Eos Energy Enterprises (NASDAQ:EOSE) Stock Price Down 6.3% – Should You Sell?

Eos Energy Enterprises, Inc. (NASDAQ:EOSE)’s share price dropped 6.3% during trading on Wednesday. The stock traded as low as $3.85 and last traded at $3.8050. 3,927,685 shares traded hands during mid-day trading, a decline of 85% from the average daily volume of 25,501,926 shares. The stock had previously closed at $4.06.

Wall Street Analysts Forecast Growth

EOSE has been the subject of several research reports. Needham & Company LLC reduced their price objective on shares of Eos Energy Enterprises from $11.00 to $10.00 and set a “buy” rating for the company in a research report on Tuesday, September 15th. Stifel Nicolaus dropped their target price on shares of Eos Energy Enterprises from $10.00 to $9.00 and set a “buy” rating on the stock in a report on Thursday, August 6th. Weiss Ratings reissued a “sell (d-)” rating on shares of Eos Energy Enterprises in a research note on Friday, July 17th. Wall Street Zen cut shares of Eos Energy Enterprises from a “sell” rating to a “strong sell” rating in a report on Saturday, August 8th. Finally, B. Riley Financial decreased their price target on shares of 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. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $8.19.

Eos Energy Enterprises Stock Performance

The firm’s 50 day simple moving average is $3.79 and its 200-day simple moving average is $5.47. The company has a market capitalization of $1.18 billion, a price-to-earnings ratio of -0.47 and a beta of 2.77.

Eos Energy Enterprises (NASDAQ:EOSE) last announced its quarterly earnings data on Wednesday, August 5th. The company reported ($1.20) EPS for the quarter, missing analysts’ consensus estimates 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 in the previous year, the firm earned ($1.05) EPS. As a group, equities analysts anticipate that Eos Energy Enterprises, Inc. will post -1.28 earnings per share for the current fiscal year.

Insider Buying and Selling at Eos Energy Enterprises

In other news, insider Michelle Buczkowski sold 11,469 shares of the company’s stock in a transaction on Tuesday, June 30th. The shares were sold at an average price of $5.87, for a total value of $67,323.03. Following the transaction, the insider directly owned 59,242 shares of the company’s stock, valued at approximately $347,750.54. This represents a 16.22% decrease in their ownership of the stock. The transaction 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, CAO Sumeet Puri sold 43,750 shares of the stock in a transaction on Wednesday, September 16th. The stock was sold at an average price of $3.92, for a total value of $171,500.00. Following the sale, the chief accounting officer owned 280,195 shares of the company’s stock, valued at approximately $1,098,364.40. This represents a 13.51% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 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. Insiders sold a total of 776,543 shares of company stock worth $3,121,182 over the last 90 days. 1.73% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Eos Energy Enterprises

A number of hedge funds and other institutional investors have recently made changes to their positions in EOSE. Sequoia Financial Advisors LLC acquired a new stake in shares of Eos Energy Enterprises during the 2nd quarter valued at about $117,000. Tidal Investments LLC increased its holdings in Eos Energy Enterprises by 151.0% in the second quarter. Tidal Investments LLC now owns 649,111 shares of the company’s stock worth $3,817,000 after buying an additional 390,461 shares during the last quarter. WINTON GROUP Ltd acquired a new position in Eos Energy Enterprises in the second quarter worth approximately $920,000. Baird Financial Group Inc. increased its holdings in Eos Energy Enterprises by 9.4% in the second quarter. Baird Financial Group Inc. now owns 863,479 shares of the company’s stock worth $5,077,000 after buying an additional 74,338 shares during the last quarter. Finally, Allworth Financial LP raised its position in Eos Energy Enterprises by 198.6% during the second quarter. Allworth Financial LP now owns 4,300 shares of the company’s stock valued at $25,000 after acquiring an additional 2,860 shares in the last quarter. 54.87% of the stock is owned by hedge funds and other institutional investors.

Eos Energy Enterprises Company Profile

Eos Energy Enterprises, Inc develops and manufactures long-duration energy storage systems designed to support the reliability and flexibility of electric grids. Its technology is based on aqueous zinc battery chemistry, which is intended to provide a non-flammable alternative to conventional lithium-ion batteries for stationary storage applications.

The company’s primary product platform is the Eos Z3, a modular battery system designed for utility-scale and other large-scale energy storage projects.