Eos Energy Enterprises (NASDAQ:EOSE) Cut to “Strong Sell” at Wall Street Zen

Wall Street Zen lowered shares of Eos Energy Enterprises (NASDAQ:EOSE) from a sell rating to a strong sell rating in a research report released on Saturday.

EOSE has been the topic of a number of other reports. Roth Capital set a $4.00 price target on shares of Eos Energy Enterprises in a report on Thursday. Stifel Nicolaus reduced their price objective on shares of Eos Energy Enterprises from $10.00 to $9.00 and set a “buy” rating for the company in a research note on Thursday, August 6th. Truist Financial initiated coverage on shares of Eos Energy Enterprises in a research report on Monday, July 13th. They set a “buy” rating and a $7.00 target price for the company. Zacks Research upgraded shares of Eos Energy Enterprises from a “strong sell” rating to a “hold” rating in a research note on Tuesday, April 28th. Finally, JPMorgan Chase & Co. cut 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. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Eos Energy Enterprises has an average rating of “Hold” and a consensus target price of $8.39.

Eos Energy Enterprises Trading Down 2.4%

Shares of NASDAQ EOSE opened at $4.05 on Friday. Eos Energy Enterprises has a 12-month low of $3.11 and a 12-month high of $19.86. The stock’s fifty day simple moving average is $5.30 and its two-hundred day simple moving average is $7.33. The stock has a market capitalization of $1.38 billion, a PE ratio of -0.59 and a beta of 2.75.

Eos Energy Enterprises (NASDAQ:EOSE) last issued its quarterly earnings data on Wednesday, August 5th. The company reported ($1.20) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.19) by ($1.01). The company had revenue of $68.78 million during the quarter, compared to analysts’ expectations of $68.32 million. During the same period in the prior year, the business earned ($1.05) EPS. On average, equities analysts predict that Eos Energy Enterprises will post -0.56 earnings per share for the current fiscal year.

Insider Activity

In related news, CEO Joe Mastrangelo sold 159,154 shares of the stock in a transaction that occurred on Monday, July 27th. The shares were sold at an average price of $3.61, for a total value of $574,545.94. Following the completion of the transaction, the chief executive officer directly owned 1,947,586 shares of the company’s stock, valued at $7,030,785.46. This trade represents a 7.55% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Nathan Kroeker sold 110,417 shares of the stock in a transaction that occurred on Tuesday, July 28th. The shares were sold at an average price of $3.36, for a total transaction of $371,001.12. Following the completion of the transaction, the insider directly owned 887,527 shares of the company’s stock, valued at $2,982,090.72. The trade was a 11.06% 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 quarter, insiders have sold 456,307 shares of company stock valued at $1,882,877. 1.73% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in EOSE. Millennium Management LLC lifted its stake in shares of Eos Energy Enterprises by 55.1% during the first quarter. Millennium Management LLC now owns 2,522,273 shares of the company’s stock worth $9,534,000 after buying an additional 896,471 shares during the period. Goldman Sachs Group Inc. increased its position in shares of Eos Energy Enterprises by 36.8% in the 1st 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 during the period. Envestnet Asset Management Inc. acquired a new position in shares of Eos Energy Enterprises in the 2nd quarter valued at $76,000. JPMorgan Chase & Co. acquired a new position in shares of Eos Energy Enterprises in the 2nd quarter valued at $5,958,000. Finally, Prudential Financial Inc. purchased a new position in Eos Energy Enterprises in the 2nd quarter worth $144,000. Hedge funds and other institutional investors own 54.87% of the company’s stock.

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.