Eos Energy Enterprises (NASDAQ:EOSE) Stock Sees Heavy Call Option Buying

Eos Energy Enterprises, Inc. (NASDAQ:EOSE) saw some unusual options trading on Wednesday. Stock traders acquired 74,512 call options on the stock. This is an increase of approximately 50% compared to the typical daily volume of 49,558 call options.

Eos Energy Enterprises Trading Up 12.6%

Eos Energy Enterprises stock traded up $0.24 on Wednesday, reaching $2.14. 50,531,847 shares of the stock were exchanged, compared to its average volume of 26,024,227. The stock has a market cap of $779.32 million, a PE ratio of -0.31 and a beta of 3.17. Eos Energy Enterprises has a twelve month low of $1.59 and a twelve month high of $19.86. The firm has a fifty day moving average price of $2.96 and a two-hundred day moving average price of $6.21.

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

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on EOSE. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Eos Energy Enterprises in a research note on Thursday, October 15th. Truist Financial began coverage on Eos Energy Enterprises in a research report on Monday, July 13th. They set a “buy” rating and a $7.00 price objective for the company. Stifel Nicolaus lowered their target price on Eos Energy Enterprises from $10.00 to $9.00 and set a “buy” rating on the stock in a research note on Thursday, August 6th. Wall Street Zen lowered shares of Eos Energy Enterprises from a “sell” rating to a “strong sell” rating in a research note on Saturday, August 8th. Finally, B. Riley Financial lowered their target price on shares of Eos Energy Enterprises from $8.00 to $5.00 and set a “neutral” rating on the stock in a research report on Friday, August 14th. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Eos Energy Enterprises currently has a consensus rating of “Hold” and an average target price of $7.69.

Insiders Place Their Bets

In related news, CEO Joe Mastrangelo sold 250,000 shares of the business’s stock in a transaction that occurred on Wednesday, September 16th. The shares were sold at an average price of $3.92, for a total transaction of $980,000.00. Following the transaction, the chief executive officer directly owned 2,308,704 shares of the company’s stock, valued at approximately $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 SEC, which is accessible 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, Director Haiyan Song acquired 10,000 shares of the company’s stock in a transaction on Friday, September 11th. The stock was bought at an average price of $3.95 per share, for a total transaction of $39,500.00. Following the purchase, the director owned 10,000 shares in the company, valued at approximately $39,500. This trade represents a ∞ increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders have sold 377,917 shares of company stock worth $1,392,610 over the last quarter. Company insiders own 1.73% of the company’s stock.

Hedge Funds Weigh In On Eos Energy Enterprises

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Renaissance Technologies LLC acquired a new position in Eos Energy Enterprises during the first quarter worth $9,152,000. First Trust Advisors LP boosted its stake in shares of Eos Energy Enterprises by 3.7% in the 1st quarter. First Trust Advisors LP now owns 1,537,606 shares of the company’s stock valued at $7,627,000 after purchasing an additional 55,145 shares in the last quarter. Wellington Management Group LLP boosted its stake in shares of Eos Energy Enterprises by 475.8% in the 2nd quarter. Wellington Management Group LLP now owns 1,155,515 shares of the company’s stock valued at $6,794,000 after purchasing an additional 954,828 shares in the last quarter. Bank of America Corp DE grew its holdings in shares of Eos Energy Enterprises by 89.1% in the 1st quarter. Bank of America Corp DE now owns 1,247,548 shares of the company’s stock worth $6,188,000 after purchasing an additional 587,752 shares during the last quarter. Finally, Bank of New York Mellon Corp bought a new stake in shares of Eos Energy Enterprises in the 2nd quarter worth about $5,530,000. Institutional investors 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 help utilities, renewable energy developers, and commercial and industrial customers store electricity for use when demand is high or renewable generation is unavailable. The company’s technology is based on aqueous zinc battery chemistry, which it markets as a non-lithium alternative for stationary energy storage applications.

Eos’ product portfolio includes the Eos Z3 battery system and related generations of its zinc-based storage technology.