Eos Energy Enterprises (NASDAQ:EOSE) Trading Down 7.6% on Insider Selling

Eos Energy Enterprises, Inc. (NASDAQ:EOSE)’s share price was down 7.6% during trading on Tuesday after an insider sold shares in the company. The company traded as low as $6.77 and last traded at $6.8630. Approximately 6,934,799 shares changed hands during mid-day trading, a decline of 73% from the average daily volume of 25,455,477 shares. The stock had previously closed at $7.43.

Specifically, Director Marian Walters sold 7,681 shares of the company’s stock in a transaction that occurred on Tuesday, May 19th. The shares were sold at an average price of $7.07, for a total value of $54,304.67. Following the transaction, the director owned 135,334 shares in the company, valued at approximately $956,811.38. This represents a 5.37% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.

Analyst Ratings Changes

A number of brokerages have issued reports on EOSE. Wall Street Zen raised shares of Eos Energy Enterprises from a “strong sell” rating to a “hold” rating in a research note on Saturday, May 16th. Roth Mkm cut their price objective on Eos Energy Enterprises from $12.00 to $6.00 and set a “neutral” rating for the company in a report on Friday, February 27th. JPMorgan Chase & Co. reduced their price objective on Eos Energy Enterprises from $9.00 to $6.00 and set a “neutral” rating for the company in a research report on Thursday, April 16th. TD Cowen boosted their target price on Eos Energy Enterprises from $7.00 to $8.00 and gave the company a “hold” rating in a research note on Thursday, May 14th. Finally, Zacks Research raised Eos Energy Enterprises from a “strong sell” rating to a “hold” rating in a research report on Tuesday, April 28th. One equities research analyst has rated the stock with a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $10.93.

Eos Energy Enterprises Stock Performance

The firm has a market cap of $2.77 billion, a price-to-earnings ratio of -1.22 and a beta of 2.56. The firm’s 50 day moving average is $6.27 and its 200-day moving average is $10.86.

Eos Energy Enterprises (NASDAQ:EOSE) last announced its quarterly earnings results on Wednesday, May 13th. The company reported $0.12 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.22) by $0.34. The company had revenue of $56.96 million during the quarter, compared to analyst estimates of $54.32 million. As a group, research analysts predict that Eos Energy Enterprises, Inc. will post -0.8 EPS for the current year.

Institutional Investors Weigh In On Eos Energy Enterprises

A number of large investors have recently added to or reduced their stakes in the stock. L.K. Benson & Company P.C. bought a new position in Eos Energy Enterprises in the 3rd quarter worth approximately $887,000. State of New Jersey Common Pension Fund D bought a new stake in shares of Eos Energy Enterprises in the fourth quarter valued at approximately $1,834,000. Vanguard Group Inc. grew its stake in shares of Eos Energy Enterprises by 19.8% in the fourth quarter. Vanguard Group Inc. now owns 18,616,874 shares of the company’s stock worth $213,349,000 after acquiring an additional 3,080,012 shares during the last quarter. DNB Asset Management AS increased its position in Eos Energy Enterprises by 22.4% during the third quarter. DNB Asset Management AS now owns 1,034,086 shares of the company’s stock worth $11,778,000 after acquiring an additional 189,039 shares during the period. Finally, Park Avenue Securities LLC bought a new position in Eos Energy Enterprises during the fourth quarter worth $4,307,000. Institutional investors own 54.87% of the company’s stock.

Eos Energy Enterprises Company Profile

Eos Energy Enterprises specializes in the development and deployment of scalable, long-duration energy storage systems designed to support the integration of renewable power and enhance grid reliability. The company’s core technology centers on its proprietary zinc hybrid cathode (Znyth™) battery platform, which aims to deliver safe, low-cost, and durable performance for utility, commercial and industrial, and microgrid applications.

The company’s flagship product, the Aurora™ energy storage system, combines its Znyth™ cells with modular power conversion and controls to offer flexible capacity ranging from one to three hours of discharge duration.