Eos Energy Enterprises (NASDAQ:EOSE) Shares Gap Down – Here’s What Happened

Eos Energy Enterprises, Inc. (NASDAQ:EOSE)’s stock price gapped down prior to trading on Wednesday . The stock had previously closed at $16.82, but opened at $15.97. Eos Energy Enterprises shares last traded at $16.2210, with a volume of 9,675,202 shares traded.

Wall Street Analysts Forecast Growth

EOSE has been the subject of a number of research analyst reports. Weiss Ratings reissued a “sell (d-)” rating on shares of Eos Energy Enterprises in a report on Wednesday, October 8th. Roth Capital set a $12.00 target price on shares of Eos Energy Enterprises and gave the company a “neutral” rating in a research note on Wednesday, October 22nd. Wall Street Zen lowered shares of Eos Energy Enterprises from a “hold” rating to a “sell” rating in a research report on Saturday, November 8th. B. Riley upped their price target on Eos Energy Enterprises from $8.00 to $12.00 and gave the company a “neutral” rating in a report on Tuesday, November 11th. Finally, JPMorgan Chase & Co. initiated coverage on Eos Energy Enterprises in a research report on Wednesday, December 17th. They set a “neutral” rating and a $16.00 price objective for the company. Two investment analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $12.44.

Eos Energy Enterprises Stock Performance

The stock has a market cap of $4.97 billion, a price-to-earnings ratio of -2.06 and a beta of 2.11. The company’s 50 day simple moving average is $14.04 and its two-hundred day simple moving average is $10.77.

Eos Energy Enterprises (NASDAQ:EOSE) last posted its quarterly earnings results on Wednesday, November 5th. The company reported ($2.77) EPS for the quarter, missing the consensus estimate of ($0.31) by ($2.46). The firm had revenue of $30.51 million for the quarter, compared to analyst estimates of $39.55 million. On average, equities research analysts predict that Eos Energy Enterprises, Inc. will post -2.54 earnings per share for the current fiscal year.

Insider Activity at Eos Energy Enterprises

In related news, Director Marian Walters sold 50,000 shares of the business’s stock in a transaction dated Thursday, December 4th. The stock was sold at an average price of $15.81, for a total transaction of $790,500.00. Following the completion of the transaction, the director owned 135,334 shares of the company’s stock, valued at approximately $2,139,630.54. The trade was a 26.98% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Russell Monoki Stidolph sold 500,000 shares of the stock in a transaction that occurred on Friday, December 5th. The shares were sold at an average price of $14.99, for a total value of $7,495,000.00. Following the sale, the director owned 2,153,272 shares of the company’s stock, valued at approximately $32,277,547.28. The trade was a 18.84% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 816,134 shares of company stock worth $12,262,335. Corporate insiders own 3.30% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. Lake Street Private Wealth LLC grew its stake in shares of Eos Energy Enterprises by 19.0% in the fourth quarter. Lake Street Private Wealth LLC now owns 12,550 shares of the company’s stock worth $144,000 after acquiring an additional 2,000 shares during the last quarter. Park Avenue Securities LLC bought a new stake in Eos Energy Enterprises in the 4th quarter valued at $4,307,000. GAMMA Investing LLC boosted its holdings in Eos Energy Enterprises by 46.4% in the 4th quarter. GAMMA Investing LLC now owns 3,270 shares of the company’s stock valued at $37,000 after purchasing an additional 1,036 shares during the period. Hudson Bay Capital Management LP acquired a new stake in Eos Energy Enterprises in the 3rd quarter worth $127,000. Finally, Swiss Life Asset Management Ltd bought a new position in shares of Eos Energy Enterprises during the 3rd quarter worth about $128,000. 54.87% of the stock is currently owned by institutional investors and hedge funds.

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.