Eos Energy Enterprises (NASDAQ:EOSE) Reaches New 12-Month Low After Analyst Downgrade

Shares of Eos Energy Enterprises, Inc. (NASDAQ:EOSE) hit a new 52-week low during mid-day trading on Tuesday after Needham & Company LLC lowered their price target on the stock from $10.00 to $6.00. Needham & Company LLC currently has a buy rating on the stock. Eos Energy Enterprises traded as low as $1.72 and last traded at $1.81, with a volume of 41,428,434 shares. The stock had previously closed at $1.82.

A number of other research firms have also recently weighed in on EOSE. Truist Financial assumed coverage on Eos Energy Enterprises in a research report on Monday, July 13th. They issued a “buy” rating and a $7.00 price objective for the company. TD Cowen upgraded Eos Energy Enterprises to a “hold” rating in a research note on Monday, October 5th. Wall Street Zen lowered Eos Energy Enterprises from a “sell” rating to a “strong sell” rating in a research report on Saturday, August 8th. B. Riley Financial reduced their target price on Eos Energy Enterprises from $8.00 to $5.00 and set a “neutral” rating on the stock in a research report on Friday, August 14th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Eos Energy Enterprises in a research note on Thursday, October 15th. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $7.69.

Insider Transactions at Eos Energy Enterprises

In other Eos Energy Enterprises news, insider Nathan Kroeker sold 110,417 shares of Eos Energy Enterprises stock in a transaction dated Tuesday, July 28th. The stock was sold at an average price of $3.36, for a total transaction of $371,001.12. Following the completion of the sale, the insider owned 887,527 shares of the company’s stock, valued at approximately $2,982,090.72. The trade was a 11.06% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 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, Director Haiyan Song purchased 10,000 shares of the company’s stock in a transaction on Friday, September 11th. The shares were purchased at an average price of $3.95 per share, for a total transaction of $39,500.00. Following the purchase, the director owned 10,000 shares in the company, valued at approximately $39,500. The trade was a ∞ increase in their position. The SEC filing for this purchase provides additional information. Over the last 90 days, insiders have sold 626,655 shares of company stock worth $2,336,158. Insiders own 1.73% of the company’s stock.

Institutional Investors Weigh In On Eos Energy Enterprises

Institutional investors and hedge funds have recently modified their holdings of the company. Renaissance Technologies LLC purchased a new stake in Eos Energy Enterprises in the first quarter valued at approximately $9,152,000. First Trust Advisors LP increased its holdings in Eos Energy Enterprises by 3.7% in the 1st quarter. First Trust Advisors LP now owns 1,537,606 shares of the company’s stock worth $7,627,000 after buying an additional 55,145 shares during the period. Bank of America Corp DE raised its position in Eos Energy Enterprises by 89.1% during the 1st quarter. Bank of America Corp DE now owns 1,247,548 shares of the company’s stock worth $6,188,000 after buying an additional 587,752 shares during the last quarter. Wellington Management Group LLP raised its position in Eos Energy Enterprises by 475.8% during the 2nd quarter. Wellington Management Group LLP now owns 1,155,515 shares of the company’s stock worth $6,794,000 after buying an additional 954,828 shares during the last quarter. Finally, Quantinno Capital Management LP raised its position in Eos Energy Enterprises by 8,418.9% during the 1st quarter. Quantinno Capital Management LP now owns 1,078,070 shares of the company’s stock worth $5,347,000 after buying an additional 1,065,415 shares during the last quarter. Institutional investors and hedge funds own 54.87% of the company’s stock.

Eos Energy Enterprises Stock Performance

The firm’s 50 day simple moving average is $3.31 and its 200 day simple moving average is $5.10. The firm has a market capitalization of $611.81 million, a price-to-earnings ratio of -0.25 and a beta of 2.88.

Eos Energy Enterprises (NASDAQ:EOSE) last released its quarterly earnings data on Wednesday, August 5th. The company reported ($1.20) EPS for the quarter, missing the consensus estimate of ($0.19) by ($1.01). The firm had revenue of $68.78 million for the quarter, compared to analyst estimates of $68.32 million. During the same quarter in the prior year, the business earned ($1.05) earnings per share. As a group, sell-side analysts forecast that Eos Energy Enterprises, Inc. will post -1.28 earnings per share for the current year.

About Eos Energy Enterprises

Eos Energy Enterprises, Inc develops and manufactures long-duration energy storage systems designed to help utilities, renewable energy developers, and commercial and industrial customers store electricity for use when demand is high or renewable generation is unavailable. The company’s technology is based on aqueous zinc battery chemistry, which it markets as a non-lithium alternative for stationary energy storage applications.

Eos’ product portfolio includes the Eos Z3 battery system and related generations of its zinc-based storage technology.