Eos Energy Enterprises (NASDAQ:EOSE) Stock Price Down 9.7% Following Insider Selling

Shares of Eos Energy Enterprises, Inc. (NASDAQ:EOSE) fell 9.7% during mid-day trading on Tuesday following insider selling activity. The company traded as low as $4.70 and last traded at $4.5670. Approximately 7,474,902 shares were traded during mid-day trading, a decline of 70% from the average daily volume of 24,905,789 shares. The stock had previously closed at $5.06.

Specifically, CFO Nathan Kroeker sold 79,309 shares of the stock in a transaction dated Tuesday, July 7th. The stock was sold at an average price of $4.68, for a total transaction of $371,166.12. Following the completion of the sale, the chief financial officer owned 777,110 shares in the company, valued at approximately $3,636,874.80. This trade represents a 9.26% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 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.

Analyst Ratings Changes

A number of research analysts recently commented on EOSE shares. TD Cowen boosted their price target on Eos Energy Enterprises from $7.00 to $8.00 and gave the stock a “hold” rating in a report on Thursday, May 14th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Eos Energy Enterprises in a research report on Tuesday, April 21st. JPMorgan Chase & Co. dropped their target price on shares of Eos Energy Enterprises from $9.00 to $6.00 and set a “neutral” rating for the company in a research report on Thursday, April 16th. Needham & Company LLC began coverage on shares of Eos Energy Enterprises in a report on Friday, May 22nd. They issued a “buy” rating and a $11.00 price target on the stock. Finally, Wall Street Zen cut shares of Eos Energy Enterprises from a “hold” rating to a “sell” rating in a research note on Saturday, July 4th. Two investment analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, Eos Energy Enterprises has an average rating of “Hold” and an average price target of $10.94.

Eos Energy Enterprises Trading Down 4.9%

The business’s 50 day simple moving average is $7.03 and its 200 day simple moving average is $8.96. The firm has a market capitalization of $1.53 billion, a PE ratio of -0.68 and a beta of 2.68.

Eos Energy Enterprises (NASDAQ:EOSE) last released its quarterly earnings results on Wednesday, May 13th. The company reported $0.12 EPS for the quarter, topping the consensus estimate of ($0.22) by $0.34. The company had revenue of $56.96 million during the quarter, compared to analysts’ expectations of $54.32 million. Analysts forecast that Eos Energy Enterprises, Inc. will post -0.31 earnings per share for the current year.

Hedge Funds Weigh In On Eos Energy Enterprises

Institutional investors and hedge funds have recently modified their holdings of the stock. Millennium Management LLC raised its holdings in Eos Energy Enterprises by 55.1% during the 1st quarter. Millennium Management LLC now owns 2,522,273 shares of the company’s stock valued at $9,534,000 after buying an additional 896,471 shares during the period. Goldman Sachs Group Inc. boosted its stake in Eos Energy Enterprises by 36.8% during the first quarter. Goldman Sachs Group Inc. now owns 3,900,513 shares of the company’s stock worth $14,744,000 after buying an additional 1,050,128 shares during the period. Envestnet Asset Management Inc. purchased a new position in Eos Energy Enterprises during the second quarter worth $76,000. JPMorgan Chase & Co. bought a new position in Eos Energy Enterprises during the second quarter valued at $5,958,000. Finally, Prudential Financial Inc. bought a new position in Eos Energy Enterprises during the second quarter valued at $144,000. Hedge funds and other institutional investors own 54.87% of the company’s stock.

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.