Eos Energy Enterprises (NASDAQ:EOSE) Shares Gap Down After Earnings Miss

Eos Energy Enterprises, Inc. (NASDAQ:EOSE) shares gapped down before the market opened on Wednesday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $4.35, but opened at $3.58. Eos Energy Enterprises shares last traded at $3.74, with a volume of 18,994,443 shares changing hands.

The company reported ($1.20) EPS for the quarter, missing analysts’ consensus estimates of ($0.19) by ($1.01). The business had revenue of $13.74 million for the quarter, compared to analysts’ expectations of $68.32 million. During the same period in the prior year, the company posted ($1.05) EPS.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the company. Wall Street Zen cut Eos Energy Enterprises from a “hold” rating to a “sell” rating in a report on Saturday, July 4th. Weiss Ratings restated a “sell (d-)” rating on shares of Eos Energy Enterprises in a research note on Friday, July 17th. TD Cowen raised their price objective on Eos Energy Enterprises from $7.00 to $8.00 and gave the company a “hold” rating in a research report on Thursday, May 14th. Zacks Research upgraded Eos Energy Enterprises from a “strong sell” rating to a “hold” rating in a research note on Tuesday, April 28th. Finally, Stifel Nicolaus decreased their target price on Eos Energy Enterprises from $12.00 to $10.00 and set a “buy” rating on the stock in a report on Monday, July 13th. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, seven have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $9.17.

Insiders Place Their Bets

In related news, CEO Joe Mastrangelo sold 159,154 shares of the company’s stock in a transaction dated Monday, July 27th. The shares were sold at an average price of $3.61, for a total value of $574,545.94. Following the transaction, the chief executive officer owned 1,947,586 shares in the company, valued at approximately $7,030,785.46. This represents a 7.55% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Michelle Buczkowski sold 11,469 shares of the stock in a transaction dated Tuesday, June 30th. The shares were sold at an average price of $5.87, for a total transaction of $67,323.03. Following the completion of the transaction, the insider directly owned 59,242 shares in the company, valued at approximately $347,750.54. This represents a 16.22% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 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 456,307 shares of company stock worth $1,882,877 in the last 90 days. Corporate insiders own 1.73% of the company’s stock.

Institutional Trading of Eos Energy Enterprises

Several hedge funds have recently added to or reduced their stakes in the company. Inspire Investing LLC boosted its stake in Eos Energy Enterprises by 2.2% in the 4th quarter. Inspire Investing LLC now owns 41,442 shares of the company’s stock valued at $475,000 after purchasing an additional 882 shares during the period. Towarzystwo Funduszy Inwestycyjnych PZU SA increased its position 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 period. Diversify Advisory Services LLC lifted its holdings in shares of Eos Energy Enterprises by 6.5% during the third quarter. Diversify Advisory Services LLC now owns 17,124 shares of the company’s stock worth $195,000 after buying an additional 1,049 shares in the last quarter. Caitong International Asset Management Co. Ltd lifted its holdings in shares of Eos Energy Enterprises by 33.1% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 5,732 shares of the company’s stock worth $66,000 after buying an additional 1,425 shares in the last quarter. Finally, Numerai GP LLC boosted its position in shares of Eos Energy Enterprises by 5.2% in the fourth quarter. Numerai GP LLC now owns 29,265 shares of the company’s stock valued at $335,000 after acquiring an additional 1,441 shares during the period. 54.87% of the stock is owned by institutional investors and hedge funds.

Eos Energy Enterprises Price Performance

The stock’s 50-day moving average price is $5.68 and its 200-day moving average price is $7.70. The company has a market cap of $1.25 billion, a P/E ratio of -0.55 and a beta of 2.75.

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.