Eos Energy Enterprises (NASDAQ:EOSE) Sets New 1-Year Low on Analyst Downgrade

Eos Energy Enterprises, Inc. (NASDAQ:EOSE – Get Free Report)’s stock price reached a new 52-week low during mid-day trading on Tuesday after Needham & Company LLC lowered their price target on the stock from $10.00 to $6.00. Needham & Company LLC currently has a buy rating on the stock. Eos Energy Enterprises traded as low as $1.72 and last traded at $1.81, with a volume of 41,428,434 shares changing hands. The stock had previously closed at $1.82.

Several other research firms have also issued reports on EOSE. Roth Capital upped their target price on Eos Energy Enterprises from $4.00 to $4.50 and gave the stock a “neutral” rating in a report on Thursday, September 10th. Wall Street Zen downgraded Eos Energy Enterprises from a “sell” rating to a “strong sell” rating in a research note on Saturday, August 8th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Eos Energy Enterprises in a research report on Thursday, October 15th. B. Riley Financial lowered their price target on 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. Finally, TD Cowen upgraded Eos Energy Enterprises to a “hold” rating in a research note on Monday, October 5th. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, Eos Energy Enterprises presently has an average rating of “Hold” and a consensus target price of $7.69.

Read Our Latest Report on Eos Energy Enterprises

Insider Activity

In other news, insider Nathan Kroeker sold 110,417 shares of the business’s stock in a transaction dated Tuesday, July 28th. The shares were sold at an average price of $3.36, for a total transaction of $371,001.12. Following the transaction, the insider directly owned 887,527 shares in the company, valued at $2,982,090.72. The trade was a 11.06% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 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, CAO Sumeet Puri sold 43,750 shares of the business’s 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 owned 280,195 shares in the company, valued at $1,098,364.40. This represents a 13.51% 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. In the last ninety days, insiders have sold 626,655 shares of company stock worth $2,336,158. 1.73% of the stock is owned by insiders.

Institutional Investors Weigh In On Eos Energy Enterprises

Several hedge funds have recently bought and sold shares of the company. Renaissance Technologies LLC bought a new position in Eos Energy Enterprises during the first quarter worth about $9,152,000. First Trust Advisors LP raised its stake in Eos Energy Enterprises by 3.7% in the first quarter. First Trust Advisors LP now owns 1,537,606 shares of the company’s stock valued at $7,627,000 after buying an additional 55,145 shares during the period. Bank of America Corp DE raised its stake in Eos Energy Enterprises by 89.1% in the first quarter. Bank of America Corp DE now owns 1,247,548 shares of the company’s stock valued at $6,188,000 after buying an additional 587,752 shares during the period. Wellington Management Group LLP raised its stake in Eos Energy Enterprises by 475.8% in the second quarter. Wellington Management Group LLP now owns 1,155,515 shares of the company’s stock valued at $6,794,000 after buying an additional 954,828 shares during the period. Finally, Quantinno Capital Management LP lifted its position in shares of Eos Energy Enterprises by 8,418.9% in the first quarter. Quantinno Capital Management LP now owns 1,078,070 shares of the company’s stock valued at $5,347,000 after buying an additional 1,065,415 shares during the last quarter. 54.87% of the stock is currently owned by institutional investors and hedge funds.

Eos Energy Enterprises Price Performance

The company has a market capitalization of $611.81 million, a price-to-earnings ratio of -0.25 and a beta of 2.88. The stock has a 50-day moving average price of $3.31 and a 200-day moving average price of $5.10.

Eos Energy Enterprises (NASDAQ:EOSE – Get Free Report) last issued its earnings results on Wednesday, August 5th. The company reported ($1.20) 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 the consensus estimate of $68.32 million. During the same period in the prior year, the company earned ($1.05) EPS. Equities analysts forecast that Eos Energy Enterprises, Inc. will post -1.28 earnings per share for the current year.

Eos Energy Enterprises Company Profile

(Get Free Report)

Eos Energy Enterprises, Inc develops and manufactures long-duration energy storage systems designed to help utilities, renewable energy developers, and commercial and industrial customers store electricity for use when demand is high or renewable generation is unavailable. The company’s technology is based on aqueous zinc battery chemistry, which it markets as a non-lithium alternative for stationary energy storage applications.

Eos’ product portfolio includes the Eos Z3 battery system and related generations of its zinc-based storage technology.

Further Reading

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