Eos Energy Enterprises (NASDAQ:EOSE) Stock Price Down 3.7% After Insider Selling

Eos Energy Enterprises, Inc. (NASDAQ:EOSE)’s stock price dropped 3.7% on Friday following insider selling activity. The stock traded as low as $6.89 and last traded at $6.85. Approximately 1,850,643 shares changed hands during mid-day trading, a decline of 76% from the average daily volume of 7,645,715 shares. The stock had previously closed at $7.11.

Specifically, CAO Sumeet Puri sold 36,173 shares of the company’s stock in a transaction on Friday, May 16th. The shares were sold at an average price of $6.86, for a total value of $248,146.78. Following the completion of the transaction, the chief accounting officer now owns 95,624 shares in the company, valued at $655,980.64. This represents a 27.45% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, General Counsel Michael W. Silberman sold 100,943 shares of the company’s stock in a transaction on Friday, May 16th. The shares were sold at an average price of $6.86, for a total transaction of $692,468.98. Following the completion of the transaction, the general counsel now owns 161,404 shares of the company’s stock, valued at $1,107,231.44. This represents a 38.48% decrease in their position. The disclosure for this sale can be found here. In other news, insider Nathan Kroeker sold 152,856 shares of the stock in a transaction dated Friday, May 16th. The shares were sold at an average price of $6.86, for a total transaction of $1,048,592.16. Following the completion of the sale, the insider now owns 403,815 shares in the company, valued at approximately $2,770,170.90. This represents a 27.46% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.

Analyst Ratings Changes

Several brokerages have recently weighed in on EOSE. Guggenheim reiterated a “buy” rating and set a $7.00 target price on shares of Eos Energy Enterprises in a research note on Tuesday, March 18th. Roth Capital downgraded shares of Eos Energy Enterprises from a “strong-buy” rating to a “hold” rating in a research note on Thursday, February 20th. Cowen reiterated a “hold” rating on shares of Eos Energy Enterprises in a research note on Friday, March 7th. Finally, Roth Mkm downgraded shares of Eos Energy Enterprises from a “buy” rating to a “neutral” rating and increased their target price for the stock from $4.00 to $5.00 in a research note on Thursday, February 20th. Four analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $6.00.

Eos Energy Enterprises Stock Down 1.8%

The stock has a market capitalization of $1.58 billion, a PE ratio of -2.90 and a beta of 2.11. The firm’s fifty day moving average is $4.75 and its 200-day moving average is $4.42.

Eos Energy Enterprises (NASDAQ:EOSE) last posted its quarterly earnings results on Tuesday, May 6th. The company reported ($0.20) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.19) by ($0.01). The company had revenue of $10.46 million for the quarter, compared to analysts’ expectations of $11.77 million. On average, analysts expect that Eos Energy Enterprises, Inc. will post -2.54 EPS for the current year.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the company. WESPAC Advisors LLC increased its holdings in Eos Energy Enterprises by 16.6% in the fourth quarter. WESPAC Advisors LLC now owns 12,647 shares of the company’s stock valued at $61,000 after buying an additional 1,798 shares in the last quarter. Wells Fargo & Company MN increased its holdings in Eos Energy Enterprises by 3.6% in the fourth quarter. Wells Fargo & Company MN now owns 62,075 shares of the company’s stock valued at $302,000 after buying an additional 2,175 shares in the last quarter. Montag A & Associates Inc. increased its holdings in Eos Energy Enterprises by 21.0% in the fourth quarter. Montag A & Associates Inc. now owns 13,809 shares of the company’s stock valued at $67,000 after buying an additional 2,400 shares in the last quarter. Carmel Capital Partners LLC increased its holdings in Eos Energy Enterprises by 24.5% in the first quarter. Carmel Capital Partners LLC now owns 12,450 shares of the company’s stock valued at $47,000 after buying an additional 2,450 shares in the last quarter. Finally, Meridian Wealth Management LLC increased its holdings in Eos Energy Enterprises by 2.6% in the first quarter. Meridian Wealth Management LLC now owns 102,400 shares of the company’s stock valued at $387,000 after buying an additional 2,600 shares in the last quarter. 54.87% of the stock is owned by hedge funds and other institutional investors.

About Eos Energy Enterprises

Eos Energy Enterprises, Inc designs, manufactures, and markets zinc-based energy storage solutions for utility-scale, microgrid, and commercial and industrial (C&I) applications in the United States. The company offers Znyth technology battery energy storage system (BESS), which provides the operating flexibility to manage increased grid complexity and price volatility.