Eos Energy Enterprises, Inc. (NASDAQ:EOSE – Get Free Report) shares fell 7.6% during trading on Tuesday following insider selling activity. The company traded as low as $6.77 and last traded at $6.8630. 6,934,799 shares were traded during mid-day trading, a decline of 73% from the average session volume of 25,455,477 shares. The stock had previously closed at $7.43.
Specifically, Director Marian Walters sold 7,681 shares of the stock in a transaction that occurred on Tuesday, May 19th. The stock was sold at an average price of $7.07, for a total value of $54,304.67. Following the completion of the transaction, the director directly owned 135,334 shares of the company’s stock, valued at $956,811.38. This represents a 5.37% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website.
Analyst Ratings Changes
A number of brokerages recently issued reports on EOSE. Zacks Research raised Eos Energy Enterprises from a “strong sell” rating to a “hold” rating in a report on Tuesday, April 28th. B. Riley Financial decreased their price objective on Eos Energy Enterprises from $12.00 to $8.00 and set a “neutral” rating for the company in a report on Thursday, March 5th. JPMorgan Chase & Co. decreased their price objective on Eos Energy Enterprises from $9.00 to $6.00 and set a “neutral” rating for the company in a report on Thursday, April 16th. Wall Street Zen raised Eos Energy Enterprises from a “strong sell” rating to a “hold” rating in a report on Saturday, May 16th. Finally, TD Cowen increased 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. One equities research analyst has rated the stock with a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, Eos Energy Enterprises has an average rating of “Hold” and an average target price of $10.93.
Eos Energy Enterprises Stock Performance
The business has a 50 day simple moving average of $6.27 and a 200-day simple moving average of $10.86. The stock has a market capitalization of $2.77 billion, a P/E ratio of -1.22 and a beta of 2.56.
Eos Energy Enterprises (NASDAQ:EOSE – Get Free Report) last issued its quarterly 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 firm had revenue of $56.96 million for the quarter, compared to the consensus estimate of $54.32 million. Equities research analysts forecast that Eos Energy Enterprises, Inc. will post -0.8 EPS for the current fiscal year.
Hedge Funds Weigh In On Eos Energy Enterprises
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Millennium Management LLC boosted its stake in shares of Eos Energy Enterprises by 55.1% during the 1st quarter. Millennium Management LLC now owns 2,522,273 shares of the company’s stock worth $9,534,000 after acquiring an additional 896,471 shares in the last quarter. Goldman Sachs Group Inc. boosted its stake in shares of Eos Energy Enterprises by 36.8% during the 1st quarter. Goldman Sachs Group Inc. now owns 3,900,513 shares of the company’s stock worth $14,744,000 after acquiring an additional 1,050,128 shares in the last quarter. Envestnet Asset Management Inc. bought a new stake in shares of Eos Energy Enterprises during the 2nd quarter worth $76,000. JPMorgan Chase & Co. bought a new stake in shares of Eos Energy Enterprises during the 2nd quarter worth $5,958,000. Finally, Prudential Financial Inc. bought a new stake in shares of Eos Energy Enterprises during the 2nd quarter worth $144,000. 54.87% of the stock is owned by institutional investors.
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.
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