Eos Energy Enterprises (NASDAQ:EOSE) Stock Price Down 6% – Time to Sell?

Eos Energy Enterprises, Inc. (NASDAQ:EOSE)’s share price dropped 6% during trading on Tuesday . The company traded as low as $5.78 and last traded at $5.7250. 9,575,402 shares changed hands during mid-day trading, a decline of 62% from the average session volume of 24,957,373 shares. The stock had previously closed at $6.09.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on EOSE shares. TD Cowen raised their price target on Eos Energy Enterprises from $7.00 to $8.00 and gave the stock a “hold” rating in a research report on Thursday, May 14th. B. Riley Financial lowered their target price on shares of Eos Energy Enterprises from $12.00 to $8.00 and set a “neutral” rating for the company in a report on Thursday, March 5th. Needham & Company LLC initiated coverage on shares of Eos Energy Enterprises in a research note on Friday, May 22nd. They set a “buy” rating and a $11.00 price target for the company. Zacks Research upgraded shares of Eos Energy Enterprises from a “strong sell” rating to a “hold” rating in a report on Tuesday, April 28th. Finally, JPMorgan Chase & Co. reduced their price objective on shares of Eos Energy Enterprises from $9.00 to $6.00 and set a “neutral” rating on the stock in a research report on Thursday, April 16th. Two equities research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $10.94.

Eos Energy Enterprises Price Performance

The firm has a market capitalization of $1.95 billion, a P/E ratio of -0.87 and a beta of 2.62. The firm has a 50-day moving average price of $7.32 and a two-hundred day moving average price of $9.40.

Eos Energy Enterprises (NASDAQ:EOSE) last posted its quarterly earnings results on Wednesday, May 13th. The company reported $0.12 EPS for the quarter, topping analysts’ consensus estimates of ($0.22) by $0.34. The company had revenue of $56.96 million during the quarter, compared to the consensus estimate of $54.32 million. Sell-side analysts predict that Eos Energy Enterprises, Inc. will post -0.31 earnings per share for the current fiscal year.

Insider Activity at Eos Energy Enterprises

In other news, Director Marian Walters sold 7,681 shares of the firm’s stock in a transaction that occurred on Tuesday, May 19th. The shares were sold at an average price of $7.07, for a total transaction of $54,304.67. Following the transaction, the director directly owned 135,334 shares of the company’s stock, valued at approximately $956,811.38. This trade represents a 5.37% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 1.73% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. Empowered Funds LLC purchased a new stake in shares of Eos Energy Enterprises in the 1st quarter worth $66,000. Shariaportfolio Inc. purchased a new stake in Eos Energy Enterprises in the first quarter worth about $1,016,000. J. Derek Lewis & Associates Inc. bought a new position in Eos Energy Enterprises during the 1st quarter worth about $98,000. Bank of America Corp DE increased 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 purchasing an additional 587,752 shares during the period. Finally, Amundi increased its position in Eos Energy Enterprises by 163.2% during the 1st quarter. Amundi now owns 26,586 shares of the company’s stock valued at $132,000 after purchasing an additional 16,485 shares during the period. 54.87% of the stock is currently owned by hedge funds and other institutional investors.

About Eos Energy Enterprises

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.