Eos Energy Enterprises (NASDAQ:EOSE) Hits New 52-Week Low – Here’s What Happened

Eos Energy Enterprises, Inc. (NASDAQ:EOSE – Get Free Report)’s share price hit a new 52-week low during trading on Thursday. The company traded as low as $2.91 and last traded at $2.8960, with a volume of 8455803 shares trading hands. The stock had previously closed at $3.10.

Analyst Ratings Changes

Several analysts recently weighed in on the stock. Stifel Nicolaus cut their price target on shares of Eos Energy Enterprises from $10.00 to $9.00 and set a “buy” rating on the stock in a report on Thursday, August 6th. Roth Capital upped their price objective on shares of Eos Energy Enterprises from $4.00 to $4.50 and gave the stock a “neutral” rating in a report on Thursday, September 10th. TD Cowen raised shares of Eos Energy Enterprises to a “hold” rating in a research report on Monday. Needham & Company LLC cut their target price on shares of Eos Energy Enterprises from $11.00 to $10.00 and set a “buy” rating on the stock in a research note on Tuesday, September 15th. Finally, Truist Financial started coverage on shares of Eos Energy Enterprises in a research report on Monday, July 13th. They set a “buy” rating and a $7.00 price target on the stock. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $8.19.

Get Our Latest Stock Report on EOSE

Eos Energy Enterprises Trading Down 8.2%

The company has a market capitalization of $1.04 billion, a P/E ratio of -0.42 and a beta of 2.88. The company’s 50 day moving average is $3.68 and its 200-day moving average is $5.30.

Eos Energy Enterprises (NASDAQ:EOSE – Get Free Report) last posted its quarterly earnings data on Wednesday, August 5th. The company reported ($1.20) EPS for the quarter, missing the consensus estimate of ($0.19) by ($1.01). The company had revenue of $68.78 million for the quarter, compared to analyst estimates of $68.32 million. During the same quarter in the prior year, the firm earned ($1.05) earnings per share. Analysts predict that Eos Energy Enterprises, Inc. will post -1.28 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Haiyan Song acquired 10,000 shares of Eos Energy Enterprises stock in a transaction that occurred on Friday, September 11th. The stock was bought at an average price of $3.95 per share, with a total value of $39,500.00. Following the transaction, the director directly owned 10,000 shares in the company, valued at approximately $39,500. This represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CAO Sumeet Puri sold 43,750 shares of Eos Energy Enterprises stock in a transaction on Wednesday, September 16th. The shares were sold at an average price of $3.92, for a total value of $171,500.00. Following the transaction, the chief accounting officer owned 280,195 shares of the company’s stock, valued at $1,098,364.40. The trade was a 13.51% decrease in their position. The SEC filing for this sale provides additional information. 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. In the last 90 days, insiders sold 626,655 shares of company stock valued at $2,336,158. 1.73% of the stock is owned by company insiders.

Institutional Investors Weigh In On Eos Energy Enterprises

Institutional investors have recently modified their holdings of the stock. Byrne Asset Management LLC increased its holdings in shares of Eos Energy Enterprises by 43.0% during the third quarter. Byrne Asset Management LLC now owns 34,460 shares of the company’s stock valued at $108,000 after acquiring an additional 10,360 shares in the last quarter. Sequoia Financial Advisors LLC bought a new position in Eos Energy Enterprises in the 2nd quarter worth about $117,000. Tidal Investments LLC boosted its stake in Eos Energy Enterprises by 151.0% in the 2nd quarter. Tidal Investments LLC now owns 649,111 shares of the company’s stock worth $3,817,000 after purchasing an additional 390,461 shares in the last quarter. WINTON GROUP Ltd purchased a new stake in Eos Energy Enterprises during the 2nd quarter valued at about $920,000. Finally, Baird Financial Group Inc. grew its position in Eos Energy Enterprises by 9.4% during the 2nd quarter. Baird Financial Group Inc. now owns 863,479 shares of the company’s stock valued at $5,077,000 after purchasing an additional 74,338 shares during the last quarter. 54.87% of the stock is owned by hedge funds and other institutional investors.

About Eos Energy Enterprises

(Get Free Report)

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.

See Also

Receive News & Ratings for Eos Energy Enterprises Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Eos Energy Enterprises and related companies with MarketBeat.com's FREE daily email newsletter.