Eos Energy Enterprises (NASDAQ:EOSE) Shares Up 5.6% – Here’s What Happened

Eos Energy Enterprises, Inc. (NASDAQ:EOSE) was up 5.6% during trading on Friday . The stock traded as high as $2.88 and last traded at $2.85. Approximately 732,819 shares were traded during trading, a decline of 89% from the average daily volume of 6,758,776 shares. The stock had previously closed at $2.70.

Wall Street Analysts Forecast Growth

EOSE has been the topic of several analyst reports. Stifel Nicolaus reiterated a “buy” rating and set a $6.00 price target on shares of Eos Energy Enterprises in a report on Wednesday, August 21st. Roth Mkm dropped their price objective on Eos Energy Enterprises from $4.50 to $4.00 and set a “buy” rating for the company in a report on Thursday, November 7th. Two investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $3.90.

Eos Energy Enterprises Price Performance

The company has a market cap of $640.66 million, a PE ratio of -1.20 and a beta of 2.38. The business has a fifty day simple moving average of $2.86 and a two-hundred day simple moving average of $2.04.

Insider Buying and Selling

In other news, Director Jeffrey S. Bornstein sold 30,000 shares of the stock in a transaction 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 completion of the sale, the director now owns 84,929 shares in the company, valued at approximately $222,513.98. This represents a 26.10 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 3.80% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Eos Energy Enterprises

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Millennium Management LLC raised its stake in shares of Eos Energy Enterprises by 5,744.5% in the second quarter. Millennium Management LLC now owns 3,164,017 shares of the company’s stock worth $4,018,000 after purchasing an additional 3,109,880 shares during the last quarter. Vanguard Group Inc. raised its holdings in shares of Eos Energy Enterprises by 6.6% during the first quarter. Vanguard Group Inc. now owns 9,375,916 shares of the company’s stock worth $9,657,000 after purchasing an additional 580,022 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. acquired a new position in Eos Energy Enterprises during the second quarter valued at $216,000. B. Riley Wealth Advisors Inc. lifted its holdings in shares of Eos Energy Enterprises by 940.6% in the 1st quarter. B. Riley Wealth Advisors Inc. now owns 275,765 shares of the company’s stock valued at $284,000 after buying an additional 249,265 shares during the period. Finally, Price T Rowe Associates Inc. MD boosted its position in Eos Energy Enterprises by 74.4% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 43,930 shares of the company’s stock worth $46,000 after purchasing an additional 18,735 shares in the last quarter. 54.87% of the stock is currently owned by institutional investors and hedge funds.

Eos Energy Enterprises Company Profile

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.