Eos Energy Enterprises (NASDAQ:EOSE) Trading Down 8.2% – Time to Sell?

Eos Energy Enterprises, Inc. (NASDAQ:EOSE)’s share price fell 8.2% on Friday . The stock traded as low as $3.31 and last traded at $3.3150. Approximately 12,921,120 shares changed hands during mid-day trading, a decline of 49% from the average daily volume of 25,353,156 shares. The stock had previously closed at $3.61.

Analyst Ratings Changes

A number of brokerages recently issued reports on EOSE. JPMorgan Chase & Co. lowered their price objective 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. Truist Financial initiated coverage on Eos Energy Enterprises in a research report on Monday, July 13th. They set a “buy” rating and a $7.00 target price for the company. Weiss Ratings restated a “sell (d-)” rating on shares of Eos Energy Enterprises in a research note on Friday, July 17th. Stifel Nicolaus lowered their price target on Eos Energy Enterprises from $12.00 to $10.00 and set a “buy” rating on the stock in a report on Monday, July 13th. Finally, Zacks Research upgraded Eos Energy Enterprises from a “strong sell” rating to a “hold” rating in a research report on Tuesday, April 28th. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Eos Energy Enterprises has a consensus rating of “Hold” and a consensus price target of $9.17.

Eos Energy Enterprises Stock Down 6.4%

The firm’s 50-day moving average is $5.85 and its 200-day moving average is $7.94. The company has a market capitalization of $1.15 billion, a PE ratio of -0.51 and a beta of 2.68.

Eos Energy Enterprises (NASDAQ:EOSE) last released its earnings results on Wednesday, May 13th. The company reported $0.12 EPS for the quarter, beating analysts’ consensus estimates of ($0.22) by $0.34. The firm had revenue of $56.96 million during the quarter, compared to the consensus estimate of $54.32 million. As a group, equities research analysts predict that Eos Energy Enterprises, Inc. will post -0.32 EPS for the current year.

Insider Activity

In other Eos Energy Enterprises news, insider Michelle Buczkowski sold 11,469 shares of the company’s stock in a transaction that occurred on Tuesday, June 30th. The stock was sold at an average price of $5.87, for a total value of $67,323.03. Following the completion of the sale, the insider owned 59,242 shares of the company’s stock, valued at $347,750.54. This represents a 16.22% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 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 Nathan Kroeker sold 110,417 shares of the stock in a transaction that occurred on 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 owned 887,527 shares in the company, valued at $2,982,090.72. The trade was a 11.06% 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 three months, insiders sold 456,307 shares of company stock worth $1,882,877. 1.73% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Eos Energy Enterprises

Hedge funds have recently made changes to their positions in the business. Handelsbanken Fonder AB lifted its stake in Eos Energy Enterprises by 46.3% in the second quarter. Handelsbanken Fonder AB now owns 147,500 shares of the company’s stock worth $867,000 after purchasing an additional 46,700 shares during the last quarter. Apella Capital LLC grew its stake in shares of Eos Energy Enterprises by 170.7% during the second quarter. Apella Capital LLC now owns 39,777 shares of the company’s stock valued at $234,000 after buying an additional 25,084 shares during the last quarter. Byrne Asset Management LLC bought a new position in shares of Eos Energy Enterprises during the second quarter valued at about $142,000. Gainplan LLC increased its holdings in shares of Eos Energy Enterprises by 53.8% in the second quarter. Gainplan LLC now owns 18,860 shares of the company’s stock worth $111,000 after buying an additional 6,599 shares during the period. Finally, Empowered Funds LLC purchased a new position in shares of Eos Energy Enterprises in the first quarter worth about $66,000. 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.