Eos Energy Enterprises (NASDAQ:EOSE) Sets New 12-Month Low – What’s Next?

Eos Energy Enterprises, Inc. (NASDAQ:EOSE) hit a new 52-week low during trading on Wednesday. The company traded as low as $2.29 and last traded at $2.32, with a volume of 19,590,029 shares trading hands. The stock had previously closed at $2.39.

Analyst Ratings Changes

A number of equities analysts have issued reports on EOSE shares. Truist Financial initiated coverage on shares of Eos Energy Enterprises in a research report on Monday, July 13th. They set a “buy” rating and a $7.00 target price for the company. B. Riley Financial lowered their price target on shares of Eos Energy Enterprises from $8.00 to $5.00 and set a “neutral” rating on the stock in a research report on Friday, August 14th. Needham & Company LLC lowered their price target on shares of Eos Energy Enterprises from $11.00 to $10.00 and set a “buy” rating on the stock in a research report on Tuesday, September 15th. Weiss Ratings reissued a “sell (d-)” rating on shares of Eos Energy Enterprises in a research note on Friday, July 17th. Finally, Stifel Nicolaus cut their price objective on Eos Energy Enterprises from $10.00 to $9.00 and set a “buy” rating for the company in a research report on Thursday, August 6th. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $8.19.

Eos Energy Enterprises Trading Down 2.9%

The company has a market cap of $844.87 million, a PE ratio of -0.34 and a beta of 2.88. The business has a 50 day simple moving average of $3.58 and a two-hundred day simple moving average of $5.22.

Eos Energy Enterprises (NASDAQ:EOSE) 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 firm had revenue of $68.78 million during the quarter, compared to analyst estimates of $68.32 million. During the same quarter last year, the business earned ($1.05) EPS. On average, equities research analysts expect that Eos Energy Enterprises, Inc. will post -1.28 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CAO Sumeet Puri sold 43,750 shares of the stock in a transaction dated Wednesday, September 16th. The stock was sold at an average price of $3.92, for a total transaction 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 represents a 13.51% decrease in their ownership of the stock. The transaction was disclosed in a filing 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, CEO Joe Mastrangelo sold 250,000 shares of the firm’s stock in a transaction dated Wednesday, September 16th. The stock was sold at an average price of $3.92, for a total value of $980,000.00. Following the completion of the sale, the chief executive officer directly owned 2,308,704 shares in the company, valued at approximately $9,050,119.68. The trade was a 9.77% decrease in their ownership of the stock. 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. Over the last three months, insiders have sold 626,655 shares of company stock valued at $2,336,158. 1.73% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of EOSE. Caitong International Asset Management Co. Ltd raised its holdings in shares of Eos Energy Enterprises by 38.7% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 5,972 shares of the company’s stock valued at $68,000 after buying an additional 1,665 shares during the period. KPP Advisory Services LLC boosted its holdings in Eos Energy Enterprises by 16.2% in the 1st quarter. KPP Advisory Services LLC now owns 16,480 shares of the company’s stock worth $82,000 after acquiring an additional 2,295 shares during the period. Allworth Financial LP boosted its holdings in Eos Energy Enterprises by 198.6% in the 2nd quarter. Allworth Financial LP now owns 4,300 shares of the company’s stock worth $25,000 after acquiring an additional 2,860 shares during the period. Pictet Asset Management Holding SA boosted its holdings in Eos Energy Enterprises by 7.9% in the 1st quarter. Pictet Asset Management Holding SA now owns 52,409 shares of the company’s stock worth $260,000 after acquiring an additional 3,856 shares during the period. Finally, Gainplan LLC grew its position in Eos Energy Enterprises by 22.7% in the third quarter. Gainplan LLC now owns 23,144 shares of the company’s stock valued at $71,000 after acquiring an additional 4,284 shares in the last quarter. 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 long-duration energy storage systems designed to support the electric grid and renewable energy projects. Its technology is based on aqueous zinc battery chemistry, which is intended to provide a safer, nonflammable alternative to conventional lithium-ion systems for stationary energy storage.

The company’s primary product is the Eos Z3 energy storage system, a modular, utility-scale battery platform designed for applications such as renewable energy integration, grid resilience, peak-load management, and microgrids.