Eos Energy Enterprises (NASDAQ:EOSE) Stock Price Down 3.7% on Insider Selling

Eos Energy Enterprises, Inc. (NASDAQ:EOSE)’s share price was down 3.7% during trading on Friday after an insider sold shares in the company. The company traded as low as $6.89 and last traded at $6.85. Approximately 1,850,643 shares traded hands during mid-day trading, a decline of 76% from the average daily volume of 7,645,715 shares. The stock had previously closed at $7.11.

Specifically, CAO Sumeet Puri sold 36,173 shares of the stock in a transaction on Friday, May 16th. The shares were sold at an average price of $6.86, for a total value of $248,146.78. Following the transaction, the chief accounting officer now directly owns 95,624 shares of the company’s stock, valued at $655,980.64. This trade represents a 27.45% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, General Counsel Michael W. Silberman sold 100,943 shares of Eos Energy Enterprises stock in a transaction that occurred on Friday, May 16th. The stock was sold at an average price of $6.86, for a total value of $692,468.98. Following the transaction, the general counsel now directly owns 161,404 shares in the company, valued at approximately $1,107,231.44. This trade represents a 38.48% decrease in their position. The disclosure for this sale can be found here. In other news, insider Nathan Kroeker sold 152,856 shares of the company’s stock in a transaction dated Friday, May 16th. The shares were sold at an average price of $6.86, for a total value of $1,048,592.16. Following the completion of the sale, the insider now directly owns 403,815 shares of the company’s stock, valued at approximately $2,770,170.90. This represents a 27.46% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on EOSE shares. Roth Mkm cut Eos Energy Enterprises from a “buy” rating to a “neutral” rating and upped their price target for the stock from $4.00 to $5.00 in a research note on Thursday, February 20th. Roth Capital lowered shares of Eos Energy Enterprises from a “strong-buy” rating to a “hold” rating in a research report on Thursday, February 20th. Guggenheim reaffirmed a “buy” rating and issued a $7.00 target price on shares of Eos Energy Enterprises in a report on Tuesday, March 18th. Finally, Cowen reissued a “hold” rating on shares of Eos Energy Enterprises in a research note on Friday, March 7th. Four research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $6.00.

Eos Energy Enterprises Trading Down 1.8%

The stock’s 50 day moving average is $4.75 and its 200 day moving average is $4.42. The stock has a market capitalization of $1.58 billion, a price-to-earnings ratio of -2.90 and a beta of 2.11.

Eos Energy Enterprises (NASDAQ:EOSE) last announced its quarterly earnings results on Tuesday, May 6th. The company reported ($0.20) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.19) by ($0.01). The business had revenue of $10.46 million for the quarter, compared to the consensus estimate of $11.77 million. On average, sell-side analysts anticipate that Eos Energy Enterprises, Inc. will post -2.54 EPS for the current year.

Hedge Funds Weigh In On Eos Energy Enterprises

A number of institutional investors have recently made changes to their positions in the stock. Lake Street Private Wealth LLC acquired a new stake in shares of Eos Energy Enterprises during the fourth quarter valued at $51,000. Harel Insurance Investments & Financial Services Ltd. acquired a new stake in shares of Eos Energy Enterprises during the 4th quarter worth about $58,000. Flagship Private Wealth LLC boosted its stake in shares of Eos Energy Enterprises by 68.7% during the 4th quarter. Flagship Private Wealth LLC now owns 55,291 shares of the company’s stock worth $269,000 after purchasing an additional 22,525 shares during the last quarter. R Squared Ltd purchased a new stake in shares of Eos Energy Enterprises during the fourth quarter worth about $31,000. Finally, Stephens Inc. AR acquired a new position in shares of Eos Energy Enterprises in the fourth quarter valued at approximately $64,000. 54.87% of the stock is owned by institutional investors and hedge funds.

Eos Energy Enterprises Company Profile

Eos Energy Enterprises, Inc designs, manufactures, and markets zinc-based energy storage solutions for utility-scale, microgrid, and commercial and industrial (C&I) applications in the United States. The company offers Znyth technology battery energy storage system (BESS), which provides the operating flexibility to manage increased grid complexity and price volatility.