Eos Energy Enterprises (NASDAQ:EOSE) CAO Sumeet Puri Sells 34,167 Shares of Stock

Key Points

• Chief Accounting Officer Sumeet Puri sold 34,167 Eos Energy shares at an average price of $4.13, worth approximately $141,110. The sale was conducted under a Rule 10b5-1 plan to cover tax withholding from vested equity awards, reducing his ownership by 12.63%.
• Eos Energy shares fell 3.5% to $4.15, with the stock trading well below its 200-day moving average of $5.84. The company reported a quarterly loss of $1.20 per share, missing analyst expectations by $1.01, despite revenue slightly exceeding estimates.
• Analyst sentiment is mixed but centers on a “Hold” consensus, with an average price target of $8.25. Institutional investors own 54.87% of the company, while recent analyst actions included price-target cuts and both buy and sell-rating changes.

Eos Energy Enterprises, Inc. (NASDAQ:EOSE - Get Free Report) CAO Sumeet Puri sold 34,167 shares of the company's stock in a transaction on Wednesday, September 9th. The stock was sold at an average price of $4.13, for a total value of $141,109.71. Following the completion of the sale, the chief accounting officer owned 236,445 shares of the company's stock, valued at $976,517.85. This trade represents a 12.63% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Sumeet Puri also recently made the following trade(s):

• On Tuesday, July 28th, Sumeet Puri sold 29,167 shares of Eos Energy Enterprises stock. The stock was sold at an average price of $3.36, for a total value of $98,001.12.
• On Tuesday, June 30th, Sumeet Puri sold 8,823 shares of Eos Energy Enterprises stock. The shares were sold at an average price of $5.86, for a total value of $51,702.78.

Eos Energy Enterprises Stock Down 3.5%

NASDAQ:EOSE traded down $0.15 during mid-day trading on Wednesday, hitting $4.15. 22,979,304 shares of the company traded hands, compared to its average volume of 25,713,469. The stock's fifty day moving average price is $3.97 and its 200-day moving average price is $5.84. The firm has a market cap of $1.51 billion, a price-to-earnings ratio of -0.61 and a beta of 2.77. Eos Energy Enterprises, Inc. has a one year low of $3.01 and a one year high of $19.86.

Eos Energy Enterprises (NASDAQ:EOSE - Get Free Report) last posted its quarterly earnings data on Wednesday, August 5th. The company reported ($1.20) EPS for the quarter, missing the consensus estimate of ($0.19) by ($1.01). The firm had revenue of $68.78 million during the quarter, compared to analysts' expectations of $68.32 million. During the same quarter in the prior year, the business earned ($1.05) earnings per share. Equities analysts predict that Eos Energy Enterprises, Inc. will post -0.91 EPS for the current year.

Institutional Investors Weigh In On Eos Energy Enterprises

Several institutional investors and hedge funds have recently modified their holdings of the stock. Allworth Financial LP grew its stake in Eos Energy Enterprises by 198.6% during the second quarter. Allworth Financial LP now owns 4,300 shares of the company's stock valued at $25,000 after acquiring an additional 2,860 shares in the last quarter. PNC Financial Services Group Inc. lifted its stake in Eos Energy Enterprises by 3,843.8% in the 4th quarter. PNC Financial Services Group Inc. now owns 2,524 shares of the company's stock worth $29,000 after purchasing an additional 2,460 shares in the last quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA lifted its stake in Eos Energy Enterprises by 58.8% in the 4th quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA now owns 2,700 shares of the company's stock worth $31,000 after purchasing an additional 1,000 shares in the last quarter. KFA Private Wealth Group LLC purchased a new position in shares of Eos Energy Enterprises during the first quarter valued at about $50,000. Finally, Laurel Oak Wealth Management LLC bought a new stake in shares of Eos Energy Enterprises in the first quarter worth about $55,000. Institutional investors own 54.87% of the company's stock.

Analyst Ratings Changes

Several equities analysts have weighed in on EOSE shares. Wall Street Zen downgraded shares of Eos Energy Enterprises from a "sell" rating to a "strong sell" rating in a report on Saturday, August 8th. TD Cowen reduced their price objective on shares of Eos Energy Enterprises from $8.00 to $4.00 and set a "hold" rating for the company in a research note on Thursday, August 6th. Truist Financial started coverage on shares of Eos Energy Enterprises in a research report on Monday, July 13th. They set a "buy" rating and a $7.00 price objective on the stock. Needham & Company LLC assumed coverage on shares of Eos Energy Enterprises in a research note on Friday, May 22nd. They set a "buy" rating and a $11.00 target price on the stock. Finally, B. Riley Financial lowered their target price on shares of Eos Energy Enterprises from $8.00 to $5.00 and set a "neutral" rating on the stock in a research note on Friday, August 14th. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $8.25.

Eos Energy Enterprises Company Profile

Eos Energy Enterprises specializes in the development and deployment of scalable, long-duration energy storage systems designed to support the integration of renewable power and enhance grid reliability. The company's core technology centers on its proprietary zinc hybrid cathode (Znyth™) battery platform, which aims to deliver safe, low-cost, and durable performance for utility, commercial and industrial, and microgrid applications.

The company's flagship product, the Aurora™ energy storage system, combines its Znyth™ cells with modular power conversion and controls to offer flexible capacity ranging from one to three hours of discharge duration.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.