Needham & Company LLC Issues Pessimistic Forecast for Eos Energy Enterprises (NASDAQ:EOSE) Stock Price

Eos Energy Enterprises (NASDAQ:EOSE) had its price objective cut by Needham & Company LLC from $10.00 to $6.00 in a research note issued to investors on Monday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. Needham & Company LLC’s price objective would suggest a potential upside of 231.49% from the stock’s previous close.

A number of other equities analysts have also recently issued reports on EOSE. Wall Street Zen cut Eos Energy Enterprises from a “sell” rating to a “strong sell” rating in a report on Saturday, August 8th. Stifel Nicolaus cut their target price on Eos Energy Enterprises from $10.00 to $9.00 and set a “buy” rating on the stock in a research report on Thursday, August 6th. TD Cowen raised Eos Energy Enterprises to a “hold” rating in a report on Monday, October 5th. Roth Capital increased their price target on Eos Energy Enterprises from $4.00 to $4.50 and gave the company a “neutral” rating in a research report on Thursday, September 10th. Finally, B. Riley Financial decreased their price target on Eos Energy Enterprises from $8.00 to $5.00 and set a “neutral” rating for the company in a research report on Friday, August 14th. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, six have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $7.69.

Eos Energy Enterprises Stock Performance

Eos Energy Enterprises stock opened at $1.81 on Monday. The firm has a market cap of $659.15 million, a price-to-earnings ratio of -0.27 and a beta of 2.88. Eos Energy Enterprises has a 1 year low of $1.72 and a 1 year high of $19.86. The firm’s 50 day moving average price is $3.41 and its two-hundred day moving average price is $5.15.

Eos Energy Enterprises (NASDAQ:EOSE) last posted its quarterly earnings results on Wednesday, August 5th. The company reported ($1.20) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.19) by ($1.01). The business had revenue of $68.78 million during the quarter, compared to the consensus estimate of $68.32 million. During the same quarter in the prior year, the company earned ($1.05) earnings per share. As a group, equities analysts predict that Eos Energy Enterprises will post -1.28 EPS for the current fiscal year.

Insider Activity

In other Eos Energy Enterprises news, insider Nathan Kroeker sold 110,417 shares of Eos Energy Enterprises stock in a transaction that occurred on Tuesday, July 28th. The shares were sold at an average price of $3.36, for a total transaction of $371,001.12. Following the transaction, the insider directly owned 887,527 shares in the company, valued at approximately $2,982,090.72. The trade was a 11.06% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 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, CAO Sumeet Puri sold 43,750 shares of Eos Energy Enterprises stock in a transaction that occurred 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 in the company, valued at approximately $1,098,364.40. The trade was a 13.51% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 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 626,655 shares of company stock worth $2,336,158 in the last quarter. Insiders own 1.73% of the company’s stock.

Institutional Trading of Eos Energy Enterprises

A number of hedge funds have recently modified their holdings of the business. Wellington Management Group LLP grew its holdings in shares of Eos Energy Enterprises by 475.8% during the second quarter. Wellington Management Group LLP now owns 1,155,515 shares of the company’s stock valued at $6,794,000 after buying an additional 954,828 shares in the last quarter. Bank of America Corp DE raised its position in Eos Energy Enterprises by 89.1% during the first quarter. Bank of America Corp DE now owns 1,247,548 shares of the company’s stock valued at $6,188,000 after buying an additional 587,752 shares during the period. Renaissance Technologies LLC purchased a new stake in Eos Energy Enterprises in the 1st quarter worth about $9,152,000. Bank of New York Mellon Corp purchased a new stake in Eos Energy Enterprises in the 2nd quarter worth about $5,530,000. Finally, Quantinno Capital Management LP boosted its position in Eos Energy Enterprises by 8,418.9% during the 1st quarter. Quantinno Capital Management LP now owns 1,078,070 shares of the company’s stock worth $5,347,000 after acquiring an additional 1,065,415 shares during the period. Hedge funds and other institutional investors own 54.87% of the company’s stock.

Eos Energy Enterprises Company Profile

Eos Energy Enterprises, Inc develops and manufactures long-duration energy storage systems designed to support the electric grid and renewable energy projects. Its technology is based on aqueous zinc battery chemistry, which is intended to provide a safer, nonflammable alternative to conventional lithium-ion systems for stationary energy storage.

The company’s primary product is the Eos Z3 energy storage system, a modular, utility-scale battery platform designed for applications such as renewable energy integration, grid resilience, peak-load management, and microgrids.