Eos Energy Enterprises (NASDAQ:EOSE) Trading Down 5% - Here's What Happened

Shares of Eos Energy Enterprises, Inc. (NASDAQ:EOSE - Get Free Report) traded down 5% on Wednesday . The stock traded as low as $4.91 and last traded at $4.91. 3,277,405 shares changed hands during trading, a decline of 62% from the average session volume of 8,705,540 shares. The stock had previously closed at $5.17.

Analyst Ratings Changes

Several research analysts have recently weighed in on the stock. TD Cowen raised shares of Eos Energy Enterprises to a "hold" rating in a research report on Monday, June 23rd. Wall Street Zen lowered shares of Eos Energy Enterprises from a "hold" rating to a "sell" rating in a report on Saturday, July 5th. Stifel Nicolaus reduced their price objective on shares of Eos Energy Enterprises from $9.00 to $8.50 and set a "buy" rating on the stock in a report on Monday, June 9th. Finally, Guggenheim reduced their price objective on shares of Eos Energy Enterprises from $7.00 to $6.00 and set a "buy" rating on the stock in a report on Monday, June 2nd. One analyst has rated the stock with a sell rating, four have assigned a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $6.50.

Eos Energy Enterprises Price Performance

The stock's 50 day moving average is $5.04 and its two-hundred day moving average is $4.90. The stock has a market capitalization of $1.34 billion, a PE ratio of -1.33 and a beta of 2.01.

Eos Energy Enterprises (NASDAQ:EOSE - Get Free Report) last released its 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 for the quarter, compared to analysts' expectations of $11.77 million. On average, equities analysts predict that Eos Energy Enterprises, Inc. will post -2.54 earnings per share for the current year.

Insider Activity at Eos Energy Enterprises

In other news, General Counsel Michael W. Silberman sold 100,943 shares of the stock in a transaction that occurred on Friday, May 16th. The stock was sold at an average price of $6.86, for a total value of $692,468.98. Following the completion of the sale, the general counsel directly owned 161,404 shares of the company's stock, valued at approximately $1,107,231.44. This represents a 38.48% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Nathan Kroeker sold 47,254 shares of the stock in a transaction that occurred on Tuesday, July 8th. The shares were sold at an average price of $4.92, for a total value of $232,489.68. Following the completion of the sale, the chief financial officer directly owned 491,054 shares of the company's stock, valued at $2,415,985.68. The trade was a 8.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 758,886 shares of company stock worth $4,827,806 over the last 90 days. 3.63% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Eos Energy Enterprises

Several hedge funds have recently modified their holdings of the stock. Janney Montgomery Scott LLC acquired a new stake in shares of Eos Energy Enterprises during the second quarter worth $59,000. MCF Advisors LLC lifted its holdings in shares of Eos Energy Enterprises by 12.1% during the second quarter. MCF Advisors LLC now owns 32,611 shares of the company's stock worth $167,000 after purchasing an additional 3,518 shares during the period. Wealth Enhancement Advisory Services LLC lifted its holdings in shares of Eos Energy Enterprises by 9.8% during the second quarter. Wealth Enhancement Advisory Services LLC now owns 55,290 shares of the company's stock worth $281,000 after purchasing an additional 4,923 shares during the period. Integrity Alliance LLC. acquired a new stake in shares of Eos Energy Enterprises during the first quarter worth $113,000. Finally, CTC Alternative Strategies Ltd. acquired a new stake in shares of Eos Energy Enterprises during the first quarter worth $65,000. 54.87% of the stock is owned by institutional investors and hedge funds.

Eos Energy Enterprises Company Profile

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.