Needham & Company LLC Lowers Eos Energy Enterprises (NASDAQ:EOSE) Price Target to $10.00

Key Points

• Needham lowered Eos Energy Enterprises’ price target from $11 to $10 but maintained a “buy” rating, implying approximately 162% upside from the stock’s $3.82 price.
• Analyst sentiment remains mixed: Eos has a consensus “hold” rating and average target price of $8.19, with ratings ranging from “strong buy” to “strong sell.”
• The company reported a quarterly loss of $1.20 per share, significantly missing the $0.19 consensus estimate, although revenue of $68.78 million slightly exceeded expectations.

Eos Energy Enterprises (NASDAQ:EOSE - Get Free Report) had its target price cut by research analysts at Needham & Company LLC from $11.00 to $10.00 in a research note issued on Tuesday, Benzinga reports. The brokerage currently has a "buy" rating on the stock. Needham & Company LLC's price objective would suggest a potential upside of 161.78% from the stock's current price.

Other analysts have also issued reports about the company. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Eos Energy Enterprises in a research note on Friday, July 17th. Truist Financial started coverage on shares of Eos Energy Enterprises in a report on Monday, July 13th. They issued a "buy" rating and a $7.00 target price for the company. Wall Street Zen lowered shares of Eos Energy Enterprises from a "sell" rating to a "strong sell" rating in a report on Saturday, August 8th. Stifel Nicolaus lowered their price objective on shares of Eos Energy Enterprises from $10.00 to $9.00 and set a "buy" rating for the company in a research report on Thursday, August 6th. Finally, Roth Capital increased their price objective on shares of Eos Energy Enterprises from $4.00 to $4.50 and gave the company a "neutral" rating in a research note on Thursday. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Eos Energy Enterprises has a consensus rating of "Hold" and an average target price of $8.19.

Eos Energy Enterprises Price Performance

Shares of NASDAQ:EOSE opened at $3.82 on Tuesday. Eos Energy Enterprises has a 1 year low of $3.01 and a 1 year high of $19.86. The stock has a market capitalization of $1.39 billion, a price-to-earnings ratio of -0.56 and a beta of 2.77. The company's 50 day simple moving average is $3.87 and its 200 day simple moving average is $5.64.

Eos Energy Enterprises (NASDAQ:EOSE - Get Free Report) 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 business had revenue of $68.78 million during the quarter, compared to analysts' expectations of $68.32 million. During the same period in the previous year, the firm earned ($1.05) EPS. As a group, analysts anticipate that Eos Energy Enterprises will post -0.92 EPS for the current fiscal year.

Insider Buying and Selling

In other Eos Energy Enterprises news, CAO Sumeet Puri sold 34,167 shares of the business's stock in a transaction that occurred on Wednesday, September 9th. The shares were sold at an average price of $4.13, for a total transaction of $141,109.71. Following the sale, the chief accounting officer directly owned 236,445 shares of the company's stock, valued at $976,517.85. The trade was a 12.63% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 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 company's 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 transaction, the insider owned 59,242 shares of the company's stock, valued at approximately $347,750.54. This trade represents a 16.22% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 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 have sold a total of 482,793 shares of company stock valued at $1,969,682 over the last three months. Insiders own 1.73% of the company's stock.

Hedge Funds Weigh In On Eos Energy Enterprises

A number of hedge funds have recently modified their holdings of the business. Allworth Financial LP lifted its position in shares of Eos Energy Enterprises by 198.6% during the 2nd quarter. Allworth Financial LP now owns 4,300 shares of the company's stock valued at $25,000 after acquiring an additional 2,860 shares during the period. Caitong International Asset Management Co. Ltd boosted its position in shares of 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 worth $66,000 after purchasing an additional 1,425 shares in the last quarter. Global Retirement Partners LLC grew its stake in shares of Eos Energy Enterprises by 52.2% in the 4th quarter. Global Retirement Partners LLC now owns 9,130 shares of the company's stock valued at $105,000 after buying an additional 3,130 shares during the period. PNC Financial Services Group Inc. increased its position 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 valued at $48,000 after buying an additional 7,053 shares in the last quarter. Finally, KFA Private Wealth Group LLC bought a new position in Eos Energy Enterprises in the first quarter worth approximately $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.

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