Eos Energy Enterprises (NASDAQ:EOSE) Shares Down 7.7% – What’s Next?

Eos Energy Enterprises, Inc. (NASDAQ:EOSE) dropped 7.7% during mid-day trading on Wednesday . The stock traded as low as $8.57 and last traded at $8.69. Approximately 4,428,077 shares changed hands during mid-day trading, a decline of 83% from the average daily volume of 25,314,307 shares. The stock had previously closed at $9.42.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the stock. Weiss Ratings reissued a “sell (d-)” rating on shares of Eos Energy Enterprises in a research note on Tuesday, April 21st. Guggenheim reaffirmed a “neutral” rating and set a $20.00 target price on shares of Eos Energy Enterprises in a report on Friday, February 27th. TD Cowen upped their target price on shares of Eos Energy Enterprises from $7.00 to $8.00 and gave the company a “hold” rating in a research report on Thursday, May 14th. Zacks Research raised Eos Energy Enterprises from a “strong sell” rating to a “hold” rating in a research note on Tuesday, April 28th. Finally, Wall Street Zen upgraded Eos Energy Enterprises from a “strong sell” rating to a “hold” rating in a research report on Saturday, May 16th. Two analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Eos Energy Enterprises presently has an average rating of “Hold” and a consensus price target of $10.94.

Eos Energy Enterprises Trading Down 9.1%

The firm’s fifty day moving average price is $6.69 and its 200-day moving average price is $10.41. The company has a market cap of $2.91 billion, a price-to-earnings ratio of -1.28 and a beta of 2.62.

Eos Energy Enterprises (NASDAQ:EOSE) last posted its earnings results on Wednesday, May 13th. The company reported $0.12 earnings per share 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 the consensus estimate of $54.32 million. As a group, research analysts anticipate that Eos Energy Enterprises, Inc. will post -0.8 EPS for the current year.

Insider Activity

In other Eos Energy Enterprises news, Director Marian Walters sold 7,681 shares of the firm’s stock in a transaction that occurred on Tuesday, May 19th. The shares were sold at an average price of $7.07, for a total transaction of $54,304.67. Following the sale, the director directly owned 135,334 shares in the company, valued at approximately $956,811.38. This trade represents a 5.37% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director David Urban purchased 16,250 shares of Eos Energy Enterprises stock in a transaction dated Monday, March 9th. The stock was bought at an average price of $6.16 per share, with a total value of $100,100.00. Following the acquisition, the director directly owned 62,471 shares of the company’s stock, valued at approximately $384,821.36. This trade represents a 35.16% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders own 1.73% of the company’s stock.

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 EOSE. Vanguard Group Inc. increased its holdings in Eos Energy Enterprises by 19.8% during the 4th quarter. Vanguard Group Inc. now owns 18,616,874 shares of the company’s stock worth $213,349,000 after purchasing an additional 3,080,012 shares in the last quarter. Rubric Capital Management LP bought a new stake in shares of Eos Energy Enterprises in the third quarter valued at about $117,317,000. State Street Corp boosted its position in shares of Eos Energy Enterprises by 6.1% during the fourth quarter. State Street Corp now owns 7,689,841 shares of the company’s stock worth $88,126,000 after buying an additional 443,809 shares during the period. Geode Capital Management LLC grew its holdings in shares of Eos Energy Enterprises by 16.1% during the fourth quarter. Geode Capital Management LLC now owns 7,205,507 shares of the company’s stock worth $82,587,000 after buying an additional 998,332 shares in the last quarter. Finally, Goldman Sachs Group Inc. raised its position 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 valued at $14,744,000 after buying an additional 1,050,128 shares during the last quarter. 54.87% of the stock is owned by institutional investors and hedge funds.

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.