Royal Bank of Canada Sells 430,428 Shares of Eos Energy Enterprises, Inc. $EOSE

Royal Bank of Canada reduced its holdings in Eos Energy Enterprises, Inc. (NASDAQ:EOSE) by 50.5% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 421,165 shares of the company’s stock after selling 430,428 shares during the quarter. Royal Bank of Canada owned about 0.12% of Eos Energy Enterprises worth $2,089,000 as of its most recent filing with the SEC.

Other institutional investors have also made changes to their positions in the company. PNC Financial Services Group Inc. boosted its stake in Eos Energy Enterprises by 3,843.8% during the 4th quarter. PNC Financial Services Group Inc. now owns 2,524 shares of the company’s stock valued at $29,000 after purchasing an additional 2,460 shares during the period. Towarzystwo Funduszy Inwestycyjnych PZU SA increased its position in Eos Energy Enterprises by 58.8% in the 4th quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA now owns 2,700 shares of the company’s stock worth $31,000 after buying an additional 1,000 shares during the period. Danske Bank A S bought a new position in Eos Energy Enterprises in the 4th quarter worth approximately $33,000. TD Waterhouse Canada Inc. lifted its holdings in shares of Eos Energy Enterprises by 178.7% during the fourth quarter. TD Waterhouse Canada Inc. now owns 3,119 shares of the company’s stock worth $36,000 after buying an additional 2,000 shares during the last quarter. Finally, KFA Private Wealth Group LLC acquired a new position in shares of Eos Energy Enterprises during the first quarter worth approximately $50,000. 54.87% of the stock is currently owned by institutional investors.

Eos Energy Enterprises Stock Down 2.2%

Shares of EOSE stock opened at $3.93 on Tuesday. Eos Energy Enterprises, Inc. has a 12-month low of $3.11 and a 12-month high of $19.86. The company has a market capitalization of $1.43 billion, a P/E ratio of -0.58 and a beta of 2.75. The firm has a 50-day moving average price of $4.92 and a 200 day moving average price of $6.88.

Eos Energy Enterprises (NASDAQ:EOSE) last issued its quarterly earnings data on Wednesday, August 5th. The company reported ($1.20) earnings per share for the quarter, missing the consensus estimate of ($0.19) by ($1.01). The business had revenue of $68.78 million for the quarter, compared to analysts’ expectations of $68.32 million. During the same quarter last year, the company earned ($1.05) earnings per share. As a group, research analysts expect that Eos Energy Enterprises, Inc. will post -0.91 earnings per share for the current year.

Insiders Place Their Bets

In related news, insider Nathan Kroeker sold 110,417 shares of the stock in a transaction that occurred on Tuesday, July 28th. The stock was sold at an average price of $3.36, for a total transaction of $371,001.12. Following the sale, the insider directly owned 887,527 shares in the company, valued at $2,982,090.72. This represents a 11.06% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 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. Also, CEO Joe Mastrangelo sold 159,154 shares of the firm’s stock in a transaction on Monday, July 27th. The shares were sold at an average price of $3.61, for a total value of $574,545.94. Following the sale, the chief executive officer directly owned 1,947,586 shares of the company’s stock, valued at $7,030,785.46. This represents a 7.55% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 448,626 shares of company stock worth $1,828,572 over the last ninety days. 1.73% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on EOSE shares. B. Riley Financial lowered their price objective on shares of Eos Energy Enterprises from $8.00 to $5.00 and set a “neutral” rating on the stock in a research note on Friday. Weiss Ratings restated a “sell (d-)” rating on shares of Eos Energy Enterprises in a research report on Friday, July 17th. 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 objective on the stock. Zacks Research raised shares of Eos Energy Enterprises from a “strong sell” rating to a “hold” rating in a research report on Tuesday, April 28th. Finally, TD Cowen reduced their target price on shares of Eos Energy Enterprises from $8.00 to $4.00 and set a “hold” rating for the company in a research note on Thursday, August 6th. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $8.06.

About Eos Energy Enterprises

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.