Eos Energy Enterprises (NASDAQ:EOSE) Stock Price Down 8.3% - Time to Sell?

Key Points

• Eos Energy shares fell 8.3% in mid-day trading to about $1.83, with trading volume roughly 85% below its average.
• Analyst sentiment is mixed: the consensus rating is Hold with a $6.69 price target, though several firms recently cut their targets, including Stifel to $4 and B. Riley to $2.
• The company beat quarterly expectations, reporting a loss of $0.17 per share versus the estimated $0.24 loss and revenue of $82.73 million versus the $81.60 million consensus.

Eos Energy Enterprises, Inc. (NASDAQ:EOSE - Get Free Report) was down 8.3% during mid-day trading on Thursday. The company traded as low as $1.83 and last traded at $1.8250. Approximately 3,774,168 shares traded hands during mid-day trading, a decline of 85% from the average session volume of 25,976,650 shares. The stock had previously closed at $1.99.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the company. Weiss Ratings upgraded Eos Energy Enterprises from a "sell (d-)" rating to a "hold (c-)" rating in a research note on Monday. Wall Street Zen cut Eos Energy Enterprises from a "sell" rating to a "strong sell" rating in a research note on Saturday, August 8th. Stifel Nicolaus reduced their price objective on Eos Energy Enterprises from $9.00 to $4.00 and set a "buy" rating for the company in a research note on Monday. B. Riley Financial decreased their price objective on Eos Energy Enterprises from $5.00 to $2.00 and set a "neutral" rating for the company in a report on Monday. Finally, Needham & Company LLC lowered their target price on shares of Eos Energy Enterprises from $10.00 to $6.00 and set a "buy" rating on the stock in a research report on Monday, October 19th. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and seven have issued a Hold rating to the company's stock. Based on data from MarketBeat, Eos Energy Enterprises has an average rating of "Hold" and a consensus target price of $6.69.

Eos Energy Enterprises Stock Down 5.3%

The business's fifty day moving average price is $2.79 and its 200 day moving average price is $5.74. The firm has a market capitalization of $686.46 million, a PE ratio of -0.91 and a beta of 3.17.

Eos Energy Enterprises (NASDAQ:EOSE - Get Free Report) last announced its earnings results on Thursday, November 5th. The company reported ($0.17) earnings per share for the quarter, topping the consensus estimate of ($0.24) by $0.07. Eos Energy Enterprises had a net margin of 89.23% and a negative return on equity of 20.68%. The business had revenue of $82.73 million during the quarter, compared to the consensus estimate of $81.60 million. On average, analysts anticipate that Eos Energy Enterprises, Inc. will post -1.26 earnings per share for the current year.

Insider Buying and Selling

In other Eos Energy Enterprises news, CAO Sumeet Puri sold 43,750 shares of Eos Energy Enterprises stock in a transaction that occurred 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 approximately $1,098,364.40. This trade represents a 13.51% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed 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 Michelle Buczkowski sold 50,000 shares of the business's stock in a transaction that occurred on Thursday, October 29th. The shares were sold at an average price of $2.00, for a total value of $100,000.00. Following the completion of the transaction, the insider directly owned 111,827 shares in the company, valued at approximately $223,654. The trade was a 30.90% 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 sold a total of 377,917 shares of company stock valued at $1,392,610 over the last 90 days. Insiders own 1.73% of the company's stock.

Hedge Funds Weigh In On Eos Energy Enterprises

Hedge funds and other institutional investors have recently bought and sold shares of the company. Allworth Financial LP increased its stake in Eos Energy Enterprises by 198.6% in the 2nd quarter. Allworth Financial LP now owns 4,300 shares of the company's stock valued at $25,000 after buying an additional 2,860 shares during the period. PNC Financial Services Group Inc. lifted its stake in shares of Eos Energy Enterprises by 279.4% in the 1st quarter. PNC Financial Services Group Inc. now owns 9,577 shares of the company's stock worth $48,000 after acquiring an additional 7,053 shares during the period. Nykredit A S acquired a new stake in shares of Eos Energy Enterprises in the 2nd quarter worth $60,000. Formulate Financial LLC acquired a new stake in shares of Eos Energy Enterprises in the 3rd quarter worth $31,000. Finally, Sax Wealth Advisors LLC purchased a new stake in shares of Eos Energy Enterprises in the third quarter valued at about $31,000. 54.87% of the stock is currently owned by hedge funds and other institutional investors.

About Eos Energy Enterprises

Eos Energy Enterprises, Inc. develops and manufactures zinc-based battery energy storage systems. Its aqueous zinc battery technology is designed for stationary, long-duration storage, providing an alternative to lithium-ion systems for applications that require electricity to be stored and delivered over extended periods. The company's products include the Eos Z3 battery system, which is intended for grid-scale and commercial and industrial uses, such as supporting renewable energy integration and helping manage electricity supply and demand.

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