Eos Energy Enterprises (NASDAQ:EOSE) Stock Price Target Cut by Stifel Nicolaus

Eos Energy Enterprises (NASDAQ:EOSE) had its price objective decreased by equities research analysts at Stifel Nicolaus from $9.00 to $4.00 in a research note issued on Monday, Benzinga reports. The firm presently has a “buy” rating on the stock. Stifel Nicolaus‘s target price would suggest a potential upside of 129.89% from the stock’s previous close.

Several other research analysts have also commented on the company. B. Riley Financial cut their price target on Eos Energy Enterprises from $8.00 to $5.00 and set a “neutral” rating on the stock in a research report on Friday, August 14th. Roth Capital increased their price objective on Eos Energy Enterprises from $4.00 to $4.50 and gave the company a “neutral” rating in a report on Thursday, September 10th. Wall Street Zen lowered shares of Eos Energy Enterprises from a “sell” rating to a “strong sell” rating in a research report on Saturday, August 8th. Weiss Ratings restated a “sell (d-)” rating on shares of Eos Energy Enterprises in a research report on Thursday, October 15th. Finally, Needham & Company LLC cut their target price on shares of Eos Energy Enterprises from $10.00 to $6.00 and set a “buy” rating on the stock in a report on Monday, October 19th. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $7.06.

Eos Energy Enterprises Stock Performance

NASDAQ EOSE opened at $1.74 on Monday. Eos Energy Enterprises has a one year low of $1.59 and a one year high of $19.86. The firm has a market cap of $633.65 million, a price-to-earnings ratio of -0.83 and a beta of 3.17. The firm has a 50 day simple moving average of $2.86 and a 200-day simple moving average of $5.98.

Eos Energy Enterprises (NASDAQ:EOSE) last issued its quarterly earnings results on Thursday, November 5th. The company reported ($0.17) earnings per share for the quarter, topping the consensus estimate of ($0.24) by $0.07. Eos Energy Enterprises had a negative return on equity of 17.24% and a net margin of 89.23%. The company had revenue of $82.73 million for the quarter, compared to the consensus estimate of $81.60 million. Equities analysts predict that Eos Energy Enterprises will post -1.28 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CAO Sumeet Puri sold 43,750 shares of the company’s stock in a transaction on Wednesday, September 16th. The stock was sold at an average price of $3.92, for a total transaction of $171,500.00. Following the transaction, the chief accounting officer owned 280,195 shares of the company’s stock, valued at $1,098,364.40. This represents a 13.51% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at 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, CEO Joe Mastrangelo sold 250,000 shares of the stock in a transaction dated Wednesday, September 16th. The shares were sold at an average price of $3.92, for a total transaction of $980,000.00. Following the completion of the transaction, the chief executive officer owned 2,308,704 shares of the company’s stock, valued at $9,050,119.68. This represents a 9.77% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 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. Over the last ninety days, insiders sold 377,917 shares of company stock worth $1,392,610. Insiders own 1.73% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Renaissance Technologies LLC acquired a new stake in Eos Energy Enterprises during the first quarter worth approximately $9,152,000. First Trust Advisors LP raised its holdings in Eos Energy Enterprises by 3.7% in the 1st quarter. First Trust Advisors LP now owns 1,537,606 shares of the company’s stock valued at $7,627,000 after acquiring an additional 55,145 shares during the last quarter. Wellington Management Group LLP raised its holdings in Eos Energy Enterprises by 475.8% in the 2nd quarter. Wellington Management Group LLP now owns 1,155,515 shares of the company’s stock valued at $6,794,000 after acquiring an additional 954,828 shares during the last quarter. Bank of America Corp DE lifted its stake in shares of Eos Energy Enterprises by 89.1% during the 1st quarter. Bank of America Corp DE now owns 1,247,548 shares of the company’s stock worth $6,188,000 after purchasing an additional 587,752 shares during the period. Finally, Bank of New York Mellon Corp purchased a new stake in shares of Eos Energy Enterprises in the second quarter valued at $5,530,000. 54.87% of the stock is currently owned by hedge funds and other institutional investors.

About Eos Energy Enterprises

Eos Energy Enterprises, Inc develops and manufactures long-duration energy storage systems designed to help utilities, renewable energy developers, and commercial and industrial customers store electricity for use when demand is high or renewable generation is unavailable. The company’s technology is based on aqueous zinc battery chemistry, which it markets as a non-lithium alternative for stationary energy storage applications.

Eos’ product portfolio includes the Eos Z3 battery system and related generations of its zinc-based storage technology.