Eos Energy Enterprises (NASDAQ:EOSE) Shares Down 6.9% Following Analyst Downgrade

Eos Energy Enterprises, Inc. (NASDAQ:EOSE) fell 6.9% on Monday after Stifel Nicolaus lowered their price target on the stock from $12.00 to $10.00. Stifel Nicolaus currently has a buy rating on the stock. Eos Energy Enterprises traded as low as $4.07 and last traded at $4.0970. 2,902,795 shares traded hands during trading, a decline of 88% from the average daily volume of 25,091,430 shares. The stock had previously closed at $4.40.

A number of other equities research analysts have also recently weighed in on the stock. Weiss Ratings reissued a “sell (d-)” rating on shares of Eos Energy Enterprises in a research report on Tuesday, April 21st. Zacks Research raised Eos Energy Enterprises from a “strong sell” rating to a “hold” rating in a report on Tuesday, April 28th. Wall Street Zen cut Eos Energy Enterprises from a “hold” rating to a “sell” rating in a research report on Saturday, July 4th. Needham & Company LLC assumed coverage on Eos Energy Enterprises in a report on Friday, May 22nd. They issued a “buy” rating and a $11.00 target price for the company. Finally, JPMorgan Chase & Co. reduced their target price on Eos Energy Enterprises from $9.00 to $6.00 and set a “neutral” rating for the company in a report on Thursday, April 16th. Two investment analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $9.44.

Insider Activity

In other Eos Energy Enterprises news, insider Michael W. Silberman sold 14,998 shares of the stock in a transaction that occurred on Tuesday, June 30th. The stock was sold at an average price of $5.87, for a total transaction of $88,038.26. Following the completion of the sale, the insider directly owned 298,277 shares of the company’s stock, valued at approximately $1,750,885.99. This trade represents a 4.79% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 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. Also, CAO Sumeet Puri sold 8,823 shares of Eos Energy Enterprises stock in a transaction that occurred on Tuesday, June 30th. The shares were sold at an average price of $5.86, for a total value of $51,702.78. Following the completion of the transaction, the chief accounting officer owned 173,112 shares in the company, valued at $1,014,436.32. This trade represents a 4.85% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 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 90 days, insiders have sold 157,569 shares of company stock valued at $839,328. Insiders own 1.73% of the company’s stock.

Hedge Funds Weigh In On Eos Energy Enterprises

Hedge funds and other institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. increased 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 buying an additional 3,080,012 shares during the period. Rubric Capital Management LP purchased a new position in Eos Energy Enterprises during the 3rd quarter worth $117,317,000. State Street Corp lifted its stake in shares of Eos Energy Enterprises by 6.1% in the 4th quarter. State Street Corp now owns 7,689,841 shares of the company’s stock worth $88,126,000 after acquiring an additional 443,809 shares during the period. Geode Capital Management LLC boosted its holdings in shares of Eos Energy Enterprises by 16.1% in the fourth quarter. Geode Capital Management LLC now owns 7,205,507 shares of the company’s stock valued at $82,587,000 after acquiring an additional 998,332 shares in the last quarter. Finally, Goldman Sachs Group Inc. boosted its holdings in shares of Eos Energy Enterprises by 36.8% in the first quarter. Goldman Sachs Group Inc. now owns 3,900,513 shares of the company’s stock valued at $14,744,000 after acquiring an additional 1,050,128 shares in the last quarter. 54.87% of the stock is currently owned by hedge funds and other institutional investors.

Eos Energy Enterprises Price Performance

The business’s 50 day moving average price is $6.95 and its 200-day moving average price is $8.84. The firm has a market capitalization of $1.39 billion, a price-to-earnings ratio of -0.61 and a beta of 2.68.

Eos Energy Enterprises (NASDAQ:EOSE) last posted its quarterly earnings results on Wednesday, May 13th. The company reported $0.12 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.22) by $0.34. The firm had revenue of $56.96 million for the quarter, compared to analysts’ expectations 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.

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.