Eos Energy Enterprises (NASDAQ:EOSE) Stock Price Down 6.3% – Here’s What Happened

Shares of Eos Energy Enterprises, Inc. (NASDAQ:EOSE) traded down 6.3% during mid-day trading on Tuesday . The stock traded as low as $4.50 and last traded at $4.5370. 2,034,283 shares were traded during trading, a decline of 91% from the average session volume of 22,468,959 shares. The stock had previously closed at $4.84.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on EOSE shares. B. Riley Financial lowered their target price on Eos Energy Enterprises from $12.00 to $8.00 and set a “neutral” rating for the company in a research report on Thursday, March 5th. Roth Mkm reduced their price target on Eos Energy Enterprises from $12.00 to $6.00 and set a “neutral” rating on the stock in a research report on Friday, February 27th. Guggenheim reiterated a “neutral” rating and set a $20.00 price target on shares of Eos Energy Enterprises in a report on Friday, February 27th. Zacks Research cut shares of Eos Energy Enterprises from a “hold” rating to a “strong sell” rating in a report on Monday, March 9th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Eos Energy Enterprises in a research report on Thursday, January 22nd. One equities research analyst has rated the stock with a Buy rating, six have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Eos Energy Enterprises presently has an average rating of “Reduce” and an average target price of $12.07.

Eos Energy Enterprises Stock Performance

The stock has a market capitalization of $1.68 billion, a P/E ratio of -0.71 and a beta of 2.33. The business has a 50-day moving average price of $8.18 and a 200 day moving average price of $12.20.

Eos Energy Enterprises (NASDAQ:EOSE) last announced its quarterly earnings data on Thursday, February 26th. The company reported ($0.84) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.20) by ($0.64). The business had revenue of $58.00 million during the quarter, compared to analyst estimates of $93.36 million. As a group, research analysts forecast that Eos Energy Enterprises, Inc. will post -2.54 earnings per share for the current fiscal year.

Insider Activity at Eos Energy Enterprises

In related news, insider Michael W. Silberman sold 41,667 shares of Eos Energy Enterprises stock in a transaction dated Friday, January 23rd. The stock was sold at an average price of $17.74, for a total value of $739,172.58. Following the completion of the sale, the insider directly owned 283,279 shares in the company, valued at approximately $5,025,369.46. This trade represents a 12.82% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Nathan Kroeker sold 50,000 shares of the business’s stock in a transaction dated Monday, January 26th. The stock was sold at an average price of $16.04, for a total value of $802,000.00. Following the completion of the transaction, the chief financial officer directly owned 662,512 shares of the company’s stock, valued at approximately $10,626,692.48. This trade represents a 7.02% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have purchased 115,150 shares of company stock valued at $692,962 over the last ninety days. Corporate insiders own 3.30% of the company’s stock.

Institutional Investors Weigh In On Eos Energy Enterprises

A number of large investors have recently added to or reduced their stakes in EOSE. Vanguard Group Inc. lifted its stake in Eos Energy Enterprises by 19.8% in the 4th quarter. Vanguard Group Inc. now owns 18,616,874 shares of the company’s stock worth $213,349,000 after purchasing an additional 3,080,012 shares in the last quarter. Rubric Capital Management LP purchased a new stake in shares of Eos Energy Enterprises in the third quarter valued at approximately $117,317,000. State Street Corp increased its holdings in Eos Energy Enterprises by 6.1% during the 4th quarter. State Street Corp now owns 7,689,841 shares of the company’s stock worth $88,126,000 after purchasing an additional 443,809 shares during the period. Geode Capital Management LLC lifted its holdings in shares of Eos Energy Enterprises by 16.1% in the 4th quarter. Geode Capital Management LLC now owns 7,205,507 shares of the company’s stock worth $82,587,000 after buying an additional 998,332 shares during the period. Finally, Electron Capital Partners LLC grew its position in shares of Eos Energy Enterprises by 39.9% during the 2nd quarter. Electron Capital Partners LLC now owns 6,979,422 shares of the company’s stock worth $35,735,000 after buying an additional 1,989,144 shares in the last quarter. Institutional investors own 54.87% of the company’s stock.

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.