Eos Energy Enterprises (NASDAQ:EOSE) Hits New 52-Week Low - Here's What Happened

Key Points

• Eos Energy Enterprises shares hit a new 52-week low, falling to about $2.90 from a prior close of $3.10. The stock remains well below its 50-day and 200-day moving averages of $3.68 and $5.30, respectively.
• Analysts have a mixed outlook, resulting in a consensus “Hold” rating and an average price target of $8.19. Recent targets range from $5 to $10, with ratings spanning “Strong Sell” to “Buy.”
• The company reported a significant quarterly EPS miss, posting a loss of $1.20 per share versus the expected $0.19 loss, while revenue slightly exceeded estimates. Insiders sold 626,655 shares worth approximately $2.34 million over the past three months, though the sales were made under pre-arranged plans to cover tax obligations.

Eos Energy Enterprises, Inc. (NASDAQ:EOSE - Get Free Report) reached a new 52-week low on Thursday. The company traded as low as $2.91 and last traded at $2.8960, with a volume of 8455803 shares trading hands. The stock had previously closed at $3.10.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on EOSE shares. Truist Financial started coverage on Eos Energy Enterprises in a report on Monday, July 13th. They issued a "buy" rating and a $7.00 price objective for the company. Wall Street Zen cut Eos Energy Enterprises from a "sell" rating to a "strong sell" rating in a report on Saturday, August 8th. B. Riley Financial dropped their target price on Eos Energy Enterprises from $8.00 to $5.00 and set a "neutral" rating for the company in a research report on Friday, August 14th. Needham & Company LLC cut their target price on Eos Energy Enterprises from $11.00 to $10.00 and set a "buy" rating for the company in a research note on Tuesday, September 15th. Finally, TD Cowen upgraded shares of Eos Energy Enterprises to a "hold" rating in a research report on Monday. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, six have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $8.19.

Eos Energy Enterprises Stock Performance

The business has a 50 day moving average price of $3.68 and a two-hundred day moving average price of $5.30. The company has a market cap of $1.04 billion, a P/E ratio of -0.42 and a beta of 2.88.

Eos Energy Enterprises (NASDAQ:EOSE - Get Free Report) last posted its quarterly earnings results on Wednesday, August 5th. The company reported ($1.20) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.19) by ($1.01). The company had revenue of $68.78 million during the quarter, compared to analyst estimates of $68.32 million. During the same quarter last year, the firm posted ($1.05) EPS. As a group, research analysts expect that Eos Energy Enterprises, Inc. will post -1.28 EPS for the current year.

Insider Buying and Selling

In related news, CEO Joe Mastrangelo sold 250,000 shares of Eos Energy Enterprises stock in a transaction on Wednesday, September 16th. The shares were sold at an average price of $3.92, for a total value of $980,000.00. Following the transaction, the chief executive officer directly owned 2,308,704 shares of the company's stock, valued at $9,050,119.68. The trade was a 9.77% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available 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. Also, insider Nathan Kroeker sold 110,417 shares of the company's stock in a transaction on Tuesday, July 28th. The shares were sold at an average price of $3.36, for a total transaction of $371,001.12. Following the sale, the insider owned 887,527 shares of the company's stock, valued at $2,982,090.72. This represents a 11.06% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 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. In the last three months, insiders sold 626,655 shares of company stock worth $2,336,158. 1.73% of the stock is owned by company insiders.

Hedge Funds Weigh In On Eos Energy Enterprises

A number of hedge funds have recently modified their holdings of EOSE. Renaissance Technologies LLC purchased a new stake in shares of Eos Energy Enterprises during the first quarter worth about $9,152,000. First Trust Advisors LP raised its position in Eos Energy Enterprises by 3.7% during the 1st quarter. First Trust Advisors LP now owns 1,537,606 shares of the company's stock valued at $7,627,000 after purchasing an additional 55,145 shares during the last quarter. Bank of America Corp DE raised its position in Eos Energy Enterprises by 89.1% during the 1st quarter. Bank of America Corp DE now owns 1,247,548 shares of the company's stock valued at $6,188,000 after purchasing an additional 587,752 shares during the last quarter. Wellington Management Group LLP lifted its holdings in Eos Energy Enterprises by 475.8% in the 2nd quarter. Wellington Management Group LLP now owns 1,155,515 shares of the company's stock worth $6,794,000 after buying an additional 954,828 shares during the period. Finally, Quantinno Capital Management LP lifted its holdings in Eos Energy Enterprises by 8,418.9% in the 1st quarter. Quantinno Capital Management LP now owns 1,078,070 shares of the company's stock worth $5,347,000 after buying an additional 1,065,415 shares during the period. Hedge funds and other institutional investors own 54.87% of the company's stock.

About Eos Energy Enterprises

Eos Energy Enterprises, Inc develops and manufactures long-duration energy storage systems designed to support the electric grid and renewable energy projects. Its technology is based on aqueous zinc battery chemistry, which is intended to provide a safer, nonflammable alternative to conventional lithium-ion systems for stationary energy storage.

The company's primary product is the Eos Z3 energy storage system, a modular, utility-scale battery platform designed for applications such as renewable energy integration, grid resilience, peak-load management, and microgrids.

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