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

Eos Energy Enterprises, Inc. (NASDAQ:EOSE)’s stock price hit a new 52-week low during mid-day trading on Tuesday . The company traded as low as $3.04 and last traded at $3.0650, with a volume of 2090162 shares. The stock had previously closed at $3.22.

Wall Street Analysts Forecast Growth

A number of research firms have commented on EOSE. B. Riley Financial decreased their target price 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. Truist Financial assumed coverage on Eos Energy Enterprises in a research note on Monday, July 13th. They set a “buy” rating and a $7.00 target price on the stock. Roth Capital set a $4.00 target price on Eos Energy Enterprises in a research report on Thursday, August 6th. TD Cowen lowered their price objective on Eos Energy Enterprises from $8.00 to $4.00 and set a “hold” rating for the company in a research report on Thursday, August 6th. Finally, Stifel Nicolaus decreased 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, seven have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $8.06.

Eos Energy Enterprises Trading Down 4.2%

The firm has a 50 day moving average price of $4.26 and a 200-day moving average price of $6.16. The firm has a market cap of $1.12 billion, a price-to-earnings ratio of -0.45 and a beta of 2.75.

Eos Energy Enterprises (NASDAQ:EOSE) last issued its quarterly earnings results on Wednesday, August 5th. The company reported ($1.20) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.19) by ($1.01). The business had revenue of $68.78 million during the quarter, compared to the consensus estimate of $68.32 million. During the same quarter in the previous year, the company posted ($1.05) earnings per share. As a group, equities analysts expect that Eos Energy Enterprises, Inc. will post -0.91 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, insider Michael W. Silberman sold 14,998 shares of the business’s stock in a transaction that occurred on Tuesday, June 30th. The shares were sold at an average price of $5.87, for a total value of $88,038.26. Following the completion of the sale, the insider directly owned 298,277 shares in the company, valued at approximately $1,750,885.99. The trade was a 4.79% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed 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. Also, CEO Joe Mastrangelo sold 159,154 shares of the company’s stock in a transaction that occurred on Monday, July 27th. The stock was sold at an average price of $3.61, for a total transaction of $574,545.94. Following the transaction, the chief executive officer directly owned 1,947,586 shares of the company’s stock, valued at $7,030,785.46. This trade represents a 7.55% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 448,626 shares of company stock valued at $1,828,572. 1.73% of the stock is currently owned by corporate insiders.

Institutional Trading of Eos Energy Enterprises

Institutional investors and hedge funds have recently made changes to their positions in the company. California State Teachers Retirement System boosted its holdings in Eos Energy Enterprises by 512.9% in the second quarter. California State Teachers Retirement System now owns 2,305,278 shares of the company’s stock valued at $13,555,000 after acquiring an additional 1,929,177 shares during the last quarter. AlphaGrep UK Ltd purchased a new position in shares of Eos Energy Enterprises in the 2nd quarter worth about $145,000. Concurrent Investment Advisors LLC lifted its stake in shares of Eos Energy Enterprises by 11.0% in the 2nd quarter. Concurrent Investment Advisors LLC now owns 53,038 shares of the company’s stock valued at $312,000 after purchasing an additional 5,247 shares in the last quarter. Nykredit A S acquired a new position in shares of Eos Energy Enterprises in the 2nd quarter valued at about $60,000. Finally, Wellington Management Group LLP grew its holdings in shares of Eos Energy Enterprises by 475.8% during the 2nd quarter. Wellington Management Group LLP now owns 1,155,515 shares of the company’s stock worth $6,794,000 after purchasing an additional 954,828 shares during the period. 54.87% of the stock is currently owned by institutional investors and hedge funds.

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.