Eos Energy Enterprises (NASDAQ:EOSE) Trading Down 5.4% – Here’s Why

Eos Energy Enterprises, Inc. (NASDAQ:EOSE)’s stock price fell 5.4% on Wednesday . The company traded as low as $2.92 and last traded at $2.98. 4,636,863 shares traded hands during trading, a decline of 31% from the average session volume of 6,741,039 shares. The stock had previously closed at $3.15.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the stock. Roth Mkm restated a “buy” rating and issued a $4.50 price target on shares of Eos Energy Enterprises in a research report on Friday, June 28th. Stifel Nicolaus restated a “buy” rating and issued a $6.00 target price on shares of Eos Energy Enterprises in a research note on Wednesday, August 21st. Finally, B. Riley raised Eos Energy Enterprises to a “hold” rating in a report on Tuesday, June 25th. Two equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $3.67.

Eos Energy Enterprises Trading Down 5.7 %

The firm’s 50-day simple moving average is $2.35 and its 200 day simple moving average is $1.53. The stock has a market cap of $618.14 million, a P/E ratio of -1.90 and a beta of 2.40.

Eos Energy Enterprises (NASDAQ:EOSE) last released its quarterly earnings results on Tuesday, August 6th. The company reported ($0.30) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.19) by ($0.11). The firm had revenue of $0.90 million during the quarter, compared to the consensus estimate of $4.38 million. On average, analysts anticipate that Eos Energy Enterprises, Inc. will post -0.78 EPS for the current year.

Insider Buying and Selling at Eos Energy Enterprises

In related news, Director Jeffrey S. Bornstein sold 30,000 shares of the business’s stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $2.62, for a total transaction of $78,600.00. Following the sale, the director now owns 84,929 shares of the company’s stock, valued at $222,513.98. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, Director Jeffrey S. Bornstein sold 30,000 shares of the company’s stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $2.62, for a total value of $78,600.00. Following the completion of the sale, the director now owns 84,929 shares in the company, valued at $222,513.98. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO Joe Mastrangelo bought 52,800 shares of the stock in a transaction that occurred on Friday, August 9th. The shares were purchased at an average cost of $1.43 per share, for a total transaction of $75,504.00. Following the completion of the acquisition, the chief executive officer now owns 909,793 shares of the company’s stock, valued at $1,301,003.99. This trade represents a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 4.06% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Eos Energy Enterprises

Large investors have recently modified their holdings of the stock. Electron Capital Partners LLC lifted its position in shares of Eos Energy Enterprises by 226.6% in the 4th quarter. Electron Capital Partners LLC now owns 6,958,125 shares of the company’s stock valued at $7,584,000 after acquiring an additional 4,827,586 shares in the last quarter. Millennium Management LLC lifted its holdings in shares of Eos Energy Enterprises by 5,744.5% in the second quarter. Millennium Management LLC now owns 3,164,017 shares of the company’s stock valued at $4,018,000 after purchasing an additional 3,109,880 shares in the last quarter. NewEdge Advisors LLC grew its holdings in shares of Eos Energy Enterprises by 30.2% during the second quarter. NewEdge Advisors LLC now owns 2,588,823 shares of the company’s stock valued at $3,288,000 after buying an additional 600,143 shares in the last quarter. Vanguard Group Inc. raised its position in Eos Energy Enterprises by 6.6% during the first quarter. Vanguard Group Inc. now owns 9,375,916 shares of the company’s stock valued at $9,657,000 after buying an additional 580,022 shares during the period. Finally, B. Riley Wealth Advisors Inc. lifted its stake in Eos Energy Enterprises by 940.6% in the 1st quarter. B. Riley Wealth Advisors Inc. now owns 275,765 shares of the company’s stock worth $284,000 after acquiring an additional 249,265 shares in 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.