Truist Financial Upgrades Eos Energy Enterprises (NASDAQ:EOSE) to Strong-Buy

Eos Energy Enterprises (NASDAQ:EOSE) was upgraded by equities research analysts at Truist Financial to a “strong-buy” rating in a report issued on Monday,Zacks.com reports.

A number of other equities research analysts have also issued reports on the company. Zacks Research upgraded Eos Energy Enterprises from a “strong sell” rating to a “hold” rating in a research note on Tuesday, April 28th. Stifel Nicolaus lowered their price objective on Eos Energy Enterprises from $12.00 to $10.00 and set a “buy” rating on the stock in a research report on Monday. Wall Street Zen lowered Eos Energy Enterprises from a “hold” rating to a “sell” rating in a research note on Saturday, July 4th. Needham & Company LLC assumed coverage on Eos Energy Enterprises in a research report on Friday, May 22nd. They set a “buy” rating and a $11.00 target price for the company. Finally, JPMorgan Chase & Co. cut their target price on Eos Energy Enterprises from $9.00 to $6.00 and set a “neutral” rating for the company in a research report on Thursday, April 16th. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, Eos Energy Enterprises presently has a consensus rating of “Hold” and an average target price of $9.17.

Eos Energy Enterprises Price Performance

Shares of NASDAQ:EOSE opened at $4.29 on Monday. The company has a market capitalization of $1.46 billion, a P/E ratio of -0.64 and a beta of 2.68. Eos Energy Enterprises has a 1-year low of $4.05 and a 1-year high of $19.86. The firm’s 50 day simple moving average is $6.86 and its two-hundred day simple moving average is $8.74.

Eos Energy Enterprises (NASDAQ:EOSE) last announced its quarterly earnings data on Wednesday, May 13th. The company reported $0.12 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.22) by $0.34. The firm had revenue of $56.96 million during the quarter, compared to analysts’ expectations of $54.32 million. On average, sell-side analysts anticipate that Eos Energy Enterprises will post -0.31 earnings per share for the current fiscal year.

Insider Activity at Eos Energy Enterprises

In related news, Director Marian Walters sold 7,681 shares of the firm’s stock in a transaction on Tuesday, May 19th. The shares were sold at an average price of $7.07, for a total transaction of $54,304.67. Following the completion of the transaction, the director directly owned 135,334 shares of the company’s stock, valued at approximately $956,811.38. This trade represents a 5.37% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Michelle Buczkowski sold 11,469 shares of the business’s stock in a transaction on Tuesday, June 30th. The stock was sold at an average price of $5.87, for a total transaction of $67,323.03. Following the completion of the sale, the insider owned 59,242 shares in the company, valued at approximately $347,750.54. The trade was a 16.22% decrease in their position. 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 sold a total of 157,569 shares of company stock valued at $839,328 in the last ninety days. Corporate insiders own 1.73% of the company’s stock.

Institutional Investors Weigh In On Eos Energy Enterprises

Several large investors have recently made changes to their positions in EOSE. Vanguard Group Inc. increased its stake in Eos Energy Enterprises by 19.8% in the 4th quarter. Vanguard Group Inc. now owns 18,616,874 shares of the company’s stock worth $213,349,000 after acquiring an additional 3,080,012 shares during the last quarter. Rubric Capital Management LP bought a new position in shares of Eos Energy Enterprises during the 3rd quarter valued at approximately $117,317,000. State Street Corp grew its holdings in shares of Eos Energy Enterprises by 6.1% in the fourth quarter. State Street Corp now owns 7,689,841 shares of the company’s stock valued at $88,126,000 after purchasing an additional 443,809 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of Eos Energy Enterprises by 16.1% in the fourth quarter. Geode Capital Management LLC now owns 7,205,507 shares of the company’s stock valued at $82,587,000 after purchasing an additional 998,332 shares in the last quarter. Finally, Goldman Sachs Group Inc. increased its position in Eos Energy Enterprises by 36.8% in the first quarter. Goldman Sachs Group Inc. now owns 3,900,513 shares of the company’s stock worth $14,744,000 after purchasing an additional 1,050,128 shares during the last quarter. 54.87% of the stock is owned by institutional investors.

Eos Energy Enterprises Company Profile

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.