Eos Energy Enterprises (NASDAQ:EOSE) Shares Down 6.4% – Time to Sell?

Eos Energy Enterprises, Inc. (NASDAQ:EOSE) fell 6.4% on Wednesday . The stock traded as low as $3.34 and last traded at $3.3150. Approximately 5,450,464 shares traded hands during trading, a decline of 79% from the average daily volume of 25,513,244 shares. The stock had previously closed at $3.54.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the stock. Zacks Research upgraded shares of Eos Energy Enterprises from a “strong sell” rating to a “hold” rating in a research report on Tuesday, April 28th. Needham & Company LLC began coverage on Eos Energy Enterprises in a report on Friday, May 22nd. They issued a “buy” rating and a $11.00 price objective for the company. B. Riley Financial dropped 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. TD Cowen cut their price objective on shares of Eos Energy Enterprises from $8.00 to $4.00 and set a “hold” rating for the company in a research report on Thursday, August 6th. Finally, Wall Street Zen cut Eos Energy Enterprises from a “sell” rating to a “strong sell” rating in a research report on Saturday, August 8th. 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 company. Based on data from MarketBeat, Eos Energy Enterprises presently has a consensus rating of “Hold” and a consensus target price of $8.06.

Eos Energy Enterprises Stock Performance

The stock’s fifty day simple moving average is $4.60 and its 200-day simple moving average is $6.41. The company has a market capitalization of $1.23 billion, a PE ratio of -0.49 and a beta of 2.75.

Eos Energy Enterprises (NASDAQ:EOSE) last released its earnings results on Wednesday, August 5th. The company reported ($1.20) EPS for the quarter, missing the consensus estimate of ($0.19) by ($1.01). The business had revenue of $68.78 million for the quarter, compared to analysts’ expectations of $68.32 million. During the same period in the prior year, the firm earned ($1.05) earnings per share. On average, equities analysts anticipate that Eos Energy Enterprises, Inc. will post -0.91 EPS for the current year.

Insider Activity

In other Eos Energy Enterprises news, CEO Joe Mastrangelo sold 159,154 shares of the stock in a transaction that occurred on Monday, July 27th. The shares were sold at an average price of $3.61, for a total transaction of $574,545.94. Following the transaction, the chief executive officer owned 1,947,586 shares of the company’s stock, valued at $7,030,785.46. This trade represents a 7.55% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Michelle Buczkowski sold 11,469 shares of Eos Energy Enterprises stock in a transaction on Tuesday, June 30th. The shares were sold at an average price of $5.87, for a total value of $67,323.03. Following the completion of the transaction, the insider owned 59,242 shares in the company, valued at $347,750.54. The trade was a 16.22% 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. Insiders have sold a total of 448,626 shares of company stock valued at $1,828,572 in the last ninety days. 1.73% of the stock is owned by company insiders.

Hedge Funds Weigh In On Eos Energy Enterprises

Several hedge funds and other institutional investors have recently bought and sold shares of EOSE. Millennium Management LLC grew its holdings in Eos Energy Enterprises by 55.1% during the 1st quarter. Millennium Management LLC now owns 2,522,273 shares of the company’s stock valued at $9,534,000 after purchasing an additional 896,471 shares in the last quarter. Goldman Sachs Group Inc. grew its position in shares of Eos Energy Enterprises by 36.8% during the 1st quarter. Goldman Sachs Group Inc. now owns 3,900,513 shares of the company’s stock valued at $14,744,000 after buying an additional 1,050,128 shares during the last quarter. Envestnet Asset Management Inc. acquired a new stake in shares of Eos Energy Enterprises during the 2nd quarter worth approximately $76,000. JPMorgan Chase & Co. acquired a new stake in Eos Energy Enterprises in the second quarter worth $5,958,000. Finally, Prudential Financial Inc. bought a new stake in Eos Energy Enterprises in the 2nd quarter valued at about $144,000. 54.87% of the stock is owned by institutional investors and hedge funds.

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.