Eos Energy Enterprises (NASDAQ:EOSE) Trading Down 9.7% – Should You Sell?

Shares of Eos Energy Enterprises, Inc. (NASDAQ:EOSE) traded down 9.7% on Tuesday . The company traded as low as $4.70 and last traded at $4.5670. 7,474,902 shares changed hands during trading, a decline of 70% from the average session volume of 24,905,789 shares. The stock had previously closed at $5.06.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on EOSE shares. JPMorgan Chase & Co. lowered their price target 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. Wall Street Zen downgraded shares of Eos Energy Enterprises from a “hold” rating to a “sell” rating in a research note on Saturday. Weiss Ratings restated a “sell (d-)” rating on shares of Eos Energy Enterprises in a research note on Tuesday, April 21st. Zacks Research raised Eos Energy Enterprises from a “strong sell” rating to a “hold” rating in a research report on Tuesday, April 28th. Finally, Needham & Company LLC assumed coverage on Eos Energy Enterprises in a research report on Friday, May 22nd. They set a “buy” rating and a $11.00 price target on the stock. Two research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $10.94.

Eos Energy Enterprises Stock Down 6.0%

The firm has a market cap of $1.61 billion, a PE ratio of -0.72 and a beta of 2.68. The stock has a 50 day moving average price of $7.15 and a two-hundred day moving average price of $9.07.

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 the consensus estimate of ($0.22) by $0.34. The company had revenue of $56.96 million during the quarter, compared to analysts’ expectations of $54.32 million. As a group, equities analysts anticipate that Eos Energy Enterprises, Inc. will post -0.31 earnings per share for the current year.

Insider Activity

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 value of $54,304.67. Following the transaction, the director directly owned 135,334 shares of the company’s stock, valued at $956,811.38. This represents a 5.37% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Michael W. Silberman sold 14,998 shares of the firm’s 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. This trade represents a 4.79% decrease in their position. The disclosure for this sale is available in the SEC filing. 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 78,260 shares of company stock valued at $468,162. 1.73% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the company. Rubric Capital Management LP purchased a new stake in Eos Energy Enterprises in the third quarter valued at approximately $117,317,000. Vanguard Group Inc. raised its position in Eos Energy Enterprises by 19.8% during the 4th quarter. Vanguard Group Inc. now owns 18,616,874 shares of the company’s stock worth $213,349,000 after buying an additional 3,080,012 shares during the last quarter. Engineers Gate Manager LP purchased a new position in Eos Energy Enterprises during the 2nd quarter worth approximately $11,840,000. Vaughan Nelson Investment Management L.P. acquired a new stake in Eos Energy Enterprises during the 4th quarter valued at approximately $22,330,000. Finally, Renaissance Technologies LLC acquired a new stake in Eos Energy Enterprises during the 1st quarter valued at approximately $9,152,000. 54.87% of the stock is currently owned by hedge funds and other institutional investors.

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.