Insider Selling: Eos Energy Enterprises, Inc. (NASDAQ:EOSE) CEO Sells 127,152 Shares of Stock

Eos Energy Enterprises, Inc. (NASDAQ:EOSE - Get Free Report) CEO Joe Mastrangelo sold 127,152 shares of the firm's stock in a transaction on Tuesday, July 8th. The shares were sold at an average price of $4.92, for a total value of $625,587.84. Following the transaction, the chief executive officer directly owned 1,236,560 shares in the company, valued at $6,083,875.20. This trade represents a 9.32% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link.

Joe Mastrangelo also recently made the following trade(s):

• On Friday, May 16th, Joe Mastrangelo sold 270,384 shares of Eos Energy Enterprises stock. The shares were sold at an average price of $6.86, for a total value of $1,854,834.24.

Eos Energy Enterprises Stock Performance

Shares of NASDAQ:EOSE traded down $0.02 during midday trading on Friday, reaching $4.63. The company had a trading volume of 7,937,525 shares, compared to its average volume of 8,681,029. Eos Energy Enterprises, Inc. has a 1-year low of $1.40 and a 1-year high of $7.36. The firm has a market cap of $1.05 billion, a price-to-earnings ratio of -1.05 and a beta of 2.01. The company has a fifty day simple moving average of $5.09 and a two-hundred day simple moving average of $4.89.

Eos Energy Enterprises (NASDAQ:EOSE - Get Free Report) last released its quarterly earnings results on Tuesday, May 6th. The company reported ($0.20) earnings per share for the quarter, missing analysts' consensus estimates of ($0.19) by ($0.01). The company had revenue of $10.46 million during the quarter, compared to analyst estimates of $11.77 million. Analysts expect that Eos Energy Enterprises, Inc. will post -2.54 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on EOSE. Stifel Nicolaus lowered their price target on Eos Energy Enterprises from $9.00 to $8.50 and set a "buy" rating on the stock in a report on Monday, June 9th. TD Cowen raised Eos Energy Enterprises to a "hold" rating in a research note on Monday, June 23rd. Guggenheim decreased their target price on Eos Energy Enterprises from $7.00 to $6.00 and set a "buy" rating for the company in a research note on Monday, June 2nd. Finally, Wall Street Zen cut Eos Energy Enterprises from a "hold" rating to a "sell" rating in a research note on Saturday, July 5th. One research analyst has rated the stock with a sell rating, four have given a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $6.50.

Institutional Investors Weigh In On Eos Energy Enterprises

Several hedge funds have recently bought and sold shares of EOSE. Bank of New York Mellon Corp lifted its stake in Eos Energy Enterprises by 154.9% in the 4th quarter. Bank of New York Mellon Corp now owns 48,374 shares of the company's stock worth $235,000 after acquiring an additional 29,393 shares in the last quarter. Arizona State Retirement System purchased a new stake in Eos Energy Enterprises in the 4th quarter worth about $305,000. Raymond James Financial Inc. purchased a new stake in Eos Energy Enterprises in the 4th quarter worth about $315,000. Amundi purchased a new stake in Eos Energy Enterprises in the 4th quarter worth about $253,000. Finally, Daiwa Securities Group Inc. purchased a new stake in Eos Energy Enterprises in the 4th quarter worth about $101,000. 54.87% of the stock is owned by hedge funds and other institutional investors.

About Eos Energy Enterprises

Eos Energy Enterprises, Inc designs, manufactures, and markets zinc-based energy storage solutions for utility-scale, microgrid, and commercial and industrial (C&I) applications in the United States. The company offers Znyth technology battery energy storage system (BESS), which provides the operating flexibility to manage increased grid complexity and price volatility.