Eos Energy Enterprises (NASDAQ:EOSE) Stock Price Down 7.5% – Here’s Why

Eos Energy Enterprises, Inc. (NASDAQ:EOSE) dropped 7.5% on Friday . The company traded as low as $15.39 and last traded at $15.2150. Approximately 3,068,981 shares changed hands during trading, a decline of 78% from the average daily volume of 14,261,016 shares. The stock had previously closed at $16.44.

Analysts Set New Price Targets

Several equities analysts have commented on the stock. Jefferies Financial Group began coverage on shares of Eos Energy Enterprises in a research note on Friday, September 5th. They set a “hold” rating and a $6.50 target price on the stock. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Eos Energy Enterprises in a research note on Wednesday, October 8th. Wall Street Zen cut Eos Energy Enterprises from a “hold” rating to a “sell” rating in a research note on Saturday, November 8th. B. Riley raised their price objective on shares of Eos Energy Enterprises from $8.00 to $12.00 and gave the company a “neutral” rating in a research report on Tuesday, November 11th. Finally, Roth Capital set a $12.00 price objective on shares of Eos Energy Enterprises and gave the company a “neutral” rating in a research note on Wednesday, October 22nd. Two analysts have rated the stock with a Buy rating, six have issued a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $11.93.

Eos Energy Enterprises Trading Down 4.0%

The firm’s fifty day moving average price is $14.94 and its 200-day moving average price is $9.29. The company has a market cap of $4.55 billion, a P/E ratio of -1.89 and a beta of 2.15.

Eos Energy Enterprises (NASDAQ:EOSE) last released its quarterly earnings data on Wednesday, November 5th. The company reported ($2.77) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.31) by ($2.46). The firm had revenue of $30.51 million during the quarter, compared to analyst estimates of $39.55 million. As a group, research analysts forecast that Eos Energy Enterprises, Inc. will post -2.54 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Eos Energy Enterprises news, Director Russell Monoki Stidolph sold 29,999 shares of Eos Energy Enterprises stock in a transaction on Monday, December 8th. The stock was sold at an average price of $15.36, for a total value of $460,784.64. Following the completion of the transaction, the director owned 2,123,273 shares in the company, valued at approximately $32,613,473.28. The trade was a 1.39% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Marian Walters sold 50,000 shares of the company’s stock in a transaction on Thursday, December 4th. The shares were sold at an average price of $15.81, for a total value 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 position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 816,134 shares of company stock worth $12,262,335. 3.30% of the stock is owned by corporate insiders.

Institutional Trading of Eos Energy Enterprises

Institutional investors and hedge funds have recently modified their holdings of the stock. Swiss Life Asset Management Ltd bought a new position in shares of Eos Energy Enterprises during the 3rd quarter worth approximately $128,000. Advisory Services Network LLC bought a new stake in Eos Energy Enterprises during the 3rd quarter worth about $106,000. Caxton Associates LLP acquired a new position in shares of Eos Energy Enterprises during the 3rd quarter worth about $3,521,000. Williams Jones Wealth Management LLC. increased its position in shares of Eos Energy Enterprises by 7.8% in the third quarter. Williams Jones Wealth Management LLC. now owns 82,500 shares of the company’s stock valued at $940,000 after acquiring an additional 6,000 shares during the last quarter. Finally, XTX Topco Ltd increased its position in shares of Eos Energy Enterprises by 302.6% during the 3rd quarter. XTX Topco Ltd now owns 49,444 shares of the company’s stock worth $563,000 after purchasing an additional 37,164 shares during the last quarter. 54.87% of the stock is owned by institutional investors.

Eos Energy Enterprises Company Profile

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.