Needham & Company LLC Issues Pessimistic Forecast for Eos Energy Enterprises (NASDAQ:EOSE) Stock Price

Key Points

• Needham & Company cut its Eos Energy Enterprises price target from $10 to $6 but maintained a “buy” rating, implying substantial upside from the stock’s $1.81 price.
• Analyst sentiment is mixed: EOSE has a consensus “hold” rating and a $7.69 average price target, with ratings ranging from strong buy to sell.
• Eos reported a quarterly loss of $1.20 per share, missing estimates by $1.01, while the stock remains near its 52-week low and insiders have sold 626,655 shares over the past three months.

Eos Energy Enterprises (NASDAQ:EOSE - Get Free Report) had its price target dropped by Needham & Company LLC from $10.00 to $6.00 in a report released on Monday, Benzinga reports. The brokerage currently has a "buy" rating on the stock. Needham & Company LLC's price objective points to a potential upside of 231.49% from the company's current price.

EOSE has been the topic of several other reports. Weiss Ratings restated a "sell (d-)" rating on shares of Eos Energy Enterprises in a research report on Thursday. B. Riley Financial reduced their price target on Eos Energy Enterprises from $8.00 to $5.00 and set a "neutral" rating for the company in a research report on Friday, August 14th. Truist Financial started coverage on Eos Energy Enterprises in a research note on Monday, July 13th. They issued a "buy" rating and a $7.00 price target for the company. Stifel Nicolaus lowered their price target on Eos Energy Enterprises from $10.00 to $9.00 and set a "buy" rating on the stock in a report on Thursday, August 6th. Finally, TD Cowen upgraded shares of Eos Energy Enterprises to a "hold" rating in a research note on Monday, October 5th. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, six have given a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, Eos Energy Enterprises has a consensus rating of "Hold" and a consensus price target of $7.69.

Eos Energy Enterprises Trading Down 0.5%

NASDAQ EOSE opened at $1.81 on Monday. Eos Energy Enterprises has a 52 week low of $1.72 and a 52 week high of $19.86. The stock has a market cap of $659.15 million, a price-to-earnings ratio of -0.27 and a beta of 2.88. The company has a 50-day moving average price of $3.41 and a two-hundred day moving average price of $5.15.

Eos Energy Enterprises (NASDAQ:EOSE - Get Free Report) last announced its quarterly earnings results on Wednesday, August 5th. The company reported ($1.20) EPS for the quarter, missing the consensus estimate of ($0.19) by ($1.01). The business had revenue of $68.78 million for the quarter, compared to the consensus estimate of $68.32 million. During the same quarter in the prior year, the firm earned ($1.05) EPS. As a group, equities research analysts expect that Eos Energy Enterprises will post -1.28 earnings per share for the current fiscal year.

Insider Activity at Eos Energy Enterprises

In related news, insider Nathan Kroeker sold 110,417 shares of the business'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 sale, the insider owned 887,527 shares of the company's stock, valued at $2,982,090.72. The trade was a 11.06% decrease in their ownership of the stock. The sale was disclosed in a document filed 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, CAO Sumeet Puri sold 43,750 shares of the company'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 owned 280,195 shares of the company's stock, valued at $1,098,364.40. This trade represents a 13.51% 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. Over the last three months, insiders have sold 626,655 shares of company stock valued at $2,336,158. Insiders own 1.73% of the company's stock.

Hedge Funds Weigh In On Eos Energy Enterprises

Several hedge funds have recently modified their holdings of EOSE. Renaissance Technologies LLC acquired a new position in Eos Energy Enterprises during the first quarter worth about $9,152,000. First Trust Advisors LP raised its position in Eos Energy Enterprises by 3.7% in the first quarter. First Trust Advisors LP now owns 1,537,606 shares of the company's stock worth $7,627,000 after acquiring an additional 55,145 shares in the last quarter. Wellington Management Group LLP lifted its holdings in Eos Energy Enterprises by 475.8% in the 2nd quarter. Wellington Management Group LLP now owns 1,155,515 shares of the company's stock valued at $6,794,000 after acquiring an additional 954,828 shares during the last quarter. Bank of America Corp DE lifted its holdings in Eos Energy Enterprises by 89.1% in the 1st quarter. Bank of America Corp DE now owns 1,247,548 shares of the company's stock valued at $6,188,000 after acquiring an additional 587,752 shares during the last quarter. Finally, Bank of New York Mellon Corp bought a new position in shares of Eos Energy Enterprises during the 2nd quarter valued at about $5,530,000. 54.87% of the stock is currently owned by institutional investors and hedge funds.

Eos Energy Enterprises Company Profile

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.

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