Eos Energy Enterprises (NASDAQ:EOSE) Stock Price Down 7.6% – Here’s What Happened

Eos Energy Enterprises, Inc. (NASDAQ:EOSE)’s share price was down 7.6% during mid-day trading on Tuesday . The stock traded as low as $6.77 and last traded at $6.8630. Approximately 6,934,799 shares traded hands during mid-day trading, a decline of 73% from the average daily volume of 25,455,477 shares. The stock had previously closed at $7.43.

Analyst Upgrades and Downgrades

EOSE has been the topic of several research analyst reports. Wall Street Zen raised Eos Energy Enterprises from a “strong sell” rating to a “hold” rating in a research note on Saturday. Roth Mkm reduced their price target on shares of Eos Energy Enterprises from $12.00 to $6.00 and set a “neutral” rating for the company in a research report on Friday, February 27th. JPMorgan Chase & Co. lowered their price objective on shares of Eos Energy Enterprises from $9.00 to $6.00 and set a “neutral” rating on the stock in a research report on Thursday, April 16th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Eos Energy Enterprises in a research note on Tuesday, April 21st. Finally, TD Cowen increased their target price on shares of Eos Energy Enterprises from $7.00 to $8.00 and gave the stock a “hold” rating in a research report on Thursday, May 14th. One research analyst has rated the stock with a Buy rating, seven have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $10.93.

Eos Energy Enterprises Trading Down 4.8%

The firm has a 50-day simple moving average of $6.23 and a two-hundred day simple moving average of $10.96. The company has a market capitalization of $2.40 billion, a price-to-earnings ratio of -1.06 and a beta of 2.56.

Eos Energy Enterprises (NASDAQ:EOSE) last announced its quarterly earnings results on Wednesday, May 13th. The company reported $0.12 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.22) by $0.34. The firm had revenue of $56.96 million for the quarter, compared to analyst estimates of $54.32 million. On average, sell-side analysts forecast that Eos Energy Enterprises, Inc. will post -0.8 earnings per share for the current year.

Insiders Place Their Bets

In other Eos Energy Enterprises news, Director David Urban acquired 16,250 shares of Eos Energy Enterprises stock in a transaction that occurred on Monday, March 9th. The stock was acquired at an average price of $6.16 per share, with a total value of $100,100.00. Following the purchase, the director owned 62,471 shares in the company, valued at approximately $384,821.36. This trade represents a 35.16% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Joe Mastrangelo acquired 23,900 shares of the firm’s stock in a transaction that occurred on Wednesday, March 4th. The stock was acquired at an average price of $6.58 per share, with a total value of $157,262.00. Following the completion of the acquisition, the chief executive officer directly owned 1,487,126 shares of the company’s stock, valued at $9,785,289.08. This represents a 1.63% increase in their position. The SEC filing for this purchase provides additional information. Insiders acquired 115,150 shares of company stock valued at $692,962 over the last ninety days. Corporate insiders own 1.73% of the company’s stock.

Institutional Trading of Eos Energy Enterprises

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. PNC Financial Services Group Inc. increased its holdings in shares of Eos Energy Enterprises by 3,843.8% during the 4th quarter. PNC Financial Services Group Inc. now owns 2,524 shares of the company’s stock valued at $29,000 after acquiring an additional 2,460 shares during the last quarter. Chung Wu Investment Group LLC bought a new stake in Eos Energy Enterprises during the third quarter worth approximately $30,000. Towarzystwo Funduszy Inwestycyjnych PZU SA boosted its position in Eos Energy Enterprises by 58.8% during the fourth quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA now owns 2,700 shares of the company’s stock worth $31,000 after purchasing an additional 1,000 shares during the period. Danske Bank A S acquired a new position in Eos Energy Enterprises during the fourth quarter valued at approximately $33,000. Finally, TD Waterhouse Canada Inc. raised its position in shares of Eos Energy Enterprises by 178.7% in the fourth quarter. TD Waterhouse Canada Inc. now owns 3,119 shares of the company’s stock valued at $36,000 after purchasing an additional 2,000 shares during the period. Institutional investors and hedge funds own 54.87% of the company’s stock.

About Eos Energy Enterprises

Eos Energy Enterprises specializes in the development and deployment of scalable, long-duration energy storage systems designed to support the integration of renewable power and enhance grid reliability. The company’s core technology centers on its proprietary zinc hybrid cathode (Znyth™) battery platform, which aims to deliver safe, low-cost, and durable performance for utility, commercial and industrial, and microgrid applications.

The company’s flagship product, the Aurora™ energy storage system, combines its Znyth™ cells with modular power conversion and controls to offer flexible capacity ranging from one to three hours of discharge duration.