Michael Silberman Sells 14,998 Shares of Eos Energy Enterprises (NASDAQ:EOSE) Stock

Eos Energy Enterprises, Inc. (NASDAQ:EOSE) insider Michael Silberman sold 14,998 shares of the stock in a transaction that occurred on Tuesday, June 30th. The stock was sold at an average price of $5.87, for a total value of $88,038.26. Following the transaction, the insider owned 298,277 shares in the company, valued at $1,750,885.99. This represents a 4.79% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 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.

Eos Energy Enterprises Stock Down 3.3%

Shares of Eos Energy Enterprises stock traded down $0.20 on Tuesday, reaching $5.89. The company’s stock had a trading volume of 33,894,379 shares, compared to its average volume of 25,161,453. The company has a market capitalization of $2.00 billion, a P/E ratio of -0.88 and a beta of 2.62. Eos Energy Enterprises, Inc. has a 52-week low of $4.37 and a 52-week high of $19.86. The stock has a 50-day moving average price of $7.32 and a 200-day moving average price of $9.40.

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

Analysts Set New Price Targets

EOSE has been the subject of a number of research reports. Needham & Company LLC started coverage on shares of Eos Energy Enterprises in a research note on Friday, May 22nd. They set a “buy” rating and a $11.00 target price for the company. TD Cowen lifted their price objective on Eos Energy Enterprises from $7.00 to $8.00 and gave the stock a “hold” rating in a report on Thursday, May 14th. B. Riley Financial cut their price objective on Eos Energy Enterprises from $12.00 to $8.00 and set a “neutral” rating for the company in a research note on Thursday, March 5th. Wall Street Zen raised Eos Energy Enterprises from a “sell” rating to a “hold” rating in a report on Sunday, June 21st. Finally, Zacks Research upgraded Eos Energy Enterprises from a “strong sell” rating to a “hold” rating in a research report on Tuesday, April 28th. Two research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Eos Energy Enterprises presently has a consensus rating of “Hold” and an average target price of $10.94.

Hedge Funds Weigh In On Eos Energy Enterprises

Several hedge funds and other institutional investors have recently modified their holdings of EOSE. PNC Financial Services Group Inc. boosted its position in 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 worth $29,000 after acquiring an additional 2,460 shares during the last quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA raised its holdings in Eos Energy Enterprises by 58.8% in the 4th quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA now owns 2,700 shares of the company’s stock valued at $31,000 after acquiring an additional 1,000 shares during the last quarter. Danske Bank A S purchased a new position in Eos Energy Enterprises in the 4th quarter worth approximately $33,000. TD Waterhouse Canada Inc. boosted its holdings in shares of Eos Energy Enterprises by 178.7% during the 4th quarter. TD Waterhouse Canada Inc. now owns 3,119 shares of the company’s stock worth $36,000 after purchasing an additional 2,000 shares during the last quarter. Finally, GAMMA Investing LLC boosted its holdings in shares of Eos Energy Enterprises by 46.4% during the 4th quarter. GAMMA Investing LLC now owns 3,270 shares of the company’s stock worth $37,000 after purchasing an additional 1,036 shares during the last quarter. 54.87% of the stock is owned by hedge funds and other institutional investors.

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.