Eos Energy Enterprises (NASDAQ:EOSE) Sets New 52-Week Low – What’s Next?

Eos Energy Enterprises, Inc. (NASDAQ:EOSE) shares hit a new 52-week low during mid-day trading on Friday . The company traded as low as $4.33 and last traded at $4.4750, with a volume of 4429237 shares. The stock had previously closed at $4.58.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on EOSE. JPMorgan Chase & Co. cut their target price on shares of Eos Energy Enterprises from $9.00 to $6.00 and set a “neutral” rating on the stock in a report on Thursday, April 16th. TD Cowen raised their price objective on shares of Eos Energy Enterprises from $7.00 to $8.00 and gave the stock a “hold” rating in a research report on Thursday, May 14th. Weiss Ratings restated a “sell (d-)” rating on shares of Eos Energy Enterprises in a research note on Tuesday, April 21st. Needham & Company LLC assumed coverage on shares of Eos Energy Enterprises in a research note on Friday, May 22nd. They set a “buy” rating and a $11.00 target price for the company. Finally, Wall Street Zen lowered Eos Energy Enterprises from a “hold” rating to a “sell” rating in a report on Saturday, July 4th. Two research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Eos Energy Enterprises presently has an average rating of “Hold” and a consensus target price of $10.94.

Eos Energy Enterprises Price Performance

The business’s 50 day moving average price is $6.99 and its 200-day moving average price is $8.90. The firm has a market capitalization of $1.50 billion, a price-to-earnings ratio of -0.66 and a beta of 2.68.

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

Insiders Place Their Bets

In related news, Director Marian Walters sold 7,681 shares of the company’s stock in a transaction on Tuesday, May 19th. The stock was sold at an average price of $7.07, for a total transaction of $54,304.67. Following the transaction, the director owned 135,334 shares of the company’s stock, valued at $956,811.38. This represents a 5.37% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Michael W. Silberman sold 14,998 shares of the stock in a transaction on Tuesday, June 30th. The stock was sold at an average price of $5.87, for a total value of $88,038.26. Following the completion of the transaction, the insider owned 298,277 shares of the company’s stock, valued at $1,750,885.99. The trade was a 4.79% decrease in their position. The SEC filing for this sale provides additional information. 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. Over the last ninety days, insiders sold 157,569 shares of company stock worth $839,328. Corporate insiders own 1.73% of the company’s stock.

Hedge Funds Weigh In On Eos Energy Enterprises

Institutional investors and hedge funds have recently made changes to their positions in the stock. Millennium Management LLC increased its holdings in shares of Eos Energy Enterprises by 55.1% in the 1st quarter. Millennium Management LLC now owns 2,522,273 shares of the company’s stock valued at $9,534,000 after purchasing an additional 896,471 shares in the last quarter. Goldman Sachs Group Inc. boosted its holdings in Eos Energy Enterprises by 36.8% during the first quarter. Goldman Sachs Group Inc. now owns 3,900,513 shares of the company’s stock worth $14,744,000 after buying an additional 1,050,128 shares in the last quarter. Envestnet Asset Management Inc. purchased a new stake in Eos Energy Enterprises during the second quarter worth about $76,000. JPMorgan Chase & Co. acquired a new stake in shares of Eos Energy Enterprises in the 2nd quarter worth approximately $5,958,000. Finally, Prudential Financial Inc. acquired a new stake in Eos Energy Enterprises in the second quarter valued at $144,000. 54.87% of the stock is owned by institutional investors and hedge funds.

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.