Michelle Buczkowski Sells 11,469 Shares of Eos Energy Enterprises (NASDAQ:EOSE) Stock

Eos Energy Enterprises, Inc. (NASDAQ:EOSE) insider Michelle Buczkowski sold 11,469 shares of the business’s stock in a transaction on Tuesday, June 30th. The shares were sold at an average price of $5.87, for a total transaction of $67,323.03. Following the completion of the sale, the insider owned 59,242 shares in the company, valued at $347,750.54. This represents a 16.22% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed 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.

Eos Energy Enterprises Trading Down 3.3%

Shares of Eos Energy Enterprises stock traded down $0.20 during mid-day trading on Tuesday, reaching $5.89. 33,894,379 shares of the stock were exchanged, compared to its average volume of 25,161,453. The company has a market cap of $2.00 billion, a price-to-earnings ratio of -0.88 and a beta of 2.62. The firm has a 50-day simple moving average of $7.32 and a 200 day simple moving average of $9.40. Eos Energy Enterprises, Inc. has a fifty-two week low of $4.37 and a fifty-two week high of $19.86.

Eos Energy Enterprises (NASDAQ:EOSE) last released its quarterly 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 analyst estimates of $54.32 million. On average, research analysts predict that Eos Energy Enterprises, Inc. will post -0.31 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on EOSE shares. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Eos Energy Enterprises in a report on Tuesday, April 21st. 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. JPMorgan Chase & Co. decreased their target price on Eos Energy Enterprises from $9.00 to $6.00 and set a “neutral” rating on the stock in a report on Thursday, April 16th. B. Riley Financial lowered their target price on Eos Energy Enterprises from $12.00 to $8.00 and set a “neutral” rating for the company in a research note on Thursday, March 5th. Finally, Needham & Company LLC began coverage on Eos Energy Enterprises in a report on Friday, May 22nd. They issued a “buy” rating and a $11.00 price target for the company. Two equities research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Eos Energy Enterprises currently has a consensus rating of “Hold” and a consensus target price of $10.94.

Institutional Trading of Eos Energy Enterprises

Several hedge funds have recently modified their holdings of the stock. Millennium Management LLC raised its position in Eos Energy Enterprises by 55.1% in the 1st quarter. Millennium Management LLC now owns 2,522,273 shares of the company’s stock worth $9,534,000 after purchasing an additional 896,471 shares during the last quarter. Goldman Sachs Group Inc. boosted 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. Envestnet Asset Management Inc. bought a new position in Eos Energy Enterprises in the 2nd quarter valued at $76,000. JPMorgan Chase & Co. acquired a new stake in shares of Eos Energy Enterprises in the 2nd quarter valued at $5,958,000. Finally, Prudential Financial Inc. acquired a new stake in shares of Eos Energy Enterprises in the 2nd quarter valued at $144,000. 54.87% of the stock is owned by institutional investors.

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.