Eos Energy Enterprises (NASDAQ:EOSE) Stock Price Up 8.2% – Here’s What Happened

Eos Energy Enterprises, Inc. (NASDAQ:EOSE)’s stock price shot up 8.2% during trading on Tuesday . The stock traded as high as $3.19 and last traded at $3.16. 4,187,078 shares changed hands during trading, a decline of 37% from the average session volume of 6,695,864 shares. The stock had previously closed at $2.92.

Wall Street Analysts Forecast Growth

Separately, Stifel Nicolaus reissued a “buy” rating and issued a $6.00 price objective on shares of Eos Energy Enterprises in a research note on Wednesday, August 21st. Two investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $3.67.

Eos Energy Enterprises Price Performance

The stock has a market cap of $689.14 million, a price-to-earnings ratio of -4.61 and a beta of 2.38. The stock’s 50 day simple moving average is $2.84 and its two-hundred day simple moving average is $1.83.

Eos Energy Enterprises (NASDAQ:EOSE) last released its quarterly earnings data on Tuesday, August 6th. The company reported ($0.30) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.11). The business had revenue of $0.90 million during the quarter, compared to the consensus estimate of $4.38 million. As a group, analysts predict that Eos Energy Enterprises, Inc. will post -0.78 earnings per share for the current year.

Insider Transactions at Eos Energy Enterprises

In related news, CEO Joe Mastrangelo acquired 52,800 shares of the company’s stock in a transaction that occurred on Friday, August 9th. The stock was purchased at an average price of $1.43 per share, for a total transaction of $75,504.00. Following the transaction, the chief executive officer now directly owns 909,793 shares of the company’s stock, valued at approximately $1,301,003.99. This trade represents a 0.00 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, CEO Joe Mastrangelo purchased 52,800 shares of the business’s stock in a transaction dated Friday, August 9th. The shares were bought at an average price of $1.43 per share, with a total value of $75,504.00. Following the purchase, the chief executive officer now directly owns 909,793 shares in the company, valued at $1,301,003.99. This trade represents a 0.00 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at this link. Also, Director Jeffrey S. Bornstein sold 30,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $2.62, for a total transaction of $78,600.00. Following the sale, the director now owns 84,929 shares in the company, valued at $222,513.98. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 3.80% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Hollencrest Capital Management increased its stake in shares of Eos Energy Enterprises by 1,000.0% in the 3rd quarter. Hollencrest Capital Management now owns 8,250 shares of the company’s stock valued at $25,000 after purchasing an additional 7,500 shares during the last quarter. Focused Wealth Management Inc bought a new position in shares of Eos Energy Enterprises in the third quarter worth about $46,000. Venture Visionary Partners LLC acquired a new stake in shares of Eos Energy Enterprises in the 3rd quarter valued at approximately $59,000. Duncan Williams Asset Management LLC bought a new stake in shares of Eos Energy Enterprises during the 3rd quarter valued at approximately $62,000. Finally, Ground Swell Capital LLC acquired a new position in Eos Energy Enterprises during the 2nd quarter worth approximately $34,000. 54.87% of the stock is owned by institutional investors and hedge funds.

About Eos Energy Enterprises

Eos Energy Enterprises, Inc designs, manufactures, and markets zinc-based energy storage solutions for utility-scale, microgrid, and commercial and industrial (C&I) applications in the United States. The company offers Znyth technology battery energy storage system (BESS), which provides the operating flexibility to manage increased grid complexity and price volatility.