Insider Selling: Eos Energy Enterprises (NASDAQ:EOSE) CAO Sells 29,167 Shares of Stock

Key Points

• Eos Energy CAO Sumeet Puri sold 29,167 shares at an average price of $3.36, generating approximately $98,001. The transaction was conducted under a pre-arranged Rule 10b5-1 plan to cover tax withholding, leaving him with 202,279 shares.
• Eos Energy shares fell 6.6% to $3.37, near the company’s 52-week low of $3.21. The stock has a market capitalization of about $1.14 billion and remains well below its 50-day and 200-day moving averages.
• Analyst sentiment is mixed, with an overall “Hold” rating and an average price target of $9.17. Recent targets range from $6 to $11, while institutional investors collectively own 54.87% of the company.

Eos Energy Enterprises, Inc. (NASDAQ:EOSE - Get Free Report) CAO Sumeet Puri sold 29,167 shares of the business's stock in a transaction dated Tuesday, July 28th. The stock was sold at an average price of $3.36, for a total transaction of $98,001.12. Following the completion of the transaction, the chief accounting officer directly owned 202,279 shares in the company, valued at $679,657.44. This trade represents a 12.60% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 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, June 30th, Sumeet Puri sold 8,823 shares of Eos Energy Enterprises stock. The stock was sold at an average price of $5.86, for a total transaction of $51,702.78.

Eos Energy Enterprises Stock Down 6.6%

NASDAQ EOSE traded down $0.24 during trading hours on Tuesday, reaching $3.37. 31,191,773 shares of the company were exchanged, compared to its average volume of 25,376,746. The stock has a market capitalization of $1.14 billion, a P/E ratio of -0.50 and a beta of 2.68. Eos Energy Enterprises, Inc. has a 1 year low of $3.21 and a 1 year high of $19.86. The business's 50 day simple moving average is $6.19 and its 200-day simple moving average is $8.21.

Eos Energy Enterprises (NASDAQ:EOSE - Get Free Report) last released its earnings results on Wednesday, May 13th. The company reported $0.12 earnings per share for the quarter, beating analysts' consensus estimates of ($0.22) by $0.34. The company had revenue of $56.96 million during the quarter, compared to analysts' expectations of $54.32 million. As a group, sell-side analysts anticipate that Eos Energy Enterprises, Inc. will post -0.32 earnings per share for the current year.

Institutional Investors Weigh In On Eos Energy Enterprises

Several institutional investors have recently made changes to their positions in the stock. PNC Financial Services Group Inc. grew its position in shares of Eos Energy Enterprises by 3,843.8% in the fourth quarter. PNC Financial Services Group Inc. now owns 2,524 shares of the company's stock valued at $29,000 after purchasing an additional 2,460 shares in the last quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA raised its stake in shares of Eos Energy Enterprises by 58.8% during the 4th quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA now owns 2,700 shares of the company's stock valued at $31,000 after purchasing an additional 1,000 shares during the period. Danske Bank A S purchased a new stake in Eos Energy Enterprises during the 4th quarter worth about $33,000. TD Waterhouse Canada Inc. lifted its holdings in Eos Energy Enterprises by 178.7% during the 4th quarter. TD Waterhouse Canada Inc. now owns 3,119 shares of the company's stock worth $36,000 after purchasing an additional 2,000 shares in the last quarter. Finally, GAMMA Investing LLC boosted its stake in Eos Energy Enterprises by 46.4% in the 4th quarter. GAMMA Investing LLC now owns 3,270 shares of the company's stock worth $37,000 after purchasing an additional 1,036 shares during the period. Hedge funds and other institutional investors own 54.87% of the company's stock.

Analyst Ratings Changes

Several equities analysts have weighed in on EOSE shares. TD Cowen increased their price objective on Eos Energy Enterprises from $7.00 to $8.00 and gave the company a "hold" rating in a report on Thursday, May 14th. Truist Financial initiated coverage on Eos Energy Enterprises in a research note on Monday, July 13th. They issued a "buy" rating and a $7.00 target price on the stock. JPMorgan Chase & Co. dropped their price target on Eos Energy Enterprises from $9.00 to $6.00 and set a "neutral" rating on the stock in a research report on Thursday, April 16th. Needham & Company LLC began coverage on Eos Energy Enterprises in a research note on Friday, May 22nd. They set a "buy" rating and a $11.00 price target for the company. Finally, Stifel Nicolaus decreased their price objective on Eos Energy Enterprises from $12.00 to $10.00 and set a "buy" rating for the company in a report on Monday, July 13th. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Eos Energy Enterprises has an average rating of "Hold" and an average price target of $9.17.

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.

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