Eos Energy Enterprises (NASDAQ:EOSE) Hits New 1-Year Low – Here’s Why

Eos Energy Enterprises, Inc. (NASDAQ:EOSE) shares hit a new 52-week low during mid-day trading on Thursday . The stock traded as low as $3.71 and last traded at $3.6860, with a volume of 9021255 shares changing hands. The stock had previously closed at $3.98.

Wall Street Analyst Weigh In

Several analysts have recently commented on the stock. JPMorgan Chase & Co. reduced their target price on shares of 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. Stifel Nicolaus cut their price objective on Eos Energy Enterprises from $12.00 to $10.00 and set a “buy” rating for the company in a research report on Monday, July 13th. Wall Street Zen lowered shares of Eos Energy Enterprises from a “hold” rating to a “sell” rating in a research report on Saturday, July 4th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Eos Energy Enterprises in a research note on Friday, July 17th. Finally, Truist Financial assumed coverage on shares of Eos Energy Enterprises in a research report on Monday, July 13th. They set a “buy” rating and a $7.00 target price on the stock. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, seven have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $9.17.

Eos Energy Enterprises Trading Down 5.9%

The stock’s 50 day moving average is $6.44 and its 200 day moving average is $8.42. The stock has a market capitalization of $1.27 billion, a price-to-earnings ratio of -0.56 and a beta of 2.68.

Eos Energy Enterprises (NASDAQ:EOSE) last announced its earnings results on Wednesday, May 13th. The company reported $0.12 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.22) by $0.34. The business had revenue of $56.96 million for the quarter, compared to analyst estimates of $54.32 million. On average, sell-side analysts anticipate that Eos Energy Enterprises, Inc. will post -0.3 EPS for the current year.

Insider Transactions at Eos Energy Enterprises

In related news, insider Michael W. Silberman sold 14,998 shares of the business’s stock in a transaction dated Tuesday, June 30th. The shares were sold at an average price of $5.87, for a total value of $88,038.26. Following the completion of the transaction, the insider owned 298,277 shares of the company’s stock, valued at approximately $1,750,885.99. The trade was a 4.79% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 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, CFO Nathan Kroeker sold 79,309 shares of the company’s stock in a transaction dated Tuesday, July 7th. The shares were sold at an average price of $4.68, for a total transaction of $371,166.12. Following the completion of the transaction, the chief financial officer owned 777,110 shares in the company, valued at approximately $3,636,874.80. This trade represents a 9.26% decrease in their ownership of the stock. 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 have sold 157,569 shares of company stock worth $839,328 in the last quarter. Insiders own 1.73% of the company’s stock.

Institutional Investors Weigh In On Eos Energy Enterprises

A number of hedge funds and other institutional investors have recently modified their holdings of the company. PNC Financial Services Group Inc. lifted its stake 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 valued at $29,000 after buying an additional 2,460 shares during the period. Towarzystwo Funduszy Inwestycyjnych PZU SA boosted its position in Eos Energy Enterprises by 58.8% during the fourth quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA now owns 2,700 shares of the company’s stock worth $31,000 after acquiring an additional 1,000 shares during the last quarter. Danske Bank A S purchased a new stake in Eos Energy Enterprises in the 4th quarter worth approximately $33,000. TD Waterhouse Canada Inc. grew its stake in Eos Energy Enterprises by 178.7% in the 4th quarter. TD Waterhouse Canada Inc. now owns 3,119 shares of the company’s stock worth $36,000 after acquiring an additional 2,000 shares during the period. Finally, GAMMA Investing LLC raised its holdings in Eos Energy Enterprises by 46.4% in the 4th quarter. GAMMA Investing LLC now owns 3,270 shares of the company’s stock valued at $37,000 after acquiring an additional 1,036 shares during the last quarter. 54.87% of the stock is currently owned by hedge funds and other 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.