Traders Purchase Large Volume of Call Options on Eos Energy Enterprises (NASDAQ:EOSE)

Eos Energy Enterprises, Inc. (NASDAQ:EOSE) was the target of unusually large options trading on Wednesday. Stock traders bought 74,512 call options on the company. This represents an increase of 50% compared to the typical daily volume of 49,558 call options.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the stock. Weiss Ratings restated a “sell (d-)” rating on shares of Eos Energy Enterprises in a research report on Thursday, October 15th. Truist Financial initiated coverage on shares of Eos Energy Enterprises in a research report on Monday, July 13th. They issued a “buy” rating and a $7.00 price objective for the company. Wall Street Zen lowered Eos Energy Enterprises from a “sell” rating to a “strong sell” rating in a research report on Saturday, August 8th. Roth Capital lifted their target price on Eos Energy Enterprises from $4.00 to $4.50 and gave the company a “neutral” rating in a research note on Thursday, September 10th. Finally, Needham & Company LLC dropped their target price on Eos Energy Enterprises from $10.00 to $6.00 and set a “buy” rating for the company in a research report on Monday, October 19th. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $7.69.

Insiders Place Their Bets

In other news, insider Michelle Buczkowski sold 50,000 shares of the stock in a transaction on Thursday, October 29th. The stock was sold at an average price of $2.00, for a total transaction of $100,000.00. Following the sale, the insider owned 111,827 shares in the company, valued at approximately $223,654. This represents a 30.90% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 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, CAO Sumeet Puri sold 43,750 shares of the firm’s stock in a transaction on Wednesday, September 16th. The shares were sold at an average price of $3.92, for a total value of $171,500.00. Following the completion of the sale, the chief accounting officer owned 280,195 shares of the company’s stock, valued at approximately $1,098,364.40. This trade represents a 13.51% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 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. Over the last quarter, insiders sold 377,917 shares of company stock valued at $1,392,610. Company insiders own 1.73% of the company’s stock.

Hedge Funds Weigh In On Eos Energy Enterprises

Several institutional investors and hedge funds have recently made changes to their positions in the company. Allworth Financial LP raised its stake in Eos Energy Enterprises by 198.6% during the 2nd quarter. Allworth Financial LP now owns 4,300 shares of the company’s stock worth $25,000 after buying an additional 2,860 shares during the period. PNC Financial Services Group Inc. lifted its holdings in Eos Energy Enterprises by 279.4% during the first quarter. PNC Financial Services Group Inc. now owns 9,577 shares of the company’s stock worth $48,000 after acquiring an additional 7,053 shares in the last quarter. Nykredit A S acquired a new position in Eos Energy Enterprises in the second quarter valued at about $60,000. Sax Wealth Advisors LLC acquired a new position in Eos Energy Enterprises in the third quarter valued at about $31,000. Finally, Abel Hall LLC bought a new stake in shares of Eos Energy Enterprises in the first quarter worth about $56,000. Institutional investors and hedge funds own 54.87% of the company’s stock.

Eos Energy Enterprises Stock Up 12.6%

Eos Energy Enterprises stock traded up $0.24 during midday trading on Wednesday, hitting $2.14. 50,531,847 shares of the stock were exchanged, compared to its average volume of 26,024,227. The stock has a market capitalization of $779.32 million, a PE ratio of -0.31 and a beta of 3.17. The company has a fifty day simple moving average of $2.96 and a two-hundred day simple moving average of $6.21. Eos Energy Enterprises has a 52 week low of $1.59 and a 52 week high of $19.86.

Eos Energy Enterprises (NASDAQ:EOSE) last issued its earnings results on Wednesday, August 5th. The company reported ($1.20) EPS 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 period in the previous year, the firm earned ($1.05) earnings per share. As a group, equities research analysts anticipate that Eos Energy Enterprises will post -1.28 EPS for the current fiscal year.

About Eos Energy Enterprises

Eos Energy Enterprises, Inc develops and manufactures long-duration energy storage systems designed to help utilities, renewable energy developers, and commercial and industrial customers store electricity for use when demand is high or renewable generation is unavailable. The company’s technology is based on aqueous zinc battery chemistry, which it markets as a non-lithium alternative for stationary energy storage applications.

Eos’ product portfolio includes the Eos Z3 battery system and related generations of its zinc-based storage technology.