Eos Energy Enterprises (NASDAQ:EOSE) Stock Price Down 6.6% – Time to Sell?

Eos Energy Enterprises, Inc. (NASDAQ:EOSE)’s share price fell 6.6% during mid-day trading on Thursday . The company traded as low as $3.49 and last traded at $3.4950. 8,343,093 shares were traded during mid-day trading, a decline of 67% from the average session volume of 25,428,338 shares. The stock had previously closed at $3.74.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the company. Roth Capital set a $4.00 price target on Eos Energy Enterprises in a research report on Thursday, August 6th. Needham & Company LLC assumed coverage on shares of Eos Energy Enterprises in a report on Friday, May 22nd. They issued a “buy” rating and a $11.00 price objective on the stock. TD Cowen reduced their target price on shares of Eos Energy Enterprises from $8.00 to $4.00 and set a “hold” rating for the company in a report on Thursday, August 6th. B. Riley Financial decreased their target price on shares of Eos Energy Enterprises from $8.00 to $5.00 and set a “neutral” rating for the company in a research report on Friday, August 14th. Finally, Stifel Nicolaus decreased their target price on shares of Eos Energy Enterprises from $10.00 to $9.00 and set a “buy” rating for the company in a research report on Thursday, August 6th. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Eos Energy Enterprises currently has a consensus rating of “Hold” and an average target price of $8.06.

Eos Energy Enterprises Price Performance

The firm has a 50-day moving average of $4.72 and a 200 day moving average of $6.60. The stock has a market capitalization of $1.39 billion, a price-to-earnings ratio of -0.56 and a beta of 2.75.

Eos Energy Enterprises (NASDAQ:EOSE) last posted its quarterly earnings results on Wednesday, August 5th. The company reported ($1.20) earnings per share 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 last year, the company posted ($1.05) EPS. On average, equities analysts forecast that Eos Energy Enterprises, Inc. will post -0.91 earnings per share for the current year.

Insiders Place Their Bets

In related news, CEO Joe Mastrangelo sold 159,154 shares of the business’s stock in a transaction on Monday, July 27th. The shares were sold at an average price of $3.61, for a total transaction of $574,545.94. Following the transaction, the chief executive officer directly owned 1,947,586 shares in the company, valued at approximately $7,030,785.46. The trade was a 7.55% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Nathan Kroeker sold 110,417 shares of the company’s stock in a transaction on Tuesday, July 28th. The stock was sold at an average price of $3.36, for a total transaction of $371,001.12. Following the sale, the insider directly owned 887,527 shares in the company, valued at $2,982,090.72. This trade represents a 11.06% decrease in their ownership of the stock. 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. Insiders sold 448,626 shares of company stock valued at $1,828,572 in the last ninety days. 1.73% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Eos Energy Enterprises

A number of institutional investors and hedge funds have recently modified their holdings of the company. Rubric Capital Management LP acquired a new stake in Eos Energy Enterprises in the 3rd quarter valued at about $117,317,000. Vanguard Group Inc. increased its position in Eos Energy Enterprises by 19.8% during the fourth quarter. Vanguard Group Inc. now owns 18,616,874 shares of the company’s stock worth $213,349,000 after buying an additional 3,080,012 shares during the last quarter. Engineers Gate Manager LP bought a new stake in Eos Energy Enterprises in the second quarter valued at approximately $11,840,000. Renaissance Technologies LLC bought a new stake in Eos Energy Enterprises in the first quarter valued at approximately $9,152,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new stake in Eos Energy Enterprises in the third quarter valued at approximately $18,142,000. 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.