Insider Selling: Eos Energy Enterprises (NASDAQ:EOSE) Insider Sells $88,038.26 in Stock

Eos Energy Enterprises, Inc. (NASDAQ:EOSE) insider Michael Silberman sold 14,998 shares of the firm’s stock in a transaction on Tuesday, June 30th. The shares were sold at an average price of $5.87, for a total transaction of $88,038.26. Following the transaction, the insider directly owned 298,277 shares of the company’s stock, valued at $1,750,885.99. The trade was a 4.79% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. 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.

Eos Energy Enterprises Stock Performance

Shares of NASDAQ EOSE opened at $5.23 on Friday. The company has a market cap of $1.78 billion, a P/E ratio of -0.78 and a beta of 2.69. Eos Energy Enterprises, Inc. has a 52-week low of $4.37 and a 52-week high of $19.86. The firm’s fifty day moving average is $7.23 and its two-hundred day moving average is $9.19.

Eos Energy Enterprises (NASDAQ:EOSE) last released its quarterly earnings data on Wednesday, May 13th. The company reported $0.12 EPS for the quarter, beating the consensus estimate of ($0.22) by $0.34. The company had revenue of $56.96 million for the quarter, compared to the consensus estimate of $54.32 million. As a group, analysts forecast that Eos Energy Enterprises, Inc. will post -0.31 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on EOSE. Wall Street Zen raised Eos Energy Enterprises from a “sell” rating to a “hold” rating in a research note on Sunday, June 21st. Weiss Ratings reiterated a “sell (d-)” rating on shares of Eos Energy Enterprises in a research report on Tuesday, April 21st. JPMorgan Chase & Co. cut their target price on shares of Eos Energy Enterprises from $9.00 to $6.00 and set a “neutral” rating for the company in a report on Thursday, April 16th. Needham & Company LLC initiated coverage on shares of Eos Energy Enterprises in a research report on Friday, May 22nd. They issued a “buy” rating and a $11.00 price target on the stock. Finally, TD Cowen upped their price target on shares of Eos Energy Enterprises from $7.00 to $8.00 and gave the company a “hold” rating in a research note on Thursday, May 14th. Two equities research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $10.94.

Hedge Funds Weigh In On Eos Energy Enterprises

Several hedge funds have recently added to or reduced their stakes in EOSE. Millennium Management LLC lifted its stake in Eos Energy Enterprises by 55.1% in the first quarter. Millennium Management LLC now owns 2,522,273 shares of the company’s stock worth $9,534,000 after purchasing an additional 896,471 shares during the last quarter. Goldman Sachs Group Inc. lifted its stake in shares of Eos Energy Enterprises by 36.8% during the 1st quarter. Goldman Sachs Group Inc. now owns 3,900,513 shares of the company’s stock worth $14,744,000 after acquiring an additional 1,050,128 shares during the last quarter. Envestnet Asset Management Inc. bought a new stake in shares of Eos Energy Enterprises during the 2nd quarter worth approximately $76,000. JPMorgan Chase & Co. purchased a new position in Eos Energy Enterprises during the 2nd quarter valued at $5,958,000. Finally, Prudential Financial Inc. purchased a new position in Eos Energy Enterprises during the 2nd quarter valued at $144,000. 54.87% of the stock is currently owned by institutional investors.

About Eos Energy Enterprises

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.