Eos Energy Enterprises (NASDAQ:EOSE) Shares Down 6.3% – Time to Sell?

Eos Energy Enterprises, Inc. (NASDAQ:EOSE) shares dropped 6.3% during mid-day trading on Wednesday . The company traded as low as $3.85 and last traded at $3.8050. Approximately 3,927,685 shares changed hands during trading, a decline of 85% from the average session volume of 25,501,926 shares. The stock had previously closed at $4.06.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on EOSE shares. Needham & Company LLC lowered their price target on shares of Eos Energy Enterprises from $11.00 to $10.00 and set a “buy” rating on the stock in a research report on Tuesday, September 15th. Stifel Nicolaus reduced their target price on Eos Energy Enterprises from $10.00 to $9.00 and set a “buy” rating on the stock in a research note on Thursday, August 6th. Wall Street Zen lowered Eos Energy Enterprises from a “sell” rating to a “strong sell” rating in a research note on Saturday, August 8th. Roth Capital increased their target price on Eos Energy Enterprises from $4.00 to $4.50 and gave the company a “neutral” rating in a report on Thursday, September 10th. Finally, Truist Financial initiated coverage on Eos Energy Enterprises in a research report on Monday, July 13th. They set a “buy” rating and a $7.00 price target for the company. One 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 assigned a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $8.19.

Eos Energy Enterprises Stock Down 8.7%

The firm has a market cap of $1.35 billion, a price-to-earnings ratio of -0.54 and a beta of 2.77. The firm has a fifty day moving average price of $3.82 and a 200-day moving average price of $5.51.

Eos Energy Enterprises (NASDAQ:EOSE) last released its earnings results 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 quarter in the previous year, the business earned ($1.05) EPS. Equities research analysts anticipate that Eos Energy Enterprises, Inc. will post -1.28 earnings per share for the current fiscal year.

Insider Buying and Selling at Eos Energy Enterprises

In related news, CEO Joe Mastrangelo sold 250,000 shares of the firm’s stock in a transaction that occurred on Wednesday, September 16th. The shares were sold at an average price of $3.92, for a total value of $980,000.00. Following the sale, the chief executive officer directly owned 2,308,704 shares of the company’s stock, valued at approximately $9,050,119.68. This trade represents a 9.77% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, 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. Also, insider Nathan Kroeker sold 110,417 shares of the company’s stock in a transaction that occurred on Tuesday, July 28th. The stock was sold at an average price of $3.36, for a total transaction of $371,001.12. Following the transaction, the insider directly owned 887,527 shares of the company’s stock, valued at $2,982,090.72. This trade represents a 11.06% decrease in their position. 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. Over the last 90 days, insiders sold 776,543 shares of company stock worth $3,121,182. 1.73% of the stock is currently owned by insiders.

Institutional Trading of Eos Energy Enterprises

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Allworth Financial LP boosted its stake in shares of Eos Energy Enterprises by 198.6% in 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 period. Caitong International Asset Management Co. Ltd grew its holdings 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 valued at $66,000 after purchasing an additional 1,425 shares in the last quarter. Global Retirement Partners LLC increased its stake in Eos Energy Enterprises by 52.2% during the 4th quarter. Global Retirement Partners LLC now owns 9,130 shares of the company’s stock worth $105,000 after buying an additional 3,130 shares during the period. PNC Financial Services Group Inc. lifted its holdings in Eos Energy Enterprises by 279.4% in the 1st quarter. PNC Financial Services Group Inc. now owns 9,577 shares of the company’s stock worth $48,000 after buying an additional 7,053 shares in the last quarter. Finally, KFA Private Wealth Group LLC acquired a new position in Eos Energy Enterprises in the 1st quarter worth $50,000. Institutional investors and hedge funds own 54.87% of the company’s stock.

Eos Energy Enterprises Company Profile

Eos Energy Enterprises, Inc develops and manufactures long-duration energy storage systems designed to support the reliability and flexibility of electric grids. Its technology is based on aqueous zinc battery chemistry, which is intended to provide a non-flammable alternative to conventional lithium-ion batteries for stationary storage applications.

The company’s primary product platform is the Eos Z3, a modular battery system designed for utility-scale and other large-scale energy storage projects.