Eos Energy Enterprises (NASDAQ:EOSE) Shares Gap Down Following Weak Earnings

Key Points

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Eos Energy Enterprises, Inc. (NASDAQ:EOSE - Get Free Report)'s share price gapped down before the market opened on Thursday following a weaker than expected earnings announcement. The stock had previously closed at $5.92, but opened at $5.47. Eos Energy Enterprises shares last traded at $6.39, with a volume of 7,380,489 shares traded.

The company reported ($1.05) earnings per share for the quarter, missing analysts' consensus estimates of ($0.17) by ($0.88). The company had revenue of $15.24 million for the quarter, compared to analysts' expectations of $24.96 million.

Wall Street Analyst Weigh In

EOSE has been the topic of a number of research reports. TD Cowen raised their price target on shares of Eos Energy Enterprises from $5.50 to $6.00 and gave the company a "hold" rating in a research note on Friday. Guggenheim decreased their price target on shares of Eos Energy Enterprises from $7.00 to $6.00 and set a "buy" rating on the stock in a research note on Monday, June 2nd. Wall Street Zen raised shares of Eos Energy Enterprises from a "sell" rating to a "hold" rating in a research note on Saturday, July 26th. Finally, Stifel Nicolaus decreased their price target on shares of Eos Energy Enterprises from $9.00 to $8.50 and set a "buy" rating on the stock in a research note on Monday, June 9th. Five research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, Eos Energy Enterprises currently has a consensus rating of "Hold" and a consensus price target of $6.38.

Insider Buying and Selling at Eos Energy Enterprises

In other Eos Energy Enterprises news, insider Nathan Kroeker sold 152,856 shares of the firm's stock in a transaction that occurred on Friday, May 16th. The shares were sold at an average price of $6.86, for a total value of $1,048,592.16. Following the transaction, the insider directly owned 403,815 shares of the company's stock, valued at $2,770,170.90. This trade represents a 27.46% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, General Counsel Michael W. Silberman sold 100,943 shares of the firm's stock in a transaction that occurred on Friday, May 16th. The stock was sold at an average price of $6.86, for a total transaction of $692,468.98. Following the completion of the transaction, the general counsel directly owned 161,404 shares in the company, valued at $1,107,231.44. This trade represents a 38.48% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 1,108,053 shares of company stock valued at $6,901,858. Company insiders own 3.63% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of EOSE. Raymond James Financial Inc. acquired a new stake in shares of Eos Energy Enterprises during the 4th quarter worth approximately $315,000. KLP Kapitalforvaltning AS acquired a new stake in shares of Eos Energy Enterprises during the 4th quarter worth approximately $181,000. LPL Financial LLC increased its holdings in shares of Eos Energy Enterprises by 115.4% during the 4th quarter. LPL Financial LLC now owns 26,875 shares of the company's stock worth $131,000 after buying an additional 14,400 shares during the last quarter. Pictet Asset Management Holding SA acquired a new stake in shares of Eos Energy Enterprises during the 4th quarter worth approximately $267,000. Finally, Geode Capital Management LLC increased its holdings in shares of Eos Energy Enterprises by 1.7% during the 4th quarter. Geode Capital Management LLC now owns 2,510,088 shares of the company's stock worth $12,205,000 after buying an additional 41,440 shares during the last quarter. 54.87% of the stock is owned by hedge funds and other institutional investors.

Eos Energy Enterprises Trading Down 3.3%

The stock's fifty day moving average price is $4.94 and its 200-day moving average price is $4.96. The firm has a market cap of $1.25 billion, a price-to-earnings ratio of -1.06 and a beta of 2.07.

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.