Eos Energy Enterprises (NASDAQ:EOSE) Shares Gap Down Following Weak Earnings

Shares of Eos Energy Enterprises, Inc. (NASDAQ:EOSE) gapped down before the market opened on Thursday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $11.13, but opened at $7.32. Eos Energy Enterprises shares last traded at $6.8150, with a volume of 43,410,679 shares changing hands.

The company reported ($0.84) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.20) by ($0.64). The business had revenue of $58.00 million for the quarter, compared to analyst estimates of $93.36 million.

Analyst Upgrades and Downgrades

EOSE has been the topic of several research analyst reports. Wall Street Zen downgraded Eos Energy Enterprises from a “hold” rating to a “sell” rating in a research note on Saturday, November 8th. Zacks Research raised Eos Energy Enterprises from a “strong sell” rating to a “hold” rating in a report on Monday, January 12th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Eos Energy Enterprises in a research report on Thursday, January 22nd. B. Riley Financial raised their price target on shares of Eos Energy Enterprises from $8.00 to $12.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 11th. Finally, JPMorgan Chase & Co. initiated coverage on shares of Eos Energy Enterprises in a research note on Wednesday, December 17th. They set a “neutral” rating and a $16.00 price objective for the company. Two research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $13.50.

Insider Activity

In other Eos Energy Enterprises news, insider Michael W. Silberman sold 41,667 shares of Eos Energy Enterprises stock in a transaction on Friday, January 23rd. The shares were sold at an average price of $17.74, for a total value of $739,172.58. Following the completion of the transaction, the insider owned 283,279 shares of the company’s stock, valued at approximately $5,025,369.46. The trade was a 12.82% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Russell Monoki Stidolph sold 29,999 shares of the stock in a transaction dated Monday, December 8th. The stock was sold at an average price of $15.36, for a total transaction of $460,784.64. Following the sale, the director directly owned 2,123,273 shares in the company, valued at approximately $32,613,473.28. The trade was a 1.39% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 907,801 shares of company stock worth $13,803,507 in the last ninety days. Corporate insiders own 3.30% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the business. Vanguard Group Inc. grew its stake in Eos Energy Enterprises by 19.8% in the 4th quarter. Vanguard Group Inc. now owns 18,616,874 shares of the company’s stock valued at $213,349,000 after acquiring an additional 3,080,012 shares during the period. Rubric Capital Management LP acquired a new stake in shares of Eos Energy Enterprises in the third quarter valued at about $117,317,000. State Street Corp increased its stake in shares of Eos Energy Enterprises by 6.1% during the fourth quarter. State Street Corp now owns 7,689,841 shares of the company’s stock worth $88,126,000 after purchasing an additional 443,809 shares in the last quarter. Geode Capital Management LLC raised its position in shares of Eos Energy Enterprises by 16.1% during the 4th quarter. Geode Capital Management LLC now owns 7,205,507 shares of the company’s stock worth $82,587,000 after purchasing an additional 998,332 shares during the last quarter. Finally, Electron Capital Partners LLC lifted its stake in Eos Energy Enterprises by 39.9% in the 2nd quarter. Electron Capital Partners LLC now owns 6,979,422 shares of the company’s stock valued at $35,735,000 after buying an additional 1,989,144 shares in the last quarter. 54.87% of the stock is owned by institutional investors and hedge funds.

Eos Energy Enterprises Trading Down 36.0%

The company has a market capitalization of $2.05 billion, a price-to-earnings ratio of -0.85 and a beta of 2.13. The company has a fifty day moving average of $13.58 and a 200-day moving average of $12.53.

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.