Eos Energy Enterprises (NASDAQ:EOSE) Shares Down 7.7% – Here’s Why

Eos Energy Enterprises, Inc. (NASDAQ:EOSE)’s share price traded down 7.7% on Wednesday . The stock traded as low as $8.57 and last traded at $8.69. 4,428,077 shares changed hands during trading, a decline of 83% from the average session volume of 25,314,307 shares. The stock had previously closed at $9.42.

Analyst Ratings Changes

Several analysts have recently weighed in on the stock. Needham & Company LLC assumed coverage on shares of Eos Energy Enterprises in a research report on Friday, May 22nd. They set a “buy” rating and a $11.00 price objective on the stock. Wall Street Zen upgraded shares of Eos Energy Enterprises from a “strong sell” rating to a “hold” rating in a research report on Saturday, May 16th. Weiss Ratings restated a “sell (d-)” rating on shares of Eos Energy Enterprises in a research report on Tuesday, April 21st. Guggenheim restated a “neutral” rating and set a $20.00 price objective on shares of Eos Energy Enterprises in a research report on Friday, February 27th. Finally, TD Cowen raised their price objective on shares of Eos Energy Enterprises from $7.00 to $8.00 and gave the company a “hold” rating in a research report on Thursday, May 14th. Two research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $10.94.

Eos Energy Enterprises Trading Down 1.5%

The company has a market cap of $2.74 billion, a P/E ratio of -1.21 and a beta of 2.62. The company’s fifty day moving average is $6.90 and its 200 day moving average is $10.26.

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

Insiders Place Their Bets

In other news, Director David Urban purchased 16,250 shares of the business’s stock in a transaction on Monday, March 9th. The shares were acquired at an average price of $6.16 per share, with a total value of $100,100.00. Following the acquisition, the director directly owned 62,471 shares in the company, valued at approximately $384,821.36. The trade was a 35.16% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Marian Walters sold 7,681 shares of the firm’s stock in a transaction on Tuesday, May 19th. The stock was sold at an average price of $7.07, for a total transaction of $54,304.67. Following the completion of the sale, the director directly owned 135,334 shares in the company, valued at approximately $956,811.38. This trade represents a 5.37% decrease in their position. The disclosure for this sale is available in the SEC filing. 1.73% of the stock is owned by company insiders.

Institutional Investors Weigh In On Eos Energy Enterprises

A number of large investors have recently added to or reduced their stakes in the company. PNC Financial Services Group Inc. increased its position in shares of Eos Energy Enterprises by 3,843.8% during the fourth quarter. PNC Financial Services Group Inc. now owns 2,524 shares of the company’s stock valued at $29,000 after buying an additional 2,460 shares during the period. Towarzystwo Funduszy Inwestycyjnych PZU SA increased its position in shares of Eos Energy Enterprises by 58.8% during the fourth quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA now owns 2,700 shares of the company’s stock valued at $31,000 after buying an additional 1,000 shares during the period. Danske Bank A S purchased a new position in shares of Eos Energy Enterprises during the fourth quarter valued at about $33,000. TD Waterhouse Canada Inc. increased its position in shares of Eos Energy Enterprises by 178.7% during the fourth quarter. TD Waterhouse Canada Inc. now owns 3,119 shares of the company’s stock valued at $36,000 after buying an additional 2,000 shares during the period. Finally, GAMMA Investing LLC increased its position in shares of Eos Energy Enterprises by 46.4% during the fourth quarter. GAMMA Investing LLC now owns 3,270 shares of the company’s stock valued at $37,000 after buying an additional 1,036 shares during the period. 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.