Sumeet Puri Sells 29,167 Shares of Eos Energy Enterprises (NASDAQ:EOSE) Stock

Eos Energy Enterprises, Inc. (NASDAQ:EOSE) CAO Sumeet Puri sold 29,167 shares of the stock in a transaction dated Tuesday, July 28th. The stock was sold at an average price of $3.36, for a total transaction of $98,001.12. Following the completion of the sale, the chief accounting officer directly owned 202,279 shares in the company, valued at approximately $679,657.44. The trade was a 12.60% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Sumeet Puri also recently made the following trade(s):

• On Tuesday, June 30th, Sumeet Puri sold 8,823 shares of Eos Energy Enterprises stock. The shares were sold at an average price of $5.86, for a total transaction of $51,702.78.

Eos Energy Enterprises Stock Down 6.6%

NASDAQ:EOSE traded down $0.24 during mid-day trading on Tuesday, hitting $3.37. 31,191,773 shares of the stock traded hands, compared to its average volume of 25,376,746. The business’s 50-day moving average price is $6.19 and its 200 day moving average price is $8.21. The company has a market cap of $1.14 billion, a PE ratio of -0.50 and a beta of 2.68. Eos Energy Enterprises, Inc. has a 12-month low of $3.21 and a 12-month high of $19.86.

Eos Energy Enterprises (NASDAQ:EOSE) last posted its earnings results on Wednesday, May 13th. The company reported $0.12 earnings per share (EPS) for the quarter, topping 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. Analysts anticipate that Eos Energy Enterprises, Inc. will post -0.32 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Eos Energy Enterprises

Hedge funds and other institutional investors have recently bought and sold shares of the stock. State of New Jersey Common Pension Fund D purchased a new position in Eos Energy Enterprises in the fourth quarter worth $1,834,000. Baker Avenue Asset Management LP bought a new position in Eos Energy Enterprises in the fourth quarter valued at $11,542,000. Vanguard Group Inc. increased its stake in Eos Energy Enterprises by 19.8% in the fourth quarter. Vanguard Group Inc. now owns 18,616,874 shares of the company’s stock valued at $213,349,000 after acquiring an additional 3,080,012 shares during the last quarter. Vaughan Nelson Investment Management L.P. purchased a new stake in Eos Energy Enterprises during the fourth quarter valued at about $22,330,000. Finally, Universal Beteiligungs und Servicegesellschaft mbH raised its position in Eos Energy Enterprises by 2,431.5% during the fourth quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 845,314 shares of the company’s stock valued at $9,687,000 after purchasing an additional 811,922 shares in the last quarter. Hedge funds and other institutional investors own 54.87% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the company. Truist Financial began coverage on Eos Energy Enterprises in a research report on Monday, July 13th. They issued a “buy” rating and a $7.00 price objective on the stock. JPMorgan Chase & Co. dropped their price objective on Eos Energy Enterprises from $9.00 to $6.00 and set a “neutral” rating for the company in a research note on Thursday, April 16th. Weiss Ratings restated a “sell (d-)” rating on shares of Eos Energy Enterprises in a research report on Friday, July 17th. Stifel Nicolaus decreased their target price on Eos Energy Enterprises from $12.00 to $10.00 and set a “buy” rating on the stock in a research note on Monday, July 13th. Finally, TD Cowen raised their price target on Eos Energy Enterprises from $7.00 to $8.00 and gave the company a “hold” rating in a report on Thursday, May 14th. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $9.17.

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.