Eos Energy Enterprises (NASDAQ:EOSE) Stock Price Down 6.6% – Should You Sell?

Eos Energy Enterprises, Inc. (NASDAQ:EOSE)’s share price traded down 6.6% during mid-day trading on Thursday . The stock traded as low as $3.49 and last traded at $3.4950. 8,343,093 shares changed hands during mid-day trading, a decline of 67% from the average daily volume of 25,428,338 shares. The stock had previously closed at $3.74.

Analysts Set New Price Targets

Several research firms have weighed in on EOSE. Roth Capital set a $4.00 target price on Eos Energy Enterprises in a report on Thursday, August 6th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Eos Energy Enterprises in a research report on Friday, July 17th. TD Cowen dropped their price target on shares of Eos Energy Enterprises from $8.00 to $4.00 and set a “hold” rating on the stock in a research report on Thursday, August 6th. Wall Street Zen cut shares of Eos Energy Enterprises from a “sell” rating to a “strong sell” rating in a research note on Saturday, August 8th. Finally, Truist Financial started coverage on shares of Eos Energy Enterprises in a research note on Monday, July 13th. They issued a “buy” rating and a $7.00 target price on the stock. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $8.06.

Eos Energy Enterprises Price Performance

The stock has a market capitalization of $1.26 billion, a price-to-earnings ratio of -0.51 and a beta of 2.75. The firm has a 50 day simple moving average of $4.82 and a 200-day simple moving average of $6.70.

Eos Energy Enterprises (NASDAQ:EOSE) last issued its quarterly earnings data on Wednesday, August 5th. The company reported ($1.20) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.19) by ($1.01). The business had revenue of $68.78 million during the quarter, compared to analysts’ expectations of $68.32 million. During the same period last year, the firm posted ($1.05) EPS. On average, sell-side analysts forecast that Eos Energy Enterprises, Inc. will post -0.91 earnings per share for the current fiscal year.

Insider Transactions at Eos Energy Enterprises

In related news, insider Nathan Kroeker sold 110,417 shares of the firm’s stock in a transaction that occurred on Tuesday, July 28th. The shares were sold at an average price of $3.36, for a total value of $371,001.12. Following the completion of the sale, the insider owned 887,527 shares of the company’s stock, valued at $2,982,090.72. This trade represents a 11.06% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at 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, CAO Sumeet Puri sold 29,167 shares of the company’s stock in a transaction on Tuesday, July 28th. The stock was sold at an average price of $3.36, for a total value of $98,001.12. Following the transaction, the chief accounting officer directly owned 202,279 shares in the company, valued at approximately $679,657.44. This represents a 12.60% decrease in their position. The SEC filing for this sale provides additional information. 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 ninety days, insiders have sold 448,626 shares of company stock worth $1,828,572. Corporate insiders own 1.73% of the company’s stock.

Institutional Investors Weigh In On Eos Energy Enterprises

A number of institutional investors and hedge funds have recently made changes to their positions in EOSE. Millennium Management LLC lifted 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 valued at $9,534,000 after acquiring an additional 896,471 shares during the period. Goldman Sachs Group Inc. raised its holdings in 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 purchasing an additional 1,050,128 shares during the last quarter. Envestnet Asset Management Inc. acquired a new position in Eos Energy Enterprises during the 2nd quarter valued at about $76,000. JPMorgan Chase & Co. bought a new position in shares of Eos Energy Enterprises in the 2nd quarter valued at about $5,958,000. Finally, Prudential Financial Inc. bought a new position in shares of Eos Energy Enterprises in the 2nd quarter valued at about $144,000. Institutional investors own 54.87% of the company’s stock.

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.