Eos Energy Enterprises (NASDAQ:EOSE) Shares Down 6% Following Insider Selling

Eos Energy Enterprises, Inc. (NASDAQ:EOSE)’s share price fell 6% during trading on Tuesday after an insider sold shares in the company. The stock traded as low as $5.78 and last traded at $5.7250. 9,575,402 shares traded hands during mid-day trading, a decline of 62% from the average session volume of 24,957,373 shares. The stock had previously closed at $6.09.

Specifically, CFO Nathan Kroeker sold 35,289 shares of the company’s stock in a transaction dated Tuesday, June 30th. The stock was sold at an average price of $5.86, for a total transaction of $206,793.54. Following the transaction, the chief financial officer directly owned 697,801 shares of the company’s stock, valued at $4,089,113.86. This represents a 4.81% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at 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, insider Michael W. Silberman sold 14,998 shares of the business’s stock in a transaction dated Tuesday, June 30th. The stock was sold at an average price of $5.87, for a total value of $88,038.26. Following the sale, the insider owned 298,277 shares in the company, valued at $1,750,885.99. The trade was a 4.79% 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, insider Michelle Buczkowski sold 11,469 shares of the company’s stock in a transaction dated Tuesday, June 30th. The shares were sold at an average price of $5.87, for a total transaction of $67,323.03. Following the transaction, the insider owned 59,242 shares in the company, valued at $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 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 analysts recently commented on the stock. TD Cowen lifted their target price on shares of Eos Energy Enterprises from $7.00 to $8.00 and gave the stock a “hold” rating in a research note on Thursday, May 14th. B. Riley Financial cut their price target on shares of Eos Energy Enterprises from $12.00 to $8.00 and set a “neutral” rating on the stock in a research note on Thursday, March 5th. 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 target for the company. Wall Street Zen upgraded shares of Eos Energy Enterprises from a “sell” rating to a “hold” rating in a research note on Sunday, June 21st. Finally, Zacks Research raised shares of Eos Energy Enterprises from a “strong sell” rating to a “hold” rating in a report on Tuesday, April 28th. Two analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $10.94.

Eos Energy Enterprises Price Performance

The stock has a fifty day moving average of $7.26 and a 200 day moving average of $9.26. The stock has a market cap of $1.95 billion, a price-to-earnings ratio of -0.86 and a beta of 2.69.

Eos Energy Enterprises (NASDAQ:EOSE) last issued its quarterly earnings results on Wednesday, May 13th. The company reported $0.12 earnings per share for the quarter, topping the consensus estimate of ($0.22) by $0.34. The business had revenue of $56.96 million during the quarter, compared to analyst estimates of $54.32 million. As a group, equities analysts expect that Eos Energy Enterprises, Inc. will post -0.31 earnings per share for the current fiscal year.

Institutional Trading of Eos Energy Enterprises

Several large investors have recently made changes to their positions in the business. PNC Financial Services Group Inc. raised its holdings in shares of Eos Energy Enterprises by 3,843.8% during the fourth quarter. PNC Financial Services Group Inc. now owns 2,524 shares of the company’s stock worth $29,000 after purchasing an additional 2,460 shares during the last quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA grew 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 purchasing an additional 1,000 shares during the period. Danske Bank A S purchased a new position in shares of Eos Energy Enterprises during the 4th quarter valued at about $33,000. TD Waterhouse Canada Inc. raised its stake in shares of Eos Energy Enterprises by 178.7% during the 4th quarter. TD Waterhouse Canada Inc. now owns 3,119 shares of the company’s stock valued at $36,000 after buying an additional 2,000 shares during the last quarter. Finally, GAMMA Investing LLC lifted its holdings in shares of Eos Energy Enterprises by 46.4% in the 4th quarter. GAMMA Investing LLC now owns 3,270 shares of the company’s stock valued at $37,000 after buying an additional 1,036 shares during the period. 54.87% of the stock is owned by hedge funds and other institutional investors.

Eos Energy Enterprises Company Profile

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.