Eos Energy Enterprises (NASDAQ:EOSE) Shares Down 6.4% – What’s Next?

Eos Energy Enterprises, Inc. (NASDAQ:EOSE)’s share price dropped 6.4% during mid-day trading on Wednesday . The stock traded as low as $16.61 and last traded at $16.2120. Approximately 8,121,508 shares traded hands during mid-day trading, a decline of 62% from the average daily volume of 21,270,051 shares. The stock had previously closed at $17.32.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on the company. Guggenheim upped their target price on Eos Energy Enterprises from $10.00 to $20.00 and gave the company a “buy” rating in a report on Wednesday, October 22nd. Stifel Nicolaus increased their price objective on Eos Energy Enterprises from $10.00 to $22.00 and gave the stock a “buy” rating in a report on Wednesday, October 15th. Weiss Ratings restated a “sell (d-)” rating on shares of Eos Energy Enterprises in a research note on Wednesday, October 8th. Wall Street Zen lowered Eos Energy Enterprises from a “hold” rating to a “sell” rating in a research report on Saturday, November 8th. Finally, B. Riley raised their price target on Eos Energy Enterprises from $8.00 to $12.00 and gave the stock a “neutral” rating in a research note on Tuesday, November 11th. Two research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $13.50.

Eos Energy Enterprises Trading Down 6.1%

The firm has a market cap of $4.93 billion, a price-to-earnings ratio of -2.05 and a beta of 2.11. The stock has a fifty day moving average price of $14.17 and a 200 day moving average price of $11.38.

Eos Energy Enterprises (NASDAQ:EOSE) last posted its earnings results on Wednesday, November 5th. The company reported ($2.77) earnings per share for the quarter, missing the consensus estimate of ($0.31) by ($2.46). The company had revenue of $30.51 million during the quarter, compared to analysts’ expectations of $39.55 million. On average, sell-side analysts forecast that Eos Energy Enterprises, Inc. will post -2.54 EPS for the current year.

Insider Buying and Selling

In other Eos Energy Enterprises news, Director Marian Walters sold 50,000 shares of the company’s stock in a transaction dated Thursday, December 4th. The shares were sold at an average price of $15.81, for a total transaction of $790,500.00. Following the completion of the sale, the director directly owned 135,334 shares in the company, valued at $2,139,630.54. This represents a 26.98% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Russell Monoki Stidolph sold 29,999 shares of the firm’s stock in a transaction dated Monday, December 8th. The shares were sold at an average price of $15.36, for a total value of $460,784.64. Following the completion of the sale, the director directly owned 2,123,273 shares in the company, valued at approximately $32,613,473.28. This represents a 1.39% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders sold 857,801 shares of company stock valued at $13,001,507. Company insiders own 3.30% of the company’s stock.

Hedge Funds Weigh In On Eos Energy Enterprises

Several large investors have recently made changes to their positions in EOSE. Fiduciary Planning LLC bought a new position in shares of Eos Energy Enterprises during the 2nd quarter worth about $236,000. Concurrent Investment Advisors LLC acquired a new stake in Eos Energy Enterprises during the second quarter worth about $548,000. Hsbc Holdings PLC increased its stake in Eos Energy Enterprises by 192.9% during the second quarter. Hsbc Holdings PLC now owns 129,626 shares of the company’s stock valued at $665,000 after acquiring an additional 85,371 shares during the period. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in Eos Energy Enterprises during the second quarter valued at about $257,000. Finally, Copperleaf Capital LLC acquired a new position in Eos Energy Enterprises in the 2nd quarter valued at approximately $1,639,000. Institutional investors and hedge funds own 54.87% of the company’s stock.

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.