Insider Selling: Eos Energy Enterprises (NASDAQ:EOSE) CAO Sells 34,167 Shares of Stock

Eos Energy Enterprises, Inc. (NASDAQ:EOSE) CAO Sumeet Puri sold 34,167 shares of the business’s stock in a transaction on Wednesday, September 9th. The stock was sold at an average price of $4.13, for a total transaction of $141,109.71. Following the completion of the sale, the chief accounting officer owned 236,445 shares in the company, valued at $976,517.85. This represents a 12.63% decrease in their position. The sale was disclosed in a legal filing with the SEC, 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.

Sumeet Puri also recently made the following trade(s):

• On Tuesday, July 28th, Sumeet Puri sold 29,167 shares of Eos Energy Enterprises stock. The shares were sold at an average price of $3.36, for a total transaction of $98,001.12.
• On Tuesday, June 30th, Sumeet Puri sold 8,823 shares of Eos Energy Enterprises stock. The stock was sold at an average price of $5.86, for a total transaction of $51,702.78.

Eos Energy Enterprises Price Performance

Shares of Eos Energy Enterprises stock traded down $0.15 during trading hours on Wednesday, reaching $4.15. The company’s stock had a trading volume of 22,979,304 shares, compared to its average volume of 25,713,469. The firm has a 50 day moving average price of $3.97 and a 200-day moving average price of $5.84. Eos Energy Enterprises, Inc. has a one year low of $3.01 and a one year high of $19.86. The stock has a market cap of $1.51 billion, a P/E ratio of -0.61 and a beta of 2.77.

Eos Energy Enterprises (NASDAQ:EOSE) last announced its earnings results 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 firm had revenue of $68.78 million for the quarter, compared to analysts’ expectations of $68.32 million. During the same quarter last year, the company earned ($1.05) EPS. As a group, sell-side analysts forecast that Eos Energy Enterprises, Inc. will post -0.91 EPS for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on EOSE shares. Needham & Company LLC began coverage on Eos Energy Enterprises in a research note on Friday, May 22nd. They issued a “buy” rating and a $11.00 price objective for the company. TD Cowen cut their target price on 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. Truist Financial started coverage on Eos Energy Enterprises in a report on Monday, July 13th. They set a “buy” rating and a $7.00 price target on the stock. Roth Capital set a $4.00 price target on Eos Energy Enterprises in a research report on Thursday, August 6th. Finally, B. Riley Financial lowered their price target 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. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $8.25.

Institutional Investors Weigh In On Eos Energy Enterprises

Several hedge funds have recently modified their holdings of the business. Millennium Management LLC raised its holdings in Eos Energy Enterprises by 55.1% in the first quarter. Millennium Management LLC now owns 2,522,273 shares of the company’s stock worth $9,534,000 after purchasing an additional 896,471 shares in the last quarter. Goldman Sachs Group Inc. increased its position in shares of Eos Energy Enterprises by 36.8% during the first quarter. Goldman Sachs Group Inc. now owns 3,900,513 shares of the company’s stock worth $14,744,000 after purchasing an additional 1,050,128 shares in the last quarter. Envestnet Asset Management Inc. acquired a new position in shares of Eos Energy Enterprises during the second quarter worth $76,000. JPMorgan Chase & Co. purchased a new stake in shares of Eos Energy Enterprises during the 2nd quarter valued at $5,958,000. Finally, Prudential Financial Inc. purchased a new stake in shares of Eos Energy Enterprises during the 2nd quarter valued at $144,000. Hedge funds and other 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.