Eos Energy Enterprises (NASDAQ:EOSE) Stock Price Down 6.4% - Here's What Happened

Key Points

• Eos Energy Enterprises shares fell 6.4% to about $3.32 in mid-day trading, with volume roughly 79% below its average session level.
• Analyst sentiment remains cautious: the consensus rating is “Hold”, while several firms recently cut their price targets; the consensus target is $8.06.
• The company reported a significant quarterly EPS miss, losing $1.20 per share versus the $0.19 expected, although revenue of $68.78 million slightly exceeded estimates.

Eos Energy Enterprises, Inc. (NASDAQ:EOSE - Get Free Report)'s share price was down 6.4% on Wednesday . The stock traded as low as $3.34 and last traded at $3.3150. Approximately 5,450,464 shares changed hands during mid-day trading, a decline of 79% from the average session volume of 25,513,244 shares. The stock had previously closed at $3.54.

Analysts Set New Price Targets

EOSE has been the topic of several analyst reports. Roth Capital set a $4.00 price target on shares of Eos Energy Enterprises in a research report on Thursday, August 6th. B. Riley Financial cut their target price 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. Wall Street Zen lowered Eos Energy Enterprises from a "sell" rating to a "strong sell" rating in a research note on Saturday, August 8th. Truist Financial assumed coverage on Eos Energy Enterprises in a research report on Monday, July 13th. They set a "buy" rating and a $7.00 price objective for the company. Finally, TD Cowen decreased their target price on shares of Eos Energy Enterprises from $8.00 to $4.00 and set a "hold" rating on the stock in a research report on Thursday, August 6th. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, seven have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Eos Energy Enterprises has an average rating of "Hold" and a consensus target price of $8.06.

Eos Energy Enterprises Stock Down 4.9%

The firm has a 50-day moving average price of $4.60 and a 200 day moving average price of $6.41. The firm has a market capitalization of $1.23 billion, a PE ratio of -0.49 and a beta of 2.75.

Eos Energy Enterprises (NASDAQ:EOSE - Get Free Report) last posted its quarterly earnings data 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 analysts' expectations of $68.32 million. During the same quarter in the previous year, the company earned ($1.05) EPS. Equities research analysts expect that Eos Energy Enterprises, Inc. will post -0.91 earnings per share for the current year.

Insiders Place Their Bets

In other Eos Energy Enterprises news, insider Nathan Kroeker sold 110,417 shares of the stock in a transaction that occurred 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 directly owned 887,527 shares in the company, valued at $2,982,090.72. This represents a 11.06% decrease in their position. The transaction 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, CAO Sumeet Puri sold 29,167 shares of the firm's stock in a transaction that occurred on Tuesday, July 28th. The shares were 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 of the company's stock, valued at $679,657.44. This represents a 12.60% 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. In the last quarter, insiders have sold 448,626 shares of company stock valued at $1,828,572. 1.73% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of EOSE. Vanguard Group Inc. boosted its stake in shares of Eos Energy Enterprises by 19.8% in the 4th quarter. Vanguard Group Inc. now owns 18,616,874 shares of the company's stock valued at $213,349,000 after buying an additional 3,080,012 shares during the period. Rubric Capital Management LP acquired a new stake in Eos Energy Enterprises in the third quarter valued at approximately $117,317,000. State Street Corp raised its holdings in Eos Energy Enterprises by 6.1% in the fourth quarter. State Street Corp now owns 7,689,841 shares of the company's stock valued at $88,126,000 after acquiring an additional 443,809 shares in the last quarter. Geode Capital Management LLC lifted its stake in Eos Energy Enterprises by 16.1% in the fourth quarter. Geode Capital Management LLC now owns 7,205,507 shares of the company's stock worth $82,587,000 after acquiring an additional 998,332 shares during the last quarter. Finally, Goldman Sachs Group Inc. lifted its stake in Eos Energy Enterprises by 36.8% in the first quarter. Goldman Sachs Group Inc. now owns 3,900,513 shares of the company's stock worth $14,744,000 after acquiring an additional 1,050,128 shares during the last quarter. 54.87% of the stock is owned by institutional investors and hedge funds.

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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