Eos Energy Enterprises Target of Unusually High Options Trading (NASDAQ:EOSE)

Eos Energy Enterprises, Inc. (NASDAQ:EOSE) was the target of unusually large options trading activity on Wednesday. Traders bought 45,477 call options on the stock. This represents an increase of approximately 177% compared to the typical volume of 16,397 call options.

Eos Energy Enterprises Trading Up 3.3 %

Shares of EOSE stock opened at $4.04 on Thursday. The company has a market cap of $880.36 million, a price-to-earnings ratio of -1.68 and a beta of 2.31. Eos Energy Enterprises has a 12-month low of $0.61 and a 12-month high of $4.60. The stock has a 50 day simple moving average of $3.00 and a 200-day simple moving average of $2.30.

Hedge Funds Weigh In On Eos Energy Enterprises

Hedge funds have recently bought and sold shares of the company. Millennium Management LLC increased its stake 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 worth $4,018,000 after purchasing an additional 3,109,880 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of Eos Energy Enterprises in the 2nd quarter valued at $216,000. NewEdge Advisors LLC lifted its stake in shares of Eos Energy Enterprises by 30.2% during the second quarter. NewEdge Advisors LLC now owns 2,588,823 shares of the company’s stock worth $3,288,000 after purchasing an additional 600,143 shares in the last quarter. Cullen Frost Bankers Inc. lifted its position in Eos Energy Enterprises by 40.0% during the 2nd quarter. Cullen Frost Bankers Inc. now owns 70,000 shares of the company’s stock worth $89,000 after acquiring an additional 20,000 shares in the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund acquired a new position in shares of Eos Energy Enterprises during the third quarter worth $741,000. 54.87% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

EOSE has been the subject of a number of analyst reports. Roth Mkm lowered their price objective on Eos Energy Enterprises from $4.50 to $4.00 and set a “buy” rating for the company in a research report on Thursday, November 7th. Stifel Nicolaus reiterated a “buy” rating and set a $6.00 price target on shares of Eos Energy Enterprises in a research note on Wednesday, August 21st. Two research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $3.90.

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.