Eos Energy Enterprises (NASDAQ:EOSE) Shares Down 3.7% on Insider Selling

Eos Energy Enterprises, Inc. (NASDAQ:EOSE)’s share price was down 3.7% during trading on Friday after an insider sold shares in the company. The stock traded as low as $6.89 and last traded at $6.85. Approximately 1,850,643 shares traded 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 stock in a transaction on Friday, May 16th. The stock was sold at an average price of $6.86, for a total value of $248,146.78. Following the transaction, the chief accounting officer now directly owns 95,624 shares of the company’s stock, valued at approximately $655,980.64. This trade represents a 27.45% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, General Counsel Michael W. Silberman sold 100,943 shares of the business’s stock in a transaction dated Friday, May 16th. The shares were sold at an average price of $6.86, for a total value of $692,468.98. Following the sale, the general counsel now directly owns 161,404 shares of the company’s stock, valued at approximately $1,107,231.44. This trade 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 firm’s stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $6.86, for a total value of $1,048,592.16. Following the transaction, the insider now directly owns 403,815 shares in the company, valued at $2,770,170.90. This trade represents a 27.46% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink.

Analyst Ratings Changes

A number of analysts have recently issued reports on EOSE shares. Cowen reiterated a “hold” rating on shares of Eos Energy Enterprises in a report on Friday, March 7th. 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. Roth Mkm downgraded shares of Eos Energy Enterprises from a “buy” rating to a “neutral” rating and raised their target price for the company from $4.00 to $5.00 in a research note on Thursday, February 20th. Finally, Guggenheim restated a “buy” rating and set a $7.00 target price on shares of Eos Energy Enterprises in a report on Tuesday, March 18th. Four analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to MarketBeat.com, Eos Energy Enterprises currently has an average rating of “Hold” and an average price target of $6.00.

Eos Energy Enterprises Trading Down 1.8%

The stock has a market capitalization of $1.58 billion, a price-to-earnings ratio of -2.90 and a beta of 2.11. The firm has a 50-day moving average of $4.75 and a 200 day moving average of $4.42.

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

Hedge Funds Weigh In On Eos Energy Enterprises

A number of institutional investors have recently added to or reduced their stakes in EOSE. Arizona State Retirement System purchased a new stake in shares of Eos Energy Enterprises during the fourth quarter worth about $305,000. FourThought Financial Partners LLC acquired a new stake in Eos Energy Enterprises during the 4th quarter valued at approximately $1,335,000. Raymond James Financial Inc. purchased a new stake in Eos Energy Enterprises during the 4th quarter worth approximately $315,000. Swiss National Bank purchased a new stake in Eos Energy Enterprises during the 4th quarter worth approximately $2,071,000. Finally, Barings LLC raised its position in shares of Eos Energy Enterprises by 100.5% in the 4th quarter. Barings LLC now owns 2,403,448 shares of the company’s stock valued at $11,681,000 after purchasing an additional 1,204,430 shares in the last quarter. Institutional investors and hedge funds own 54.87% of the company’s stock.

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.