. Following the completion of the sale, the chief accounting officer owned 173,112 shares of the company’s stock, valued at $1,014,436.32. The trade was a 4.85% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 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 have sold 157,569 shares of company stock worth $839,328 over the last quarter. 1.73% of the stock is owned by company insiders.

Hedge Funds Weigh In On Eos Energy Enterprises

Several institutional investors have recently made changes to their positions in the stock. Millennium Management LLC boosted its position in shares of Eos Energy Enterprises by 55.1% during the 1st quarter. Millennium Management LLC now owns 2,522,273 shares of the company’s stock worth $9,534,000 after purchasing an additional 896,471 shares in the last quarter. Goldman Sachs Group Inc. raised its stake in Eos Energy Enterprises by 36.8% during the 1st quarter. Goldman Sachs Group Inc. now owns 3,900,513 shares of the company’s stock worth $14,744,000 after buying an additional 1,050,128 shares during the period. Envestnet Asset Management Inc. acquired a new position in Eos Energy Enterprises during the 2nd quarter worth approximately $76,000. JPMorgan Chase & Co. bought a new position in Eos Energy Enterprises in the second quarter worth approximately $5,958,000. Finally, Prudential Financial Inc. bought a new position in Eos Energy Enterprises in the second quarter worth approximately $144,000. Institutional investors and hedge funds own 54.87% 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.