Eos Energy Enterprises (NASDAQ:EOSE) Sets New 1-Year Low on Insider Selling

Eos Energy Enterprises, Inc. (NASDAQ:EOSE) reached a new 52-week low during trading on Wednesday following insider selling activity. The stock traded as low as $3.21 and last traded at $3.37, with a volume of 31191773 shares changing hands. The stock had previously closed at $3.61.

Specifically, CEO Joe Mastrangelo sold 159,154 shares of the company’s stock in a transaction dated Monday, July 27th. The stock was sold at an average price of $3.61, for a total value of $574,545.94. Following the completion of the sale, the chief executive officer owned 1,947,586 shares in the company, valued at approximately $7,030,785.46. This represents a 7.55% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Nathan Kroeker sold 110,417 shares of the firm’s stock in a transaction dated Tuesday, July 28th. The stock was sold at an average price of $3.36, for a total value of $371,001.12. Following the transaction, the insider owned 887,527 shares in the company, valued at approximately $2,982,090.72. This trade represents a 11.06% decrease in their position. The disclosure for this sale is available in the SEC filing. 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. In other news, CAO Sumeet Puri sold 29,167 shares of the business’s stock in a transaction dated Tuesday, July 28th. The stock was sold at an average price of $3.36, for a total transaction of $98,001.12. Following the completion of the transaction, the chief accounting officer directly owned 202,279 shares in the company, valued at approximately $679,657.44. The trade was a 12.60% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available 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 brokerages recently weighed in on EOSE. TD Cowen increased their price target on shares of Eos Energy Enterprises from $7.00 to $8.00 and gave the company a “hold” rating in a research report on Thursday, May 14th. Stifel Nicolaus decreased their price objective on shares of Eos Energy Enterprises from $12.00 to $10.00 and set a “buy” rating for the company in a report on Monday, July 13th. Needham & Company LLC assumed coverage on shares of Eos Energy Enterprises in a research note on Friday, May 22nd. They issued a “buy” rating and a $11.00 target price for the company. Truist Financial began coverage on shares of Eos Energy Enterprises in a report on Monday, July 13th. They issued a “buy” rating and a $7.00 target price on the stock. Finally, Zacks Research raised shares of Eos Energy Enterprises from a “strong sell” rating to a “hold” rating in a research report on Tuesday, April 28th. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $9.17.

Eos Energy Enterprises Stock Performance

The stock has a market capitalization of $1.23 billion, a price-to-earnings ratio of -0.54 and a beta of 2.68. The firm’s fifty day simple moving average is $5.95 and its 200 day simple moving average is $7.98.

Eos Energy Enterprises (NASDAQ:EOSE) last released its quarterly earnings results on Wednesday, May 13th. The company reported $0.12 earnings per share for the quarter, beating the consensus estimate of ($0.22) by $0.34. The company had revenue of $56.96 million during the quarter, compared to analyst estimates of $54.32 million. Analysts forecast that Eos Energy Enterprises, Inc. will post -0.32 earnings per share for the current year.

Institutional Investors Weigh In On Eos Energy Enterprises

Institutional investors have recently added to or reduced their stakes in the stock. Inspire Investing LLC grew its position 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 in the last quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA lifted its position in Eos Energy Enterprises by 58.8% during the 4th quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA now owns 2,700 shares of the company’s stock worth $31,000 after buying an additional 1,000 shares in the last quarter. GAMMA Investing LLC boosted its stake 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. Diversify Advisory Services LLC boosted its stake in shares of 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 buying an additional 1,049 shares during the last quarter. Finally, Caitong International Asset Management Co. Ltd grew its holdings in shares of Eos Energy Enterprises by 33.1% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 5,732 shares of the company’s stock valued at $66,000 after acquiring an additional 1,425 shares in the last quarter. 54.87% of the stock is owned by institutional investors.

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.