Eos Energy Enterprises (NASDAQ:EOSE) Trading Down 9.7% – Should You Sell?

Eos Energy Enterprises, Inc. (NASDAQ:EOSE) shares dropped 9.7% during trading on Tuesday . The company traded as low as $4.70 and last traded at $4.5670. Approximately 7,474,902 shares changed hands during trading, a decline of 70% from the average daily volume of 24,905,789 shares. The stock had previously closed at $5.06.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the company. Zacks Research upgraded Eos Energy Enterprises from a “strong sell” rating to a “hold” rating in a report on Tuesday, April 28th. JPMorgan Chase & Co. cut their price objective on Eos Energy Enterprises from $9.00 to $6.00 and set a “neutral” rating on the stock in a research report on Thursday, April 16th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Eos Energy Enterprises in a research note on Tuesday, April 21st. Needham & Company LLC assumed coverage on Eos Energy Enterprises in a research note on Friday, May 22nd. They issued a “buy” rating and a $11.00 target price on the stock. Finally, TD Cowen lifted their target price on Eos Energy Enterprises from $7.00 to $8.00 and gave the stock a “hold” rating in a research report on Thursday, May 14th. Two equities research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $10.94.

Eos Energy Enterprises Price Performance

The firm has a market capitalization of $1.61 billion, a PE ratio of -0.72 and a beta of 2.68. The stock’s 50-day moving average price is $7.15 and its 200 day moving average price is $9.07.

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

Insider Buying and Selling at Eos Energy Enterprises

In other news, insider Michelle Buczkowski sold 11,469 shares of the stock in a transaction on Tuesday, June 30th. The stock was sold at an average price of $5.87, for a total transaction of $67,323.03. Following the transaction, the insider owned 59,242 shares of the company’s stock, valued at approximately $347,750.54. This represents a 16.22% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed 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, insider Michael W. Silberman sold 14,998 shares of the firm’s stock in a transaction on Tuesday, June 30th. The shares were sold at an average price of $5.87, for a total value of $88,038.26. Following the transaction, the insider owned 298,277 shares in the company, valued at approximately $1,750,885.99. This represents a 4.79% decrease in their position. The disclosure for this sale is available in the SEC filing. 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 sold a total of 78,260 shares of company stock worth $468,162 over the last quarter. Insiders own 1.73% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in EOSE. Empowered Funds LLC bought a new stake in shares of Eos Energy Enterprises in the 1st quarter valued at about $66,000. Shariaportfolio Inc. bought a new position in Eos Energy Enterprises in the first quarter worth approximately $1,016,000. J. Derek Lewis & Associates Inc. bought a new position in Eos Energy Enterprises in the first quarter worth approximately $98,000. Bank of America Corp DE lifted its holdings in Eos Energy Enterprises by 89.1% during the first quarter. Bank of America Corp DE now owns 1,247,548 shares of the company’s stock worth $6,188,000 after buying an additional 587,752 shares during the period. Finally, Amundi boosted its position in Eos Energy Enterprises by 163.2% during the 1st quarter. Amundi now owns 26,586 shares of the company’s stock valued at $132,000 after acquiring an additional 16,485 shares in the last quarter. 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.