Eos Energy Enterprises (NASDAQ:EOSE) Stock Price Down 5.6% - Here's What Happened

Key Points

• Eos Energy shares fell 5.6% to about $2.62 in mid-day trading, with volume of 6.7 million shares—74% below the average daily volume.
• Analyst views remain mixed: the stock has a consensus “Hold” rating and an average price target of $8.19, despite buy ratings from Truist and Needham and a “strong sell” rating from Wall Street Zen.
• The company reported a quarterly loss of $1.20 per share, substantially worse than the $0.19 consensus estimate, while revenue of $68.78 million slightly exceeded expectations; insiders have sold $2.34 million of stock over the past 90 days.

Eos Energy Enterprises, Inc. (NASDAQ:EOSE - Get Free Report) shares fell 5.6% during mid-day trading on Friday. The stock traded as low as $2.61 and last traded at $2.6150. 6,691,604 shares were traded during trading, a decline of 74% from the average daily volume of 25,720,012 shares. The stock had previously closed at $2.77.

Analyst Upgrades and Downgrades

EOSE has been the topic of a number of recent analyst reports. Truist Financial initiated coverage on shares of Eos Energy Enterprises in a research note on Monday, July 13th. They issued a "buy" rating and a $7.00 price objective on the stock. Needham & Company LLC decreased their price target on shares of Eos Energy Enterprises from $11.00 to $10.00 and set a "buy" rating for the company in a research report on Tuesday, September 15th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Eos Energy Enterprises in a research report on Friday, July 17th. B. Riley Financial reduced their price objective on Eos Energy Enterprises from $8.00 to $5.00 and set a "neutral" rating for the company in a research note on Friday, August 14th. Finally, Wall Street Zen cut Eos Energy Enterprises from a "sell" rating to a "strong sell" rating in a research note on Saturday, August 8th. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, Eos Energy Enterprises has a consensus rating of "Hold" and a consensus target price of $8.19.

Eos Energy Enterprises Trading Down 7.8%

The stock has a market cap of $930.45 million, a PE ratio of -0.37 and a beta of 2.88. The business has a 50-day moving average price of $3.66 and a 200 day moving average price of $5.28.

Eos Energy Enterprises (NASDAQ:EOSE - Get Free Report) last released 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 business had revenue of $68.78 million for the quarter, compared to analyst estimates of $68.32 million. During the same quarter in the previous year, the business posted ($1.05) earnings per share. On average, equities analysts predict that Eos Energy Enterprises, Inc. will post -1.28 earnings per share for the current year.

Insider Activity

In other Eos Energy Enterprises news, CAO Sumeet Puri sold 43,750 shares of the stock in a transaction that occurred on Wednesday, September 16th. The shares were sold at an average price of $3.92, for a total value of $171,500.00. Following the sale, the chief accounting officer directly owned 280,195 shares in the company, valued at $1,098,364.40. This represents a 13.51% decrease in their position. The transaction was disclosed in a document filed with the SEC, 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. Also, insider Nathan Kroeker sold 110,417 shares of the stock in a transaction on Tuesday, July 28th. The stock was sold at an average price of $3.36, for a total value of $371,001.12. Following the completion of the sale, the insider owned 887,527 shares in the company, valued at $2,982,090.72. This trade represents a 11.06% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 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. Insiders have sold a total of 626,655 shares of company stock valued at $2,336,158 over the last ninety days. 1.73% of the stock is owned by insiders.

Hedge Funds Weigh In On Eos Energy Enterprises

A number of large investors have recently modified their holdings of the company. Renaissance Technologies LLC purchased a new stake in Eos Energy Enterprises during the first quarter valued at about $9,152,000. Quantinno Capital Management LP boosted its stake in shares of Eos Energy Enterprises by 8,418.9% during the first quarter. Quantinno Capital Management LP now owns 1,078,070 shares of the company's stock valued at $5,347,000 after purchasing an additional 1,065,415 shares during the period. Wellington Management Group LLP boosted its stake in shares of Eos Energy Enterprises by 475.8% during the second quarter. Wellington Management Group LLP now owns 1,155,515 shares of the company's stock valued at $6,794,000 after purchasing an additional 954,828 shares during the period. Bank of New York Mellon Corp bought a new position in shares of Eos Energy Enterprises in the second quarter worth approximately $5,530,000. Finally, Bank of America Corp DE boosted 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 buying an additional 587,752 shares during the period. 54.87% of the stock is owned by hedge funds and other institutional investors.

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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