Eos Energy Enterprises (NASDAQ:EOSE) Shares Down 8.2% – Here’s Why

Eos Energy Enterprises, Inc. (NASDAQ:EOSE)’s share price dropped 8.2% on Friday . The company traded as low as $3.31 and last traded at $3.3150. 12,921,120 shares changed hands during mid-day trading, a decline of 49% from the average session volume of 25,353,156 shares. The stock had previously closed at $3.61.

Wall Street Analyst Weigh In

Several research analysts have issued reports on EOSE shares. Needham & Company LLC initiated coverage on Eos Energy Enterprises in a report on Friday, May 22nd. They set a “buy” rating and a $11.00 price objective on the stock. Weiss Ratings restated a “sell (d-)” rating on shares of Eos Energy Enterprises in a research report on Friday, July 17th. Wall Street Zen lowered Eos Energy Enterprises from a “hold” rating to a “sell” rating in a research note on Saturday, July 4th. Zacks Research upgraded Eos Energy Enterprises from a “strong sell” rating to a “hold” rating in a report on Tuesday, April 28th. Finally, 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 for the company. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, seven have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Eos Energy Enterprises presently has a consensus rating of “Hold” and a consensus target price of $9.17.

Eos Energy Enterprises Price Performance

The business’s 50 day simple moving average is $5.95 and its 200-day simple moving average is $7.98. The stock has a market capitalization of $1.16 billion, a P/E ratio of -0.51 and a beta of 2.68.

Eos Energy Enterprises (NASDAQ:EOSE) last posted its quarterly earnings results on Wednesday, May 13th. The company reported $0.12 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.22) by $0.34. The company had revenue of $56.96 million during the quarter, compared to analyst estimates of $54.32 million. Research analysts anticipate that Eos Energy Enterprises, Inc. will post -0.32 earnings per share for the current fiscal year.

Insider Activity at Eos Energy Enterprises

In other news, insider Michael W. Silberman sold 14,998 shares of the company’s stock in a transaction dated Tuesday, June 30th. The stock was sold at an average price of $5.87, for a total value of $88,038.26. Following the completion of the sale, the insider directly owned 298,277 shares of the company’s stock, valued at $1,750,885.99. This represents a 4.79% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available 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 Michelle Buczkowski sold 11,469 shares of the stock in a transaction that occurred on Tuesday, June 30th. The shares were sold at an average price of $5.87, for a total transaction of $67,323.03. Following the completion of the sale, the insider owned 59,242 shares in the company, valued at $347,750.54. This represents a 16.22% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 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 three months, insiders sold 456,307 shares of company stock worth $1,882,877. 1.73% of the stock is owned by company insiders.

Hedge Funds Weigh In On Eos Energy Enterprises

Hedge funds and other institutional investors have recently made changes to their positions in the company. PNC Financial Services Group Inc. grew its holdings in shares of Eos Energy Enterprises by 3,843.8% in the 4th quarter. PNC Financial Services Group Inc. now owns 2,524 shares of the company’s stock valued at $29,000 after buying an additional 2,460 shares during the period. Towarzystwo Funduszy Inwestycyjnych PZU SA raised its stake in Eos Energy Enterprises by 58.8% during the 4th quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA now owns 2,700 shares of the company’s stock worth $31,000 after buying an additional 1,000 shares during the period. Danske Bank A S bought a new position in Eos Energy Enterprises during the fourth quarter worth about $33,000. TD Waterhouse Canada Inc. lifted its holdings in Eos Energy Enterprises by 178.7% during the fourth quarter. TD Waterhouse Canada Inc. now owns 3,119 shares of the company’s stock worth $36,000 after acquiring an additional 2,000 shares in the last quarter. Finally, GAMMA Investing LLC grew its stake 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 acquiring an additional 1,036 shares during the period. 54.87% of the stock is owned by institutional investors.

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.