Insider Selling: Eos Energy Enterprises (NASDAQ:EOSE) CAO Sells $51,702.78 in Stock

Eos Energy Enterprises, Inc. (NASDAQ:EOSE) CAO Sumeet Puri sold 8,823 shares of Eos Energy Enterprises stock in a transaction dated Tuesday, June 30th. The stock was sold at an average price of $5.86, for a total value of $51,702.78. Following the completion of the sale, the chief accounting officer owned 173,112 shares of the company’s stock, valued at $1,014,436.32. The trade was a 4.85% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 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.

Eos Energy Enterprises Stock Performance

EOSE opened at $5.23 on Friday. The stock has a market capitalization of $1.78 billion, a P/E ratio of -0.78 and a beta of 2.69. The company’s 50-day simple moving average is $7.23 and its two-hundred day simple moving average is $9.19. Eos Energy Enterprises, Inc. has a 52-week low of $4.37 and a 52-week high of $19.86.

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

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on EOSE shares. Needham & Company LLC assumed coverage on shares of Eos Energy Enterprises in a research report on Friday, May 22nd. They issued a “buy” rating and a $11.00 target price for the company. Weiss Ratings restated a “sell (d-)” rating on shares of Eos Energy Enterprises in a research note on Tuesday, April 21st. B. Riley Financial dropped their price target on Eos Energy Enterprises from $12.00 to $8.00 and set a “neutral” rating on the stock in a research note on Thursday, March 5th. JPMorgan Chase & Co. reduced their price objective on 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, TD Cowen increased their target price on Eos Energy Enterprises from $7.00 to $8.00 and gave the company a “hold” rating in a report on Thursday, May 14th. Two research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $10.94.

Institutional Trading of Eos Energy Enterprises

Several large investors have recently added to or reduced their stakes in EOSE. Millennium Management LLC increased its holdings in Eos Energy Enterprises by 55.1% during the first quarter. Millennium Management LLC now owns 2,522,273 shares of the company’s stock valued at $9,534,000 after buying an additional 896,471 shares during the last quarter. Goldman Sachs Group Inc. boosted its stake in shares of Eos Energy Enterprises by 36.8% during the 1st quarter. Goldman Sachs Group Inc. now owns 3,900,513 shares of the company’s stock worth $14,744,000 after acquiring an additional 1,050,128 shares during the last quarter. Envestnet Asset Management Inc. bought a new stake in shares of Eos Energy Enterprises during the 2nd quarter valued at $76,000. JPMorgan Chase & Co. bought a new stake in shares of Eos Energy Enterprises during the 2nd quarter valued at $5,958,000. Finally, Prudential Financial Inc. purchased a new stake in shares of Eos Energy Enterprises in the 2nd quarter worth $144,000. 54.87% of the stock is currently owned by institutional investors.

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.