Needham & Company LLC Cuts Eos Energy Enterprises (NASDAQ:EOSE) Price Target to $10.00

Eos Energy Enterprises (NASDAQ:EOSE) had its price objective decreased by Needham & Company LLC from $11.00 to $10.00 in a report issued on Tuesday, MarketBeat.com reports. Needham & Company LLC currently has a buy rating on the stock.

A number of other analysts also recently weighed in on EOSE. Roth Capital increased their price target on shares of Eos Energy Enterprises from $4.00 to $4.50 and gave the company a “neutral” rating in a research report on Thursday, September 10th. Stifel Nicolaus decreased their price objective on shares of Eos Energy Enterprises from $10.00 to $9.00 and set a “buy” rating for the company in a report on Thursday, August 6th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Eos Energy Enterprises in a research note on Friday, July 17th. TD Cowen cut their target price on shares of Eos Energy Enterprises from $8.00 to $4.00 and set a “hold” rating on the stock in a report on Thursday, August 6th. Finally, B. Riley Financial reduced their price target on shares of Eos Energy Enterprises from $8.00 to $5.00 and set a “neutral” rating on the stock in a research report on Friday, August 14th. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $8.19.

Eos Energy Enterprises Trading Up 1.3%

NASDAQ EOSE opened at $3.98 on Tuesday. Eos Energy Enterprises has a 12 month low of $3.01 and a 12 month high of $19.86. The stock has a 50-day simple moving average of $3.83 and a 200 day simple moving average of $5.56. The company has a market capitalization of $1.45 billion, a PE ratio of -0.58 and a beta of 2.77.

Eos Energy Enterprises (NASDAQ:EOSE) last issued its earnings results on Wednesday, August 5th. The company reported ($1.20) earnings per share (EPS) 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 quarter in the prior year, the business posted ($1.05) EPS. As a group, sell-side analysts predict that Eos Energy Enterprises will post -1.28 earnings per share for the current fiscal year.

Insider Activity at Eos Energy Enterprises

In related news, insider Nathan Kroeker sold 110,417 shares of the business’s stock in a transaction that occurred on Tuesday, July 28th. The stock was sold at an average price of $3.36, for a total value of $371,001.12. Following the completion of the transaction, the insider directly owned 887,527 shares in the company, valued at approximately $2,982,090.72. The trade was a 11.06% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed 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. Also, insider Michael W. Silberman sold 14,998 shares of the stock in a transaction that occurred on 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 directly owned 298,277 shares of the company’s stock, valued at approximately $1,750,885.99. The trade was a 4.79% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 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 have sold a total of 776,543 shares of company stock valued at $3,121,182 over the last 90 days. Insiders own 1.73% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the stock. Geode Capital Management LLC boosted its holdings in shares of Eos Energy Enterprises by 16.1% in the fourth quarter. Geode Capital Management LLC now owns 7,205,507 shares of the company’s stock valued at $82,587,000 after buying an additional 998,332 shares during the period. Baker Avenue Asset Management LP acquired a new stake in shares of Eos Energy Enterprises during the fourth quarter worth $11,542,000. Renaissance Technologies LLC bought a new stake in Eos Energy Enterprises in the 1st quarter valued at $9,152,000. First Trust Advisors LP lifted its position in Eos Energy Enterprises by 3.7% in the 1st quarter. First Trust Advisors LP now owns 1,537,606 shares of the company’s stock valued at $7,627,000 after acquiring an additional 55,145 shares in the last quarter. Finally, Wellington Management Group LLP boosted its stake in Eos Energy Enterprises by 475.8% in the 2nd quarter. Wellington Management Group LLP now owns 1,155,515 shares of the company’s stock worth $6,794,000 after purchasing an additional 954,828 shares during the period. Institutional investors own 54.87% of the company’s stock.

About Eos Energy Enterprises

Eos Energy Enterprises, Inc develops and manufactures long-duration energy storage systems designed to support the reliability and flexibility of electric grids. Its technology is based on aqueous zinc battery chemistry, which is intended to provide a non-flammable alternative to conventional lithium-ion batteries for stationary storage applications.

The company’s primary product platform is the Eos Z3, a modular battery system designed for utility-scale and other large-scale energy storage projects.