Eos Energy Enterprises (NASDAQ:EOSE) CAO Sells $51,702.78 in Stock

Eos Energy Enterprises, Inc. (NASDAQ:EOSE) CAO Sumeet Puri sold 8,823 shares of Eos Energy Enterprises stock in a transaction that occurred on Tuesday, June 30th. The shares were sold at an average price of $5.86, for a total transaction of $51,702.78. Following the transaction, the chief accounting officer directly owned 173,112 shares in the company, valued at approximately $1,014,436.32. The trade was a 4.85% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, 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.

Eos Energy Enterprises Stock Performance

NASDAQ:EOSE traded down $0.20 during trading hours on Tuesday, reaching $5.89. The company’s stock had a trading volume of 33,894,379 shares, compared to its average volume of 25,161,453. The stock has a 50 day moving average price of $7.32 and a two-hundred day moving average price of $9.40. The company has a market capitalization of $2.00 billion, a P/E ratio of -0.88 and a beta of 2.62. Eos Energy Enterprises, Inc. has a 12 month low of $4.37 and a 12 month high of $19.86.

Eos Energy Enterprises (NASDAQ:EOSE) last announced its earnings results on Wednesday, May 13th. The company reported $0.12 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.22) by $0.34. The company had revenue of $56.96 million for the quarter, compared to the consensus estimate of $54.32 million. As a group, analysts predict that Eos Energy Enterprises, Inc. will post -0.31 EPS for the current fiscal year.

Institutional Investors Weigh In On Eos Energy Enterprises

Several institutional investors have recently added to or reduced their stakes in the business. Millennium Management LLC grew its stake in shares of Eos Energy Enterprises by 55.1% during the first 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 during the last quarter. Goldman Sachs Group Inc. boosted its stake in Eos Energy Enterprises by 36.8% in the 1st quarter. Goldman Sachs Group Inc. now owns 3,900,513 shares of the company’s stock worth $14,744,000 after purchasing an additional 1,050,128 shares in the last quarter. Envestnet Asset Management Inc. acquired a new stake in Eos Energy Enterprises in the 2nd quarter worth approximately $76,000. JPMorgan Chase & Co. purchased a new stake in Eos Energy Enterprises during the 2nd quarter worth approximately $5,958,000. Finally, Prudential Financial Inc. purchased a new stake in Eos Energy Enterprises during the 2nd quarter worth approximately $144,000. Institutional investors and hedge funds own 54.87% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on EOSE. JPMorgan Chase & Co. reduced their target price on shares of Eos Energy Enterprises from $9.00 to $6.00 and set a “neutral” rating for the company in a report on Thursday, April 16th. B. Riley Financial cut their price objective on shares of Eos Energy Enterprises from $12.00 to $8.00 and set a “neutral” rating on the stock in a research report on Thursday, March 5th. Wall Street Zen upgraded shares of Eos Energy Enterprises from a “sell” rating to a “hold” rating in a research note on Sunday, June 21st. Zacks Research raised shares of Eos Energy Enterprises from a “strong sell” rating to a “hold” rating in a research report on Tuesday, April 28th. Finally, Needham & Company LLC started coverage on shares of Eos Energy Enterprises in a report on Friday, May 22nd. They issued a “buy” rating and a $11.00 price target on the stock. Two investment analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $10.94.

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.