Eos Energy Enterprises (NASDAQ:EOSE) Trading Down 4.8% - Here's Why

Key Points

• Eos Energy Enterprises (NASDAQ: EOSE) shares fell by 4.8%, trading between $6.03 and $6.05, with an 84% drop in trading volume compared to average.
• Analysts have set mixed ratings on the stock, with a consensus rating of "Hold" and an average price target of $6.38.
• Insider trading activity shows significant selling, including a general counsel who sold over 65,000 shares, indicating potential concerns among executives about the stock's performance.

Eos Energy Enterprises, Inc. (NASDAQ:EOSE - Get Free Report) shares fell 4.8% on Tuesday . The stock traded as low as $6.03 and last traded at $6.05. 1,661,346 shares changed hands during trading, a decline of 84% from the average session volume of 10,500,049 shares. The stock had previously closed at $6.35.

Analyst Ratings Changes

Several brokerages recently weighed in on EOSE. Stifel Nicolaus cut their target price 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. Wall Street Zen downgraded shares of Eos Energy Enterprises from a "hold" rating to a "sell" rating in a research note on Sunday, August 3rd. TD Cowen upped their target price on shares of Eos Energy Enterprises from $5.50 to $6.00 and gave the stock a "hold" rating in a research note on Friday, August 1st. Finally, Guggenheim cut their target price 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. One analyst has rated the stock with a sell rating, four have given a hold rating and two have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $6.38.

Eos Energy Enterprises Trading Down 7.4%

The company has a market cap of $1.52 billion, a price-to-earnings ratio of -1.12 and a beta of 2.07. The firm's fifty day simple moving average is $5.28 and its 200 day simple moving average is $4.99.

Eos Energy Enterprises (NASDAQ:EOSE - Get Free Report) last posted its quarterly earnings results on Wednesday, July 30th. The company reported ($1.05) EPS for the quarter, missing the consensus estimate of ($0.17) by ($0.88). The business had revenue of $15.24 million for the quarter, compared to the consensus estimate of $24.96 million. As a group, sell-side analysts expect that Eos Energy Enterprises, Inc. will post -2.54 EPS for the current year.

Insider Activity at Eos Energy Enterprises

In other Eos Energy Enterprises news, CFO Nathan Kroeker sold 99,375 shares of the business's stock in a transaction that occurred on Tuesday, July 29th. The shares were sold at an average price of $5.94, for a total transaction of $590,287.50. Following the completion of the transaction, the chief financial officer owned 612,512 shares in the company, valued at $3,638,321.28. The trade was a 13.96% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Alexander Dimitrief sold 45,000 shares of the company's stock in a transaction on Monday, August 4th. The shares were sold at an average price of $6.00, for a total transaction of $270,000.00. Following the completion of the transaction, the director owned 219,452 shares of the company's stock, valued at approximately $1,316,712. The trade was a 17.02% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 592,697 shares of company stock worth $3,327,816 over the last ninety days. 3.63% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of EOSE. LPL Financial LLC boosted its holdings in shares of Eos Energy Enterprises by 115.4% in the 4th quarter. LPL Financial LLC now owns 26,875 shares of the company's stock valued at $131,000 after buying an additional 14,400 shares in the last quarter. Geode Capital Management LLC boosted its holdings in shares of Eos Energy Enterprises by 1.7% in the 4th quarter. Geode Capital Management LLC now owns 2,510,088 shares of the company's stock valued at $12,205,000 after buying an additional 41,440 shares in the last quarter. Wells Fargo & Company MN boosted its holdings in shares of Eos Energy Enterprises by 3.6% in the 4th quarter. Wells Fargo & Company MN now owns 62,075 shares of the company's stock valued at $302,000 after buying an additional 2,175 shares in the last quarter. Russell Investments Group Ltd. acquired a new position in shares of Eos Energy Enterprises in the 4th quarter valued at $391,000. Finally, Cerity Partners LLC acquired a new position in shares of Eos Energy Enterprises in the 4th quarter valued at $91,000. Institutional investors and hedge funds own 54.87% of the company's stock.

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.