Eos Energy Enterprises (NASDAQ:EOSE) Sets New 52-Week Low – Here’s What Happened

Eos Energy Enterprises, Inc. (NASDAQ:EOSE) shares hit a new 52-week low during mid-day trading on Tuesday. The company traded as low as $1.72 and last traded at $1.81, with a volume of 41,428,434 shares changing hands. The stock had previously closed at $1.82.

Analyst Ratings Changes

Several research firms have recently commented on EOSE. TD Cowen upgraded Eos Energy Enterprises to a “hold” rating in a research note on Monday, October 5th. Roth Capital lifted their price target on shares of Eos Energy Enterprises from $4.00 to $4.50 and gave the stock a “neutral” rating in a research note on Thursday, September 10th. B. Riley Financial dropped their price target on shares of Eos Energy Enterprises from $8.00 to $5.00 and set a “neutral” rating for the company in a research note on Friday, August 14th. Truist Financial assumed coverage on shares of Eos Energy Enterprises in a report on Monday, July 13th. They issued a “buy” rating and a $7.00 price target on the stock. Finally, Needham & Company LLC reduced their price objective on shares of Eos Energy Enterprises from $11.00 to $10.00 and set a “buy” rating on the stock in a research note on Tuesday, September 15th. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $8.19.

Eos Energy Enterprises Price Performance

The firm has a market cap of $659.15 million, a P/E ratio of -0.27 and a beta of 2.88. The firm’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 announced its quarterly earnings data on Wednesday, August 5th. The company reported ($1.20) earnings per share for the quarter, missing the consensus estimate of ($0.19) by ($1.01). The company had revenue of $68.78 million during the quarter, compared to analysts’ expectations of $68.32 million. During the same period in the prior year, the company posted ($1.05) earnings per share. Analysts forecast that Eos Energy Enterprises, Inc. will post -1.28 earnings per share for the current year.

Insider Transactions at Eos Energy Enterprises

In other news, CAO Sumeet Puri sold 43,750 shares of the business’s stock in a transaction that occurred on Wednesday, September 16th. The stock was sold at an average price of $3.92, for a total value of $171,500.00. Following the completion of the sale, the chief accounting officer directly owned 280,195 shares in the company, valued at approximately $1,098,364.40. The trade was a 13.51% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 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, insider Nathan Kroeker sold 110,417 shares of the company’s stock in a transaction that occurred on Tuesday, July 28th. The shares were sold at an average price of $3.36, for a total value of $371,001.12. Following the sale, the insider directly owned 887,527 shares in the company, valued at approximately $2,982,090.72. This represents a 11.06% 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. In the last 90 days, insiders sold 626,655 shares of company stock worth $2,336,158. 1.73% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Eos Energy Enterprises

Large investors have recently added to or reduced their stakes in the company. Allworth Financial LP increased its stake in Eos Energy Enterprises by 198.6% during the second quarter. Allworth Financial LP now owns 4,300 shares of the company’s stock valued at $25,000 after purchasing an additional 2,860 shares during the last quarter. Caitong International Asset Management Co. Ltd raised its holdings in shares of Eos Energy Enterprises by 38.7% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 5,972 shares of the company’s stock worth $68,000 after purchasing an additional 1,665 shares during the period. PNC Financial Services Group Inc. raised its holdings in shares of Eos Energy Enterprises by 279.4% during the first quarter. PNC Financial Services Group Inc. now owns 9,577 shares of the company’s stock worth $48,000 after purchasing an additional 7,053 shares during the period. KFA Private Wealth Group LLC acquired a new stake in shares of Eos Energy Enterprises during the first quarter worth $50,000. Finally, Nykredit A S bought a new position in shares of Eos Energy Enterprises in the 2nd quarter worth about $60,000. 54.87% of the stock is currently owned by institutional investors.

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.