Eos Energy Enterprises, Inc. (NASDAQ:EOSE) Sees Significant Drop in Short Interest

Eos Energy Enterprises, Inc. (NASDAQ:EOSE) saw a large decrease in short interest during the month of June. As of June 30th, there was short interest totalling 43,520,000 shares, a decrease of 6.4% from the June 15th total of 46,500,000 shares. Based on an average daily trading volume, of 7,590,000 shares, the days-to-cover ratio is presently 5.7 days.

Hedge Funds Weigh In On Eos Energy Enterprises

Several large investors have recently made changes to their positions in the business. Grimes & Company Inc. purchased a new position in shares of Eos Energy Enterprises in the 4th quarter worth about $44,000. Price T Rowe Associates Inc. MD grew its position in Eos Energy Enterprises by 74.4% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 43,930 shares of the company’s stock valued at $46,000 after purchasing an additional 18,735 shares during the last quarter. Powell Investment Advisors LLC increased its stake in Eos Energy Enterprises by 155.6% during the 4th quarter. Powell Investment Advisors LLC now owns 46,000 shares of the company’s stock valued at $50,000 after purchasing an additional 28,000 shares in the last quarter. Elevatus Welath Management purchased a new position in Eos Energy Enterprises in the fourth quarter worth about $70,000. Finally, American International Group Inc. raised its holdings in Eos Energy Enterprises by 41.2% in the first quarter. American International Group Inc. now owns 75,555 shares of the company’s stock worth $78,000 after buying an additional 22,056 shares during the last quarter. 54.87% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the company. Stifel Nicolaus reissued a “buy” rating and issued a $13.00 target price on shares of Eos Energy Enterprises in a research note on Wednesday, May 15th. TD Cowen cut their price objective on Eos Energy Enterprises from $3.00 to $2.50 and set a “hold” rating on the stock in a research report on Thursday, May 16th. Evercore ISI decreased their target price on Eos Energy Enterprises from $7.00 to $3.00 and set an “outperform” rating for the company in a report on Thursday, May 16th. Roth Mkm reaffirmed a “buy” rating and issued a $4.50 price target on shares of Eos Energy Enterprises in a research note on Friday, June 28th. Finally, B. Riley raised shares of Eos Energy Enterprises to a “hold” rating in a research report on Tuesday, June 25th. Two equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, Eos Energy Enterprises currently has a consensus rating of “Moderate Buy” and a consensus price target of $4.83.

Eos Energy Enterprises Price Performance

EOSE stock traded up $0.05 during midday trading on Thursday, hitting $2.01. The stock had a trading volume of 1,978,384 shares, compared to its average volume of 6,618,915. The business has a 50-day moving average of $1.10 and a two-hundred day moving average of $1.01. Eos Energy Enterprises has a 52-week low of $0.61 and a 52-week high of $4.81.

Eos Energy Enterprises (NASDAQ:EOSE) last issued its quarterly earnings results on Tuesday, May 14th. The company reported ($0.23) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.24) by $0.01. The business had revenue of $6.60 million during the quarter, compared to the consensus estimate of $6.57 million. Research analysts expect that Eos Energy Enterprises will post -0.7 EPS for the current fiscal year.

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.