Eos Energy Enterprises (NASDAQ:EOSE) Stock Price Down 7.6% – Here’s What Happened

Eos Energy Enterprises, Inc. (NASDAQ:EOSE) was down 7.6% during mid-day trading on Tuesday . The stock traded as low as $6.77 and last traded at $6.8630. Approximately 6,934,799 shares changed hands during trading, a decline of 73% from the average daily volume of 25,455,477 shares. The stock had previously closed at $7.43.

Analyst Upgrades and Downgrades

Several research analysts recently commented on the stock. Roth Mkm dropped their target price on shares of Eos Energy Enterprises from $12.00 to $6.00 and set a “neutral” rating on the stock in a report on Friday, February 27th. Zacks Research raised Eos Energy Enterprises from a “strong sell” rating to a “hold” rating in a research report on Tuesday, April 28th. Guggenheim reissued a “neutral” rating and set a $20.00 price objective on shares of Eos Energy Enterprises in a research report on Friday, February 27th. JPMorgan Chase & Co. decreased their target price on Eos Energy Enterprises from $9.00 to $6.00 and set a “neutral” rating for the company in a research note on Thursday, April 16th. Finally, Wall Street Zen raised Eos Energy Enterprises from a “strong sell” rating to a “hold” rating in a research report on Saturday. One equities research analyst has rated the stock with a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Eos Energy Enterprises presently has an average rating of “Hold” and a consensus price target of $10.93.

Eos Energy Enterprises Stock Performance

The firm’s 50-day simple moving average is $6.23 and its 200-day simple moving average is $10.96. The company has a market capitalization of $2.40 billion, a price-to-earnings ratio of -1.06 and a beta of 2.56.

Eos Energy Enterprises (NASDAQ:EOSE) last announced its quarterly earnings data on Wednesday, May 13th. The company reported $0.12 EPS for the quarter, topping analysts’ consensus estimates of ($0.22) by $0.34. The firm had revenue of $56.96 million during the quarter, compared to the consensus estimate of $54.32 million. Equities research analysts forecast that Eos Energy Enterprises, Inc. will post -0.8 earnings per share for the current year.

Insider Buying and Selling

In other Eos Energy Enterprises news, Director Alexander Dimitrief acquired 15,000 shares of the company’s stock in a transaction dated Monday, March 2nd. The stock was bought at an average price of $6.04 per share, for a total transaction of $90,600.00. Following the purchase, the director owned 235,221 shares in the company, valued at $1,420,734.84. This represents a 6.81% increase in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO Joe Mastrangelo acquired 60,000 shares of Eos Energy Enterprises stock in a transaction dated Monday, March 2nd. The shares were acquired at an average cost of $5.75 per share, with a total value of $345,000.00. Following the completion of the acquisition, the chief executive officer directly owned 1,463,226 shares in the company, valued at $8,413,549.50. This trade represents a 4.28% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders bought a total of 115,150 shares of company stock valued at $692,962 over the last ninety days. 1.73% of the stock is owned by company insiders.

Institutional Trading of Eos Energy Enterprises

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Rubric Capital Management LP acquired a new position in Eos Energy Enterprises in the third quarter worth about $117,317,000. Vanguard Group Inc. raised its holdings in shares of Eos Energy Enterprises by 19.8% in the 4th 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 in the last quarter. Engineers Gate Manager LP acquired a new position in shares of Eos Energy Enterprises in the 2nd quarter worth approximately $11,840,000. Vaughan Nelson Investment Management L.P. bought a new position in shares of Eos Energy Enterprises during the 4th quarter worth approximately $22,330,000. Finally, Renaissance Technologies LLC acquired a new stake in Eos Energy Enterprises in the 1st quarter valued at $9,152,000. Institutional investors own 54.87% of the company’s stock.

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.