Eos Energy Enterprises (NASDAQ:EOSE) Stock Price Down 11.7% – Should You Sell?

Shares of Eos Energy Enterprises, Inc. (NASDAQ:EOSE) traded down 11.7% during mid-day trading on Tuesday . The company traded as low as $6.47 and last traded at $6.48. Approximately 14,805,497 shares changed hands during mid-day trading, a decline of 41% from the average session volume of 25,263,609 shares. The stock had previously closed at $7.34.

Analyst Ratings Changes

A number of brokerages have recently commented on EOSE. B. Riley Financial lowered their price objective on Eos Energy Enterprises from $12.00 to $8.00 and set a “neutral” rating for the company in a research report on Thursday, March 5th. Roth Mkm reduced 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. Weiss Ratings restated a “sell (d-)” rating on shares of Eos Energy Enterprises in a report on Tuesday, April 21st. JPMorgan Chase & Co. decreased their price objective on shares of Eos Energy Enterprises from $9.00 to $6.00 and set a “neutral” rating for the company in a research report on Thursday, April 16th. Finally, Needham & Company LLC assumed coverage on shares of Eos Energy Enterprises in a research note on Friday, May 22nd. They set a “buy” rating and a $11.00 target price for the company. Two research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Eos Energy Enterprises currently has a consensus rating of “Hold” and a consensus target price of $10.94.

Eos Energy Enterprises Price Performance

The firm has a 50 day moving average of $7.35 and a two-hundred day moving average of $9.70. The stock has a market cap of $2.19 billion, a PE ratio of -0.97 and a beta of 2.62.

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

Insider Activity at Eos Energy Enterprises

In related news, Director Marian Walters sold 7,681 shares of Eos Energy Enterprises stock in a transaction on Tuesday, May 19th. The shares were sold at an average price of $7.07, for a total transaction of $54,304.67. Following the sale, the director directly owned 135,334 shares in the company, valued at $956,811.38. This trade represents a 5.37% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 1.73% of the stock is owned by company insiders.

Hedge Funds Weigh In On Eos Energy Enterprises

Hedge funds have recently made changes to their positions in the company. PNC Financial Services Group Inc. increased its position 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 in the last quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA grew its stake 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 buying an additional 1,000 shares during the last quarter. Danske Bank A S purchased a new position in Eos Energy Enterprises during the 4th quarter worth approximately $33,000. TD Waterhouse Canada Inc. increased its position in Eos Energy Enterprises by 178.7% during the fourth quarter. TD Waterhouse Canada Inc. now owns 3,119 shares of the company’s stock worth $36,000 after buying an additional 2,000 shares during the period. Finally, GAMMA Investing LLC increased its position in Eos Energy Enterprises by 46.4% during the fourth quarter. GAMMA Investing LLC now owns 3,270 shares of the company’s stock worth $37,000 after buying an additional 1,036 shares during the period. Hedge funds and other institutional investors own 54.87% of the company’s stock.

About Eos Energy Enterprises

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.