Eos Energy Enterprises (NASDAQ:EOSE) Stock Price Down 6.3% - Time to Sell?

Key Points

• Eos Energy shares fell 6.3% to about $3.81, extending weakness as the stock trades well below its 200-day moving average of $5.51.
• Analyst sentiment is mixed but cautious: the consensus rating is “Hold” with an average price target of $8.19, while several firms recently lowered their targets and one downgraded the stock to “strong sell.”
• The company significantly missed quarterly earnings expectations, reporting a loss of $1.20 per share versus the expected $0.19 loss; insiders have also sold substantially more shares than they purchased over the past three months.

Eos Energy Enterprises, Inc. (NASDAQ:EOSE - Get Free Report)'s share price traded down 6.3% during mid-day trading on Wednesday . The stock traded as low as $3.85 and last traded at $3.8050. Approximately 3,927,685 shares were traded during trading, a decline of 85% from the average daily volume of 25,501,926 shares. The stock had previously closed at $4.06.

Analysts Set New Price Targets

Several research analysts have recently issued reports on EOSE shares. B. Riley Financial lowered their price objective 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. Wall Street Zen cut Eos Energy Enterprises from a "sell" rating to a "strong sell" rating in a research note on Saturday, August 8th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Eos Energy Enterprises in a report on Friday, July 17th. TD Cowen cut their price objective on shares of Eos Energy Enterprises from $8.00 to $4.00 and set a "hold" rating on the stock in a report on Thursday, August 6th. Finally, Needham & Company LLC reduced their price objective 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. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $8.19.

Eos Energy Enterprises Stock Down 8.7%

The firm has a market capitalization of $1.35 billion, a price-to-earnings ratio of -0.54 and a beta of 2.77. The company has a fifty day moving average price of $3.82 and a two-hundred day moving average price of $5.51.

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 business had revenue of $68.78 million during the quarter, compared to analysts' expectations of $68.32 million. During the same period in the previous year, the company posted ($1.05) earnings per share. On average, equities analysts anticipate that Eos Energy Enterprises, Inc. will post -1.28 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Eos Energy Enterprises news, Director Haiyan Song purchased 10,000 shares of the firm's stock in a transaction that occurred on Friday, September 11th. The shares were purchased at an average cost of $3.95 per share, for a total transaction of $39,500.00. Following the completion of the purchase, the director directly owned 10,000 shares in the company, valued at $39,500. This represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Sumeet Puri sold 43,750 shares of the company's stock in a transaction on Wednesday, September 16th. The stock was sold at an average price of $3.92, for a total value of $171,500.00. Following the transaction, 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 disclosure for this sale is available in the SEC filing. 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 776,543 shares of company stock worth $3,121,182 in the last three months. Company insiders own 1.73% of the company's stock.

Institutional Trading of Eos Energy Enterprises

A number of institutional investors have recently added to or reduced their stakes in the stock. Geode Capital Management LLC raised its holdings in Eos Energy Enterprises by 16.1% during the fourth quarter. Geode Capital Management LLC now owns 7,205,507 shares of the company's stock worth $82,587,000 after purchasing an additional 998,332 shares during the last quarter. Renaissance Technologies LLC purchased a new position in shares of Eos Energy Enterprises in the first quarter valued at $9,152,000. First Trust Advisors LP increased its position in shares of Eos Energy Enterprises by 3.7% in the first quarter. First Trust Advisors LP now owns 1,537,606 shares of the company's stock valued at $7,627,000 after buying an additional 55,145 shares in the last quarter. Bank of America Corp DE raised its stake in shares of 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 worth $6,188,000 after buying an additional 587,752 shares during the last quarter. Finally, Wellington Management Group LLP raised its stake in shares of Eos Energy Enterprises by 475.8% during 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 last quarter. 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 reliability and flexibility of electric grids. Its technology is based on aqueous zinc battery chemistry, which is intended to provide a non-flammable alternative to conventional lithium-ion batteries for stationary storage applications.

The company's primary product platform is the Eos Z3, a modular battery system designed for utility-scale and other large-scale energy storage projects.

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