Shares of Eos Energy Enterprises, Inc. (NASDAQ:EOSE – Get Free Report) were down 6% on Tuesday following insider selling activity. The stock traded as low as $5.78 and last traded at $5.7250. 9,575,402 shares were traded during trading, a decline of 62% from the average daily volume of 24,957,373 shares. The stock had previously closed at $6.09.
Specifically, CFO Nathan Kroeker sold 35,289 shares of the firm’s stock in a transaction on Tuesday, June 30th. The shares were sold at an average price of $5.86, for a total value of $206,793.54. Following the transaction, the chief financial officer owned 697,801 shares of the company’s stock, valued at approximately $4,089,113.86. This trade represents a 4.81% decrease in their position. The sale was disclosed in a legal filing with the SEC, 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, insider Michael W. Silberman sold 14,998 shares of the company’s stock in a transaction on Tuesday, June 30th. The stock was sold at an average price of $5.87, for a total transaction of $88,038.26. Following the sale, the insider directly owned 298,277 shares of the company’s stock, valued at approximately $1,750,885.99. This trade represents a 4.79% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 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 other Eos Energy Enterprises news, insider Michelle Buczkowski sold 11,469 shares of the firm’s stock in a transaction dated Tuesday, June 30th. The stock was sold at an average price of $5.87, for a total value of $67,323.03. Following the transaction, the insider directly owned 59,242 shares of the company’s stock, valued at $347,750.54. This trade represents a 16.22% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 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.
Analyst Ratings Changes
EOSE has been the topic of a number of recent research reports. TD Cowen boosted their price objective on Eos Energy Enterprises from $7.00 to $8.00 and gave the stock a “hold” rating in a research note on Thursday, May 14th. Zacks Research upgraded Eos Energy Enterprises from a “strong sell” rating to a “hold” rating in a research note on Tuesday, April 28th. Wall Street Zen upgraded Eos Energy Enterprises from a “sell” rating to a “hold” rating in a report on Sunday, June 21st. JPMorgan Chase & Co. reduced their price target on Eos Energy Enterprises from $9.00 to $6.00 and set a “neutral” rating on the stock in a research report on Thursday, April 16th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Eos Energy Enterprises in a report on Tuesday, April 21st. Two analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $10.94.
Eos Energy Enterprises Price Performance
The stock has a 50-day moving average price of $7.26 and a 200-day moving average price of $9.26. The firm has a market capitalization of $1.96 billion, a PE ratio of -0.86 and a beta of 2.69.
Eos Energy Enterprises (NASDAQ:EOSE – Get Free Report) last posted its quarterly earnings data on Wednesday, May 13th. The company reported $0.12 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.22) by $0.34. The business had revenue of $56.96 million for the quarter, compared to analysts’ expectations of $54.32 million. As a group, equities research analysts predict that Eos Energy Enterprises, Inc. will post -0.31 earnings per share for the current fiscal year.
Institutional Inflows and Outflows
Large investors have recently added to or reduced their stakes in the stock. PNC Financial Services Group Inc. grew its holdings in Eos Energy Enterprises by 3,843.8% during the 4th quarter. PNC Financial Services Group Inc. now owns 2,524 shares of the company’s stock worth $29,000 after acquiring an additional 2,460 shares in the last quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA raised its stake in shares of Eos Energy Enterprises by 58.8% in the 4th quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA now owns 2,700 shares of the company’s stock valued at $31,000 after purchasing an additional 1,000 shares in the last quarter. Danske Bank A S bought a new position in shares of Eos Energy Enterprises during the fourth quarter worth about $33,000. TD Waterhouse Canada Inc. lifted its position in shares of Eos Energy Enterprises by 178.7% during the fourth quarter. TD Waterhouse Canada Inc. now owns 3,119 shares of the company’s stock worth $36,000 after purchasing an additional 2,000 shares during the last quarter. Finally, GAMMA Investing LLC grew its stake in Eos Energy Enterprises by 46.4% in the fourth quarter. GAMMA Investing LLC now owns 3,270 shares of the company’s stock worth $37,000 after purchasing an additional 1,036 shares in the last quarter. 54.87% of the stock is currently owned by institutional investors.
Eos Energy Enterprises Company Profile
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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