Eos Energy Enterprises, Inc. (NASDAQ:EOSE) Shares Sold by Bank of New York Mellon Corp

Bank of New York Mellon Corp trimmed its holdings in Eos Energy Enterprises, Inc. (NASDAQ:EOSE - Free Report) by 92.8% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 27,754 shares of the company's stock after selling 359,012 shares during the period. Bank of New York Mellon Corp's holdings in Eos Energy Enterprises were worth $35,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently added to or reduced their stakes in the company. Evercore Wealth Management LLC lifted its stake in Eos Energy Enterprises by 31.8% in the 4th quarter. Evercore Wealth Management LLC now owns 145,000 shares of the company's stock valued at $158,000 after buying an additional 35,000 shares in the last quarter. Black Maple Capital Management LP lifted its position in shares of Eos Energy Enterprises by 227.0% in the fourth quarter. Black Maple Capital Management LP now owns 151,248 shares of the company's stock valued at $165,000 after acquiring an additional 105,000 shares in the last quarter. Electron Capital Partners LLC boosted its stake in shares of Eos Energy Enterprises by 226.6% during the fourth quarter. Electron Capital Partners LLC now owns 6,958,125 shares of the company's stock valued at $7,584,000 after acquiring an additional 4,827,586 shares during the last quarter. Powell Investment Advisors LLC increased its position in Eos Energy Enterprises by 52.2% during the 1st quarter. Powell Investment Advisors LLC now owns 70,000 shares of the company's stock worth $72,000 after purchasing an additional 24,000 shares in the last quarter. Finally, Vanguard Group Inc. raised its stake in Eos Energy Enterprises by 6.6% in the 1st quarter. Vanguard Group Inc. now owns 9,375,916 shares of the company's stock valued at $9,657,000 after purchasing an additional 580,022 shares during the last quarter. 54.87% of the stock is currently owned by hedge funds and other institutional investors.

Eos Energy Enterprises Stock Performance

Eos Energy Enterprises stock traded up $0.03 during trading on Friday, reaching $2.62. The company had a trading volume of 7,662,289 shares, compared to its average volume of 6,719,475. Eos Energy Enterprises, Inc. has a 12-month low of $0.61 and a 12-month high of $2.81. The stock's 50 day moving average price is $2.17 and its two-hundred day moving average price is $1.42. The firm has a market capitalization of $545.30 million, a price-to-earnings ratio of -1.68 and a beta of 2.39.

Eos Energy Enterprises (NASDAQ:EOSE - Get Free Report) last announced its quarterly earnings results on Tuesday, August 6th. The company reported ($0.30) earnings per share for the quarter, missing analysts' consensus estimates of ($0.19) by ($0.11). The business had revenue of $0.90 million for the quarter, compared to the consensus estimate of $4.38 million. As a group, research analysts expect that Eos Energy Enterprises, Inc. will post -0.78 earnings per share for the current year.

Analysts Set New Price Targets

EOSE has been the subject of a number of recent research 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 reaffirmed a "buy" rating and issued a $4.50 target price on shares of Eos Energy Enterprises in a research note on Friday, June 28th. Finally, B. Riley raised Eos Energy Enterprises to a "hold" rating in a research note on Tuesday, June 25th. Two equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $3.67.

Insider Activity at Eos Energy Enterprises

In other news, CEO Joe Mastrangelo acquired 52,800 shares of the business's stock in a transaction dated Friday, August 9th. The shares were bought at an average cost of $1.43 per share, for a total transaction of $75,504.00. Following the acquisition, the chief executive officer now directly owns 909,793 shares in the company, valued at approximately $1,301,003.99. The purchase was disclosed in a filing with the SEC, which is available through this link. In related news, Director Jeffrey S. Bornstein sold 30,000 shares of the firm's stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $2.62, for a total value of $78,600.00. Following the transaction, the director now owns 84,929 shares in the company, valued at $222,513.98. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Joe Mastrangelo acquired 52,800 shares of the firm's stock in a transaction on Friday, August 9th. The shares were acquired at an average price of $1.43 per share, with a total value of $75,504.00. Following the completion of the purchase, the chief executive officer now owns 909,793 shares of the company's stock, valued at $1,301,003.99. The disclosure for this purchase can be found here. 4.06% of the stock is owned by insiders.

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.