Stock Traders Purchase High Volume of Eos Energy Enterprises Call Options (NASDAQ:EOSE)

Eos Energy Enterprises, Inc. (NASDAQ:EOSE - Get Free Report) was the recipient of some unusual options trading activity on Wednesday. Investors purchased 45,477 call options on the company. This is an increase of approximately 177% compared to the average volume of 16,397 call options.

Eos Energy Enterprises Price Performance

Shares of NASDAQ:EOSE traded up $0.13 during trading on Wednesday, hitting $4.04. The company's stock had a trading volume of 17,365,924 shares, compared to its average volume of 6,922,353. The firm has a market cap of $880.36 million, a price-to-earnings ratio of -1.68 and a beta of 2.31. The company has a 50-day moving average of $3.00 and a 200-day moving average of $2.30. Eos Energy Enterprises has a 12 month low of $0.61 and a 12 month high of $4.60.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the stock. Stifel Nicolaus reissued a "buy" rating and set a $6.00 price objective on shares of Eos Energy Enterprises in a report on Wednesday, August 21st. Roth Mkm decreased their target price on shares of Eos Energy Enterprises from $4.50 to $4.00 and set a "buy" rating for the company in a research note on Thursday, November 7th. Two analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $3.90.

Institutional Trading of Eos Energy Enterprises

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in EOSE. Millennium Management LLC grew its position in shares of Eos Energy Enterprises by 5,744.5% during the 2nd quarter. Millennium Management LLC now owns 3,164,017 shares of the company's stock valued at $4,018,000 after acquiring an additional 3,109,880 shares during the period. Point72 Asia Singapore Pte. Ltd. purchased a new position in Eos Energy Enterprises during the second quarter valued at $216,000. NewEdge Advisors LLC grew its holdings in Eos Energy Enterprises by 30.2% during the second quarter. NewEdge Advisors LLC now owns 2,588,823 shares of the company's stock valued at $3,288,000 after purchasing an additional 600,143 shares during the period. Cullen Frost Bankers Inc. increased its position in Eos Energy Enterprises by 40.0% in the second quarter. Cullen Frost Bankers Inc. now owns 70,000 shares of the company's stock worth $89,000 after buying an additional 20,000 shares in the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund purchased a new stake in Eos Energy Enterprises in the third quarter worth about $741,000. 54.87% of the stock is owned by hedge funds and other institutional investors.

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.