Eos Energy Enterprises (NASDAQ:EOSE) Stock Falls 5.8% – Should You Sell?

Eos Energy Enterprises, Inc. (NASDAQ:EOSE) shares were down 5.8% during mid-day trading on Friday. The company traded as low as $1.9903 and last traded at $2.0350. Approximately 3,008,216 shares traded hands during trading, a decline of 88% from the average daily volume of 25,941,561 shares. The stock had previously closed at $2.16.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on EOSE. Stifel Nicolaus reduced their price target on 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. B. Riley Financial dropped their price target on 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. Wall Street Zen downgraded shares of Eos Energy Enterprises from a “sell” rating to a “strong sell” rating in a report on Saturday, August 8th. Truist Financial began coverage on shares of Eos Energy Enterprises in a research report on Monday, July 13th. They set a “buy” rating and a $7.00 price target on the stock. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Eos Energy Enterprises in a report on Thursday. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, six have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Eos Energy Enterprises currently has a consensus rating of “Hold” and a consensus target price of $8.19.

Eos Energy Enterprises Trading Down 9.0%

The business has a 50 day simple moving average of $3.50 and a two-hundred day simple moving average of $5.19. The company has a market cap of $715.59 million, a PE ratio of -0.29 and a beta of 2.88.

Eos Energy Enterprises (NASDAQ:EOSE) last announced its quarterly earnings data on Wednesday, August 5th. The company reported ($1.20) EPS for the quarter, missing analysts’ consensus estimates of ($0.19) by ($1.01). The firm had revenue of $68.78 million during the quarter, compared to analyst estimates of $68.32 million. During the same period in the prior year, the company posted ($1.05) earnings per share. On average, equities research analysts expect that Eos Energy Enterprises, Inc. will post -1.28 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CAO Sumeet Puri sold 43,750 shares of the company’s stock in a transaction dated Wednesday, September 16th. The shares were sold at an average price of $3.92, for a total transaction of $171,500.00. Following the completion of the transaction, the chief accounting officer owned 280,195 shares of the company’s stock, valued at $1,098,364.40. This represents a 13.51% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through 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, Director Haiyan Song acquired 10,000 shares of the business’s stock in a transaction dated Friday, September 11th. The shares were bought at an average price of $3.95 per share, for a total transaction of $39,500.00. Following the completion of the acquisition, the director owned 10,000 shares in the company, valued at approximately $39,500. This trade represents a ∞ increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have sold 626,655 shares of company stock worth $2,336,158 over the last 90 days. Corporate insiders own 1.73% of the company’s stock.

Hedge Funds Weigh In On Eos Energy Enterprises

Institutional investors and hedge funds have recently bought and sold shares of the stock. Allworth Financial LP increased its holdings in Eos Energy Enterprises by 198.6% during the 2nd quarter. Allworth Financial LP now owns 4,300 shares of the company’s stock worth $25,000 after purchasing an additional 2,860 shares during the last quarter. Caitong International Asset Management Co. Ltd raised its stake in Eos Energy Enterprises by 38.7% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 5,972 shares of the company’s stock worth $68,000 after acquiring an additional 1,665 shares during the period. PNC Financial Services Group Inc. raised its stake in Eos Energy Enterprises by 279.4% during the first quarter. PNC Financial Services Group Inc. now owns 9,577 shares of the company’s stock worth $48,000 after acquiring an additional 7,053 shares during the period. KFA Private Wealth Group LLC bought a new position in Eos Energy Enterprises in the first quarter worth about $50,000. Finally, Nykredit A S bought a new position in Eos Energy Enterprises in the second quarter worth about $60,000. Institutional investors and hedge funds own 54.87% of the company’s stock.

Eos Energy Enterprises Company Profile

Eos Energy Enterprises, Inc develops and manufactures long-duration energy storage systems designed to support the electric grid and renewable energy projects. Its technology is based on aqueous zinc battery chemistry, which is intended to provide a safer, nonflammable alternative to conventional lithium-ion systems for stationary energy storage.

The company’s primary product is the Eos Z3 energy storage system, a modular, utility-scale battery platform designed for applications such as renewable energy integration, grid resilience, peak-load management, and microgrids.