Eos Energy Enterprises (NASDAQ:EOSE) CEO Sells 159,154 Shares

Eos Energy Enterprises, Inc. (NASDAQ:EOSE) CEO Joe Mastrangelo sold 159,154 shares of the company’s stock in a transaction that occurred on Monday, July 27th. The stock was sold at an average price of $3.61, for a total value of $574,545.94. Following the transaction, the chief executive officer directly owned 1,947,586 shares in the company, valued at $7,030,785.46. The trade was a 7.55% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.

Eos Energy Enterprises Trading Down 6.6%

Shares of EOSE traded down $0.24 during trading hours on Tuesday, reaching $3.37. The stock had a trading volume of 31,191,773 shares, compared to its average volume of 25,376,746. The firm has a 50-day simple moving average of $6.19 and a 200 day simple moving average of $8.21. Eos Energy Enterprises, Inc. has a 12 month low of $3.21 and a 12 month high of $19.86. The company has a market capitalization of $1.14 billion, a price-to-earnings ratio of -0.50 and a beta of 2.68.

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 analysts’ consensus estimates of ($0.22) by $0.34. The business had revenue of $56.96 million for the quarter, compared to the consensus estimate of $54.32 million. On average, equities analysts forecast that Eos Energy Enterprises, Inc. will post -0.32 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on EOSE shares. Truist Financial initiated coverage on shares of Eos Energy Enterprises in a report on Monday, July 13th. They issued a “buy” rating and a $7.00 target price on the stock. Zacks Research upgraded Eos Energy Enterprises from a “strong sell” rating to a “hold” rating in a research note on Tuesday, April 28th. Needham & Company LLC started coverage on Eos Energy Enterprises in a research note on Friday, May 22nd. They issued a “buy” rating and a $11.00 price objective for the company. JPMorgan Chase & Co. dropped their target price on Eos Energy Enterprises from $9.00 to $6.00 and set a “neutral” rating on the stock in a report on Thursday, April 16th. Finally, Wall Street Zen cut Eos Energy Enterprises from a “hold” rating to a “sell” rating in a research report on Saturday, July 4th. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $9.17.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Rubric Capital Management LP purchased a new stake in Eos Energy Enterprises in the 3rd quarter valued at about $117,317,000. Vanguard Group Inc. grew its holdings in shares of Eos Energy Enterprises by 19.8% in the fourth quarter. Vanguard Group Inc. now owns 18,616,874 shares of the company’s stock valued at $213,349,000 after acquiring an additional 3,080,012 shares in the last quarter. Engineers Gate Manager LP bought a new position in shares of Eos Energy Enterprises in the second quarter valued at approximately $11,840,000. Vaughan Nelson Investment Management L.P. purchased a new stake in shares of Eos Energy Enterprises during the fourth quarter valued at approximately $22,330,000. Finally, Renaissance Technologies LLC purchased a new stake in shares of Eos Energy Enterprises during the first quarter valued at approximately $9,152,000. 54.87% of the stock is currently owned by hedge funds and other institutional investors.

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.