Eos Energy Enterprises (NASDAQ:EOSE) Shares Gap Down After Earnings Miss

Eos Energy Enterprises, Inc. (NASDAQ:EOSE) gapped down before the market opened on Thursday following a weaker than expected earnings announcement. The stock had previously closed at $11.13, but opened at $7.32. Eos Energy Enterprises shares last traded at $6.8150, with a volume of 43,410,679 shares traded.

The company reported ($0.84) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.20) by ($0.64). The firm had revenue of $58.00 million during the quarter, compared to analysts’ expectations of $93.36 million.

Analyst Upgrades and Downgrades

A number of analysts have commented on EOSE shares. B. Riley Financial increased their price objective on shares of Eos Energy Enterprises from $8.00 to $12.00 and gave the company a “neutral” rating in a report on Tuesday, November 11th. Wall Street Zen lowered Eos Energy Enterprises from a “hold” rating to a “sell” rating in a research report on Saturday, November 8th. Weiss Ratings restated a “sell (d-)” rating on shares of Eos Energy Enterprises in a report on Thursday, January 22nd. Zacks Research upgraded shares of Eos Energy Enterprises from a “strong sell” rating to a “hold” rating in a report on Monday, January 12th. Finally, JPMorgan Chase & Co. assumed coverage on Eos Energy Enterprises in a research report on Wednesday, December 17th. They set a “neutral” rating and a $16.00 price target for the company. Two investment analysts have rated the stock with a Buy rating, six have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $13.50.

Insider Activity

In related news, Director Russell Monoki Stidolph sold 29,999 shares of Eos Energy Enterprises stock in a transaction that occurred on 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 transaction, the director owned 2,123,273 shares in the company, valued at $32,613,473.28. The trade was a 1.39% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Marian Walters sold 50,000 shares of the business’s stock in a transaction that occurred on Thursday, December 4th. The stock was sold at an average price of $15.81, for a total transaction of $790,500.00. Following the transaction, the director owned 135,334 shares of the company’s stock, valued at $2,139,630.54. This trade represents a 26.98% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 907,801 shares of company stock worth $13,803,507 in the last ninety days. 3.30% of the stock is owned by insiders.

Institutional Trading of Eos Energy Enterprises

A number of institutional investors have recently bought and sold shares of the business. Farther Finance Advisors LLC increased its holdings in shares of Eos Energy Enterprises by 33.0% in the 3rd quarter. Farther Finance Advisors LLC now owns 3,325 shares of the company’s stock valued at $38,000 after acquiring an additional 825 shares during the last quarter. Inspire Investing LLC increased its stake in Eos Energy Enterprises by 2.2% in the fourth quarter. Inspire Investing LLC now owns 41,442 shares of the company’s stock valued at $475,000 after purchasing an additional 882 shares during the last quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA raised its holdings in Eos Energy Enterprises by 58.8% during the fourth quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA now owns 2,700 shares of the company’s stock worth $31,000 after purchasing an additional 1,000 shares in the last quarter. GAMMA Investing LLC lifted its position in shares of Eos Energy Enterprises by 46.4% during the 4th quarter. GAMMA Investing LLC now owns 3,270 shares of the company’s stock worth $37,000 after buying an additional 1,036 shares during the last quarter. Finally, Diversify Advisory Services LLC raised its stake in Eos Energy Enterprises by 6.5% during the 3rd quarter. Diversify Advisory Services LLC now owns 17,124 shares of the company’s stock worth $195,000 after acquiring an additional 1,049 shares in the last quarter. 54.87% of the stock is owned by hedge funds and other institutional investors.

Eos Energy Enterprises Stock Down 36.0%

The stock has a market capitalization of $2.05 billion, a PE ratio of -0.85 and a beta of 2.13. The business’s 50-day moving average is $13.58 and its two-hundred day moving average is $12.53.

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.