Eos Energy Enterprises (NASDAQ:EOSE) Shares Gap Down – Here’s Why

Shares of Eos Energy Enterprises, Inc. (NASDAQ:EOSE) gapped down before the market opened on Wednesday . The stock had previously closed at $16.82, but opened at $15.97. Eos Energy Enterprises shares last traded at $16.2210, with a volume of 9,675,202 shares.

Analysts Set New Price Targets

A number of research firms have issued reports on EOSE. Roth Capital set a $12.00 price target on Eos Energy Enterprises and gave the company a “neutral” rating in a research report on Wednesday, October 22nd. Zacks Research upgraded Eos Energy Enterprises from a “strong sell” rating to a “hold” rating in a report on Monday. Wall Street Zen downgraded shares of Eos Energy Enterprises from a “hold” rating to a “sell” rating in a research report on Saturday, November 8th. Weiss Ratings reissued a “sell (d-)” rating on shares of Eos Energy Enterprises in a research note on Wednesday, October 8th. Finally, JPMorgan Chase & Co. started coverage on Eos Energy Enterprises in a research report on Wednesday, December 17th. They set a “neutral” rating and a $16.00 price target on the stock. Two analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, Eos Energy Enterprises has a consensus rating of “Hold” and a consensus target price of $12.44.

Eos Energy Enterprises Stock Performance

The company’s fifty day simple moving average is $14.04 and its two-hundred day simple moving average is $10.77. The company has a market capitalization of $4.97 billion, a price-to-earnings ratio of -2.06 and a beta of 2.11.

Eos Energy Enterprises (NASDAQ:EOSE) last issued its quarterly earnings results on Wednesday, November 5th. The company reported ($2.77) EPS for the quarter, missing the consensus estimate of ($0.31) by ($2.46). The firm had revenue of $30.51 million for the quarter, compared to analyst estimates of $39.55 million. Sell-side analysts anticipate that Eos Energy Enterprises, Inc. will post -2.54 EPS for the current year.

Insider Activity at Eos Energy Enterprises

In related news, Director Marian Walters sold 50,000 shares of the firm’s stock in a transaction on Thursday, December 4th. The stock was sold at an average price of $15.81, for a total transaction of $790,500.00. Following the transaction, the director directly owned 135,334 shares in the company, valued at $2,139,630.54. This trade represents a 26.98% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Russell Monoki Stidolph sold 500,000 shares of Eos Energy Enterprises stock in a transaction on Friday, December 5th. The stock was sold at an average price of $14.99, for a total transaction of $7,495,000.00. Following the completion of the transaction, the director directly owned 2,153,272 shares of the company’s stock, valued at approximately $32,277,547.28. This represents a 18.84% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 816,134 shares of company stock valued at $12,262,335. Insiders own 3.30% of the company’s stock.

Institutional Trading of Eos Energy Enterprises

A number of large investors have recently modified their holdings of the company. Rubric Capital Management LP bought a new stake in Eos Energy Enterprises during the 3rd quarter valued at $117,317,000. Geode Capital Management LLC raised its stake in shares of Eos Energy Enterprises by 101.4% during the second quarter. Geode Capital Management LLC now owns 5,407,930 shares of the company’s stock valued at $27,692,000 after purchasing an additional 2,722,495 shares in the last quarter. Engineers Gate Manager LP acquired a new stake in Eos Energy Enterprises in the second quarter worth about $11,840,000. Vanguard Group Inc. grew its position in Eos Energy Enterprises by 16.7% in the 3rd quarter. Vanguard Group Inc. now owns 15,536,862 shares of the company’s stock valued at $176,965,000 after buying an additional 2,218,075 shares in the last quarter. Finally, Electron Capital Partners LLC increased its stake in Eos Energy Enterprises by 39.9% during the 2nd quarter. Electron Capital Partners LLC now owns 6,979,422 shares of the company’s stock valued at $35,735,000 after buying an additional 1,989,144 shares during the period. Institutional investors and hedge funds own 54.87% of the company’s stock.

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.