Eos Energy Enterprises (NASDAQ:EOSE) Shares Down 5.6% – Should You Sell?

Eos Energy Enterprises, Inc. (NASDAQ:EOSE)’s share price dropped 5.6% on Friday. The company traded as low as $2.61 and last traded at $2.6150. Approximately 6,691,604 shares changed hands during trading, a decline of 74% from the average session volume of 25,720,012 shares. The stock had previously closed at $2.77.

Analysts Set New Price Targets

EOSE has been the topic of a number of recent analyst reports. Weiss Ratings reiterated a “sell (d-)” rating on shares of Eos Energy Enterprises in a research report on Friday, July 17th. Needham & Company LLC reduced their price objective on shares of Eos Energy Enterprises from $11.00 to $10.00 and set a “buy” rating on the stock in a research report on Tuesday, September 15th. TD Cowen raised shares of Eos Energy Enterprises to a “hold” rating in a research report on Monday. Roth Capital boosted their price target on shares of 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 lowered their price objective on shares of Eos Energy Enterprises from $8.00 to $5.00 and set a “neutral” rating for the company in a report on Friday, August 14th. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, six have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $8.19.

Eos Energy Enterprises Trading Down 7.8%

The firm has a market capitalization of $930.45 million, a P/E ratio of -0.37 and a beta of 2.88. The business’s 50 day simple moving average is $3.66 and its two-hundred day simple moving average is $5.28.

Eos Energy Enterprises (NASDAQ:EOSE) last issued its earnings results on Wednesday, August 5th. The company reported ($1.20) 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 analyst estimates of $68.32 million. During the same quarter last year, the company posted ($1.05) EPS. Analysts predict that Eos Energy Enterprises, Inc. will post -1.28 EPS for the current fiscal year.

Insiders Place Their Bets

In other Eos Energy Enterprises news, CEO Joe Mastrangelo sold 250,000 shares of the business’s stock in a transaction dated Wednesday, September 16th. The stock was sold at an average price of $3.92, for a total value of $980,000.00. Following the completion of the transaction, the chief executive officer owned 2,308,704 shares of the company’s stock, valued at approximately $9,050,119.68. The trade was a 9.77% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed 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, Director Haiyan Song bought 10,000 shares of the stock in a transaction on Friday, September 11th. The shares were bought at an average price of $3.95 per share, for a total transaction of $39,500.00. Following the purchase, the director directly owned 10,000 shares in the company, valued at approximately $39,500. This trade represents a ∞ increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have sold a total of 626,655 shares of company stock valued at $2,336,158 over the last quarter. Corporate insiders own 1.73% of the company’s stock.

Hedge Funds Weigh In On Eos Energy Enterprises

A number of institutional investors and hedge funds have recently modified their holdings of EOSE. Wellington Management Group LLP lifted its stake in shares of Eos Energy Enterprises by 475.8% in the 2nd quarter. Wellington Management Group LLP now owns 1,155,515 shares of the company’s stock worth $6,794,000 after purchasing an additional 954,828 shares during the period. Bank of America Corp DE grew 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 bought a new stake in Eos Energy Enterprises during the first quarter valued at approximately $9,152,000. Bank of New York Mellon Corp purchased a new stake in Eos Energy Enterprises during the second quarter valued at approximately $5,530,000. Finally, Quantinno Capital Management LP increased its holdings in Eos Energy Enterprises by 8,418.9% during the first quarter. Quantinno Capital Management LP now owns 1,078,070 shares of the company’s stock valued at $5,347,000 after buying an additional 1,065,415 shares during the last quarter. 54.87% of the stock is currently owned by hedge funds and other institutional investors.

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.