Eos Energy Enterprises (NASDAQ:EOSE) Shares Down 5% - Here's Why

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

Analysts Set New Price Targets

EOSE has been the subject of several analyst reports. Stifel Nicolaus reduced 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 report on Monday, June 9th. Guggenheim cut their target price on shares of 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. Wall Street Zen cut shares of Eos Energy Enterprises from a "hold" rating to a "sell" rating in a research note on Saturday, July 5th. Finally, TD Cowen upgraded shares of Eos Energy Enterprises to a "hold" rating in a research note on Monday, June 23rd. One investment analyst has rated the stock with a sell rating, four have given a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and an average price target of $6.50.

Eos Energy Enterprises Price Performance

The company has a market capitalization of $1.34 billion, a P/E ratio of -1.32 and a beta of 2.01. The stock's 50 day simple moving average is $5.05 and its two-hundred day simple moving average is $4.89.

Eos Energy Enterprises (NASDAQ:EOSE - Get Free Report) last announced 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 business had revenue of $10.46 million for the quarter, compared to the consensus estimate of $11.77 million. As a group, equities research analysts expect 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, CAO Sumeet Puri sold 36,173 shares of the firm's stock in a transaction on Friday, May 16th. The stock was sold at an average price of $6.86, for a total value of $248,146.78. Following the transaction, the chief accounting officer directly owned 95,624 shares in the company, valued at $655,980.64. This trade represents a 27.45% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Joe Mastrangelo sold 270,384 shares of the firm's stock in a transaction on Friday, May 16th. The stock was sold at an average price of $6.86, for a total value of $1,854,834.24. Following the completion of the transaction, the chief executive officer owned 1,109,409 shares in the company, valued at $7,610,545.74. This represents a 19.60% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 758,886 shares of company stock valued at $4,827,806. Insiders own 3.63% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in EOSE. Wells Fargo & Company MN increased its stake in Eos Energy Enterprises by 3.6% in the fourth quarter. Wells Fargo & Company MN now owns 62,075 shares of the company's stock valued at $302,000 after purchasing an additional 2,175 shares in the last quarter. Carmel Capital Partners LLC increased its stake in Eos Energy Enterprises by 24.5% in the first quarter. Carmel Capital Partners LLC now owns 12,450 shares of the company's stock valued at $47,000 after purchasing an additional 2,450 shares in the last quarter. Meridian Wealth Management LLC increased its stake in Eos Energy Enterprises by 2.6% in the first quarter. Meridian Wealth Management LLC now owns 102,400 shares of the company's stock valued at $387,000 after purchasing an additional 2,600 shares in the last quarter. Landscape Capital Management L.L.C. increased its stake in Eos Energy Enterprises by 5.8% in the first quarter. Landscape Capital Management L.L.C. now owns 54,711 shares of the company's stock valued at $207,000 after purchasing an additional 2,980 shares in the last quarter. Finally, MCF Advisors LLC increased its stake in Eos Energy Enterprises by 12.1% in the second quarter. MCF Advisors LLC now owns 32,611 shares of the company's stock valued at $167,000 after purchasing an additional 3,518 shares in the last quarter. 54.87% of the stock is currently owned by institutional investors.

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.