Eos Energy Enterprises (NASDAQ:EOSE) Stock Price Down 8.3% – Time to Sell?

Eos Energy Enterprises, Inc. (NASDAQ:EOSE)’s stock price fell 8.3% during trading on Thursday. The company traded as low as $1.83 and last traded at $1.8250. 3,774,168 shares were traded during mid-day trading, a decline of 85% from the average session volume of 25,976,650 shares. The stock had previously closed at $1.99.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on EOSE shares. B. Riley Financial lowered their price objective on Eos Energy Enterprises from $5.00 to $2.00 and set a “neutral” rating on the stock in a report on Monday. Needham & Company LLC cut their target price on Eos Energy Enterprises from $10.00 to $6.00 and set a “buy” rating for the company in a research note on Monday, October 19th. TD Cowen raised Eos Energy Enterprises to a “hold” rating in a report on Monday, October 5th. Wall Street Zen downgraded Eos Energy Enterprises from a “sell” rating to a “strong sell” rating in a research note on Saturday, August 8th. Finally, Weiss Ratings raised Eos Energy Enterprises from a “sell (d-)” rating to a “hold (c-)” rating in a report on Monday. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and seven have given a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $6.69.

Eos Energy Enterprises Stock Performance

The stock’s fifty day moving average price is $2.79 and its 200-day moving average price is $5.74. The firm has a market cap of $686.46 million, a PE ratio of -0.91 and a beta of 3.17.

Eos Energy Enterprises (NASDAQ:EOSE) last announced its quarterly earnings data on Thursday, November 5th. The company reported ($0.17) EPS for the quarter, beating the consensus estimate of ($0.24) by $0.07. Eos Energy Enterprises had a net margin of 89.23% and a negative return on equity of 20.68%. The firm had revenue of $82.73 million during the quarter, compared to analysts’ expectations of $81.60 million. Sell-side analysts forecast that Eos Energy Enterprises, Inc. will post -1.26 earnings per share for the current fiscal year.

Insider Activity at Eos Energy Enterprises

In other news, Director Haiyan Song purchased 10,000 shares of the firm’s stock in a transaction dated Friday, September 11th. The shares were acquired at an average price of $3.95 per share, with a total value of $39,500.00. Following the purchase, the director directly owned 10,000 shares of the company’s stock, valued at $39,500. The trade was a ∞ increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this link. Also, CAO Sumeet Puri sold 43,750 shares of the company’s stock in a transaction that occurred on Wednesday, September 16th. The stock was sold at an average price of $3.92, for a total value of $171,500.00. Following the completion of the sale, the chief accounting officer owned 280,195 shares in the company, valued at approximately $1,098,364.40. This represents a 13.51% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 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 377,917 shares of company stock valued at $1,392,610 in the last 90 days. Insiders own 1.73% of the company’s stock.

Institutional Trading of Eos Energy Enterprises

Institutional investors have recently bought and sold shares of the company. Allworth Financial LP grew its holdings in Eos Energy Enterprises by 198.6% in the second quarter. Allworth Financial LP now owns 4,300 shares of the company’s stock valued at $25,000 after purchasing an additional 2,860 shares during the last quarter. Gainplan LLC increased its position in shares of Eos Energy Enterprises by 22.7% in the third quarter. Gainplan LLC now owns 23,144 shares of the company’s stock valued at $71,000 after buying an additional 4,284 shares in the last quarter. Principal Financial Group Inc. raised its stake in shares of Eos Energy Enterprises by 24.1% during the 1st quarter. Principal Financial Group Inc. now owns 22,634 shares of the company’s stock worth $112,000 after buying an additional 4,402 shares during the last quarter. Arizona State Retirement System raised its stake in shares of Eos Energy Enterprises by 5.2% during the 2nd quarter. Arizona State Retirement System now owns 93,679 shares of the company’s stock worth $551,000 after buying an additional 4,657 shares during the last quarter. Finally, Concurrent Investment Advisors LLC raised its stake in shares of Eos Energy Enterprises by 11.0% during the 2nd quarter. Concurrent Investment Advisors LLC now owns 53,038 shares of the company’s stock worth $312,000 after buying an additional 5,247 shares during the last quarter. 54.87% of the stock is currently owned by hedge funds and other institutional investors.

About Eos Energy Enterprises

Eos Energy Enterprises, Inc. develops and manufactures zinc-based battery energy storage systems. Its aqueous zinc battery technology is designed for stationary, long-duration storage, providing an alternative to lithium-ion systems for applications that require electricity to be stored and delivered over extended periods. The company’s products include the Eos Z3 battery system, which is intended for grid-scale and commercial and industrial uses, such as supporting renewable energy integration and helping manage electricity supply and demand.