Eos Energy Enterprises (NASDAQ:EOSE) Stock Price Down 11.7% – Here’s Why

Eos Energy Enterprises, Inc. (NASDAQ:EOSE) dropped 11.7% during mid-day trading on Tuesday . The company traded as low as $6.47 and last traded at $6.48. 14,805,497 shares were traded during trading, a decline of 41% from the average session volume of 25,263,609 shares. The stock had previously closed at $7.34.

Analyst Ratings Changes

A number of research analysts recently commented on EOSE shares. Needham & Company LLC initiated coverage on Eos Energy Enterprises in a report on Friday, May 22nd. They issued a “buy” rating and a $11.00 price objective on the stock. Wall Street Zen raised shares of Eos Energy Enterprises from a “sell” rating to a “hold” rating in a research report on Sunday. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Eos Energy Enterprises in a research note on Tuesday, April 21st. Roth Mkm dropped 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. Finally, TD Cowen boosted their price target on shares of Eos Energy Enterprises from $7.00 to $8.00 and gave the company a “hold” rating in a research note on Thursday, May 14th. Two analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $10.94.

Eos Energy Enterprises Stock Down 12.0%

The firm has a 50-day moving average price of $7.35 and a 200 day moving average price of $9.70. The firm has a market capitalization of $2.19 billion, a PE ratio of -0.97 and a beta of 2.62.

Eos Energy Enterprises (NASDAQ:EOSE) last posted its quarterly earnings data 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 during the quarter, compared to analysts’ expectations of $54.32 million. Equities research analysts expect that Eos Energy Enterprises, Inc. will post -0.31 earnings per share for the current year.

Insider Activity

In other news, Director Marian Walters sold 7,681 shares of the stock in a transaction dated Tuesday, May 19th. The shares were sold at an average price of $7.07, for a total transaction of $54,304.67. Following the sale, the director owned 135,334 shares of the company’s stock, valued at approximately $956,811.38. This represents a 5.37% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 1.73% of the company’s stock.

Institutional Investors Weigh In On Eos Energy Enterprises

A number of hedge funds have recently added to or reduced their stakes in the business. Inspire Investing LLC grew its stake in shares of Eos Energy Enterprises by 2.2% in the fourth quarter. Inspire Investing LLC now owns 41,442 shares of the company’s stock worth $475,000 after acquiring an additional 882 shares in the last quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA raised its stake in shares of Eos Energy Enterprises by 58.8% in the fourth quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA now owns 2,700 shares of the company’s stock valued at $31,000 after acquiring an additional 1,000 shares in the last quarter. GAMMA Investing LLC boosted its holdings in Eos Energy Enterprises by 46.4% in the fourth quarter. GAMMA Investing LLC now owns 3,270 shares of the company’s stock valued at $37,000 after purchasing an additional 1,036 shares during the period. Diversify Advisory Services LLC boosted its holdings in Eos Energy Enterprises by 6.5% in the third quarter. Diversify Advisory Services LLC now owns 17,124 shares of the company’s stock valued at $195,000 after purchasing an additional 1,049 shares during the period. Finally, Caitong International Asset Management Co. Ltd grew its stake in Eos Energy Enterprises by 33.1% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 5,732 shares of the company’s stock worth $66,000 after purchasing an additional 1,425 shares in the last quarter. 54.87% of the stock is currently owned by institutional investors and hedge funds.

Eos Energy Enterprises Company Profile

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.