Eos Energy Enterprises (NASDAQ:EOSE) Given New $6.00 Price Target at Needham & Company LLC

Eos Energy Enterprises (NASDAQ:EOSE) had its price target decreased by Needham & Company LLC from $10.00 to $6.00 in a research report report published on Monday,Benzinga reports. Needham & Company LLC currently has a buy rating on the stock.

Several other research firms have also weighed in on EOSE. Truist Financial started coverage on shares of Eos Energy Enterprises in a research report on Monday, July 13th. They set a “buy” rating and a $7.00 price objective for the company. TD Cowen upgraded Eos Energy Enterprises to a “hold” rating in a research report on Monday, October 5th. Stifel Nicolaus lowered their price target on shares of Eos Energy Enterprises from $10.00 to $9.00 and set a “buy” rating on the stock in a report on Thursday, August 6th. Weiss Ratings restated a “sell (d-)” rating on shares of Eos Energy Enterprises in a report on Thursday. Finally, Wall Street Zen lowered Eos Energy Enterprises from a “sell” rating to a “strong sell” rating in a report on Saturday, August 8th. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $7.69.

Eos Energy Enterprises Price Performance

EOSE opened at $1.81 on Monday. The stock has a market cap of $659.15 million, a P/E ratio of -0.27 and a beta of 2.88. Eos Energy Enterprises has a 12 month low of $1.72 and a 12 month high of $19.86. The stock’s 50 day moving average price is $3.41 and its 200 day moving average price is $5.15.

Eos Energy Enterprises (NASDAQ:EOSE) last issued its quarterly earnings data on Wednesday, August 5th. The company reported ($1.20) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.19) by ($1.01). The company had revenue of $68.78 million for the quarter, compared to analyst estimates of $68.32 million. During the same quarter in the prior year, the company posted ($1.05) EPS. Equities analysts anticipate that Eos Energy Enterprises will post -1.28 EPS for the current year.

Insider Activity at Eos Energy Enterprises

In other Eos Energy Enterprises news, CAO Sumeet Puri sold 43,750 shares of the business’s stock in a transaction dated Wednesday, September 16th. The stock was sold at an average price of $3.92, for a total transaction of $171,500.00. Following the completion of the sale, the chief accounting officer directly owned 280,195 shares of the company’s stock, valued at approximately $1,098,364.40. The trade was a 13.51% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through 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. Also, CEO Joe Mastrangelo sold 250,000 shares of the stock in a transaction that occurred on Wednesday, September 16th. The shares were sold at an average price of $3.92, for a total transaction of $980,000.00. Following the completion of the transaction, the chief executive officer owned 2,308,704 shares in the company, valued at $9,050,119.68. This represents a 9.77% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 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. Insiders sold 626,655 shares of company stock valued at $2,336,158 over the last three months. 1.73% of the stock is owned by company insiders.

Hedge Funds Weigh In On Eos Energy Enterprises

Hedge funds have recently added to or reduced their stakes in the stock. Net Worth Advisory Group raised its position in shares of Eos Energy Enterprises by 232.3% in the 3rd quarter. Net Worth Advisory Group now owns 49,286 shares of the company’s stock valued at $155,000 after acquiring an additional 34,453 shares during the period. SteelPeak Wealth LLC bought a new position in Eos Energy Enterprises during the 3rd quarter worth about $176,000. Vontobel Holding Ltd. acquired a new stake in Eos Energy Enterprises in the 3rd quarter valued at approximately $462,000. Bouvel Investment Partners LLC raised its holdings in shares of Eos Energy Enterprises by 133.1% in the third quarter. Bouvel Investment Partners LLC now owns 270,022 shares of the company’s stock valued at $828,000 after purchasing an additional 154,164 shares during the last quarter. Finally, Sax Wealth Advisors LLC acquired a new position in shares of Eos Energy Enterprises during the 3rd quarter worth about $31,000. Institutional investors and hedge funds own 54.87% of the company’s stock.

About Eos Energy Enterprises

Eos Energy Enterprises, Inc develops and manufactures long-duration energy storage systems designed to support the electric grid and renewable energy projects. Its technology is based on aqueous zinc battery chemistry, which is intended to provide a safer, nonflammable alternative to conventional lithium-ion systems for stationary energy storage.

The company’s primary product is the Eos Z3 energy storage system, a modular, utility-scale battery platform designed for applications such as renewable energy integration, grid resilience, peak-load management, and microgrids.