Eos Energy Enterprises (NASDAQ:EOSE) Trading 7.9% Higher – Here’s What Happened

Shares of Eos Energy Enterprises, Inc. (NASDAQ:EOSE) traded up 7.9% on Thursday . The stock traded as high as $2.49 and last traded at $2.46. 2,329,439 shares changed hands during trading, a decline of 66% from the average session volume of 6,791,856 shares. The stock had previously closed at $2.28.

Analyst Ratings Changes

EOSE has been the topic of a number of recent analyst reports. Roth Mkm decreased their target price on Eos Energy Enterprises from $4.50 to $4.00 and set a “buy” rating on the stock in a research report on Thursday, November 7th. Stifel Nicolaus reaffirmed a “buy” rating and set a $6.00 price target on shares of Eos Energy Enterprises in a report on Wednesday, August 21st. Two research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, Eos Energy Enterprises presently has an average rating of “Moderate Buy” and a consensus target price of $3.90.

Eos Energy Enterprises Price Performance

The company has a fifty day moving average price of $2.85 and a two-hundred day moving average price of $1.97. The company has a market capitalization of $546.95 million, a P/E ratio of -1.02 and a beta of 2.38.

Insiders Place Their Bets

In related news, Director Jeffrey S. Bornstein sold 30,000 shares of the firm’s 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 transaction, the director now directly owns 84,929 shares of the company’s stock, valued at $222,513.98. This trade represents a 26.10 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 3.80% of the company’s stock.

Institutional Investors Weigh In On Eos Energy Enterprises

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Virtu Financial LLC bought a new stake in Eos Energy Enterprises in the third quarter valued at approximately $206,000. Geode Capital Management LLC lifted its position in shares of Eos Energy Enterprises by 18.0% in the 3rd quarter. Geode Capital Management LLC now owns 2,468,648 shares of the company’s stock worth $7,335,000 after purchasing an additional 376,494 shares during the period. State Street Corp boosted its stake in shares of Eos Energy Enterprises by 9.5% in the 3rd quarter. State Street Corp now owns 875,439 shares of the company’s stock valued at $2,600,000 after purchasing an additional 75,657 shares during the last quarter. Walleye Capital LLC acquired a new stake in shares of Eos Energy Enterprises during the third quarter worth $48,000. Finally, Brightline Capital Management LLC bought a new position in Eos Energy Enterprises during the third quarter worth $4,871,000. Institutional investors and hedge funds own 54.87% of the company’s stock.

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.