Eos Energy Enterprises (NASDAQ:EOSE) Raised to “Hold” at TD Cowen

Eos Energy Enterprises (NASDAQ:EOSE) was upgraded by equities research analysts at TD Cowen to a “hold” rating in a research note issued on Monday, Zacks reports.

Other equities research analysts have also issued research reports about the stock. Roth Capital upped their target price on shares of Eos Energy Enterprises from $4.00 to $4.50 and gave the stock a “neutral” rating in a report on Thursday, September 10th. Truist Financial started coverage on shares of Eos Energy Enterprises in a report on Monday, July 13th. They set a “buy” rating and a $7.00 price target for the company. Stifel Nicolaus reduced their price target on shares of Eos Energy Enterprises from $10.00 to $9.00 and set a “buy” rating on the stock in a research report on Thursday, August 6th. Wall Street Zen cut shares of Eos Energy Enterprises from a “sell” rating to a “strong sell” rating in a research note on Saturday, August 8th. Finally, Needham & Company LLC decreased their price objective on shares of Eos Energy Enterprises from $11.00 to $10.00 and set a “buy” rating on the stock in a research note on Tuesday, September 15th. 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 issued a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $8.19.

Eos Energy Enterprises Price Performance

Eos Energy Enterprises stock opened at $3.26 on Monday. The business has a 50 day simple moving average of $3.68 and a 200 day simple moving average of $5.32. The company has a market capitalization of $1.19 billion, a PE ratio of -0.48 and a beta of 2.88. Eos Energy Enterprises has a one year low of $2.96 and a one year high of $19.86.

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

Insider Buying and Selling

In related news, Director Haiyan Song purchased 10,000 shares of Eos Energy Enterprises stock in a transaction dated Friday, September 11th. The shares were acquired at an average cost of $3.95 per share, for a total transaction of $39,500.00. Following the transaction, the director directly owned 10,000 shares of the company’s stock, valued at approximately $39,500. This trade represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CAO Sumeet Puri sold 43,750 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 value of $171,500.00. Following the sale, the chief accounting officer directly owned 280,195 shares of the company’s stock, valued at approximately $1,098,364.40. This trade represents a 13.51% decrease in their ownership of the stock. 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. In the last quarter, insiders sold 626,655 shares of company stock worth $2,336,158. Company insiders own 1.73% of the company’s stock.

Hedge Funds Weigh In On Eos Energy Enterprises

Several institutional investors have recently modified their holdings of the stock. Byrne Asset Management LLC grew its position in shares of Eos Energy Enterprises by 43.0% during the 3rd quarter. Byrne Asset Management LLC now owns 34,460 shares of the company’s stock worth $108,000 after buying an additional 10,360 shares during the period. Sequoia Financial Advisors LLC acquired a new stake in shares of Eos Energy Enterprises in the 2nd quarter valued at approximately $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 bought a new position in Eos Energy Enterprises during the 2nd quarter worth approximately $920,000. Finally, Baird Financial Group Inc. boosted its stake in Eos Energy Enterprises by 9.4% during the 2nd quarter. Baird Financial Group Inc. now owns 863,479 shares of the company’s stock worth $5,077,000 after acquiring an additional 74,338 shares during the last quarter. 54.87% of the stock is currently owned by institutional investors and hedge funds.

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.