Eos Energy Enterprises (NASDAQ:EOSE) Shares Down 6.6% After Insider Selling

Eos Energy Enterprises, Inc. (NASDAQ:EOSE - Get Free Report) shares dropped 6.6% during mid-day trading on Tuesday following insider selling activity. The stock traded as low as $4.79 and last traded at $4.81. Approximately 12,298,356 shares changed hands during trading, an increase of 28% from the average daily volume of 9,614,783 shares. The stock had previously closed at $5.15.

Specifically, CEO Joe Mastrangelo sold 127,152 shares of the firm's stock in a transaction that occurred on Tuesday, July 8th. The shares were sold at an average price of $4.92, for a total transaction of $625,587.84. Following the transaction, the chief executive officer directly owned 1,236,560 shares of the company's stock, valued at approximately $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 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 stock was sold at an average price of $4.92, for a total value of $232,489.68. Following the sale, the chief financial officer directly owned 491,054 shares in the company, valued at $2,415,985.68. This represents a 8.78% decrease in their position. The disclosure for this sale can be found here. In other Eos Energy Enterprises news, CFO Nathan Kroeker sold 24,124 shares of the firm's stock in a transaction on Monday, July 7th. The stock was sold at an average price of $5.21, for a total transaction of $125,686.04. Following the transaction, the chief financial officer owned 538,308 shares in the company, valued at $2,804,584.68. This trade represents a 4.29% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.

Analyst Upgrades and Downgrades

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

Eos Energy Enterprises Stock Performance

The stock has a fifty day simple moving average of $5.10 and a two-hundred day simple moving average of $4.89. The stock has a market cap of $1.05 billion, a price-to-earnings ratio of -1.05 and a beta of 2.01.

Eos Energy Enterprises (NASDAQ:EOSE - Get Free Report) last issued 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 during the quarter, compared to analysts' expectations of $11.77 million. Equities analysts expect that Eos Energy Enterprises, Inc. will post -2.54 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Eos Energy Enterprises

A number of large investors have recently modified their holdings of the business. Legal & General Group Plc increased its stake in shares of Eos Energy Enterprises by 61,220.5% in the fourth quarter. Legal & General Group Plc now owns 4,804,461 shares of the company's stock valued at $23,350,000 after buying an additional 4,796,626 shares during the period. Driehaus Capital Management LLC acquired a new stake in Eos Energy Enterprises during the 1st quarter worth approximately $13,456,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new stake in Eos Energy Enterprises during the 4th quarter worth approximately $16,632,000. Alyeska Investment Group L.P. increased its position in Eos Energy Enterprises by 714.3% in the 4th quarter. Alyeska Investment Group L.P. now owns 1,628,500 shares of the company's stock valued at $7,915,000 after acquiring an additional 1,428,500 shares during the period. Finally, American Financial Group Inc. raised its stake in shares of Eos Energy Enterprises by 174.0% during the first quarter. American Financial Group Inc. now owns 1,861,930 shares of the company's stock valued at $7,038,000 after acquiring an additional 1,182,310 shares during the last quarter. 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.