Eos Energy Enterprises (NASDAQ:EOSE) Trading Down 9.7% After Insider Selling

Shares of Eos Energy Enterprises, Inc. (NASDAQ:EOSE) fell 9.7% during trading on Tuesday after an insider sold shares in the company. The company traded as low as $4.70 and last traded at $4.5670. Approximately 7,474,902 shares traded hands during mid-day trading, a decline of 70% from the average daily volume of 24,905,789 shares. The stock had previously closed at $5.06.

Specifically, CFO Nathan Kroeker sold 79,309 shares of the firm’s stock in a transaction dated Tuesday, July 7th. The stock was sold at an average price of $4.68, for a total transaction of $371,166.12. Following the transaction, the chief financial officer directly owned 777,110 shares of the company’s stock, valued at approximately $3,636,874.80. This trade represents a 9.26% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 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.

Analysts Set New Price Targets

A number of research firms have recently weighed in on EOSE. Wall Street Zen lowered Eos Energy Enterprises from a “hold” rating to a “sell” rating in a research note on Saturday, July 4th. JPMorgan Chase & Co. reduced their price target on Eos Energy Enterprises from $9.00 to $6.00 and set a “neutral” rating on the stock in a research report on Thursday, April 16th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Eos Energy Enterprises in a research report on Tuesday, April 21st. Needham & Company LLC assumed coverage on Eos Energy Enterprises in a research report on Friday, May 22nd. They issued a “buy” rating and a $11.00 price objective for the company. Finally, Zacks Research upgraded shares of Eos Energy Enterprises from a “strong sell” rating to a “hold” rating in a report on Tuesday, April 28th. Two research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $10.94.

Eos Energy Enterprises Stock Down 4.9%

The firm’s fifty day moving average is $7.03 and its two-hundred day moving average is $8.96. The firm has a market cap of $1.53 billion, a P/E ratio of -0.68 and a beta of 2.68.

Eos Energy Enterprises (NASDAQ:EOSE) last issued its quarterly earnings data on Wednesday, May 13th. The company reported $0.12 EPS for the quarter, topping the consensus estimate of ($0.22) by $0.34. The company had revenue of $56.96 million during the quarter, compared to the consensus estimate of $54.32 million. As a group, sell-side analysts forecast that Eos Energy Enterprises, Inc. will post -0.31 EPS for the current year.

Hedge Funds Weigh In On Eos Energy Enterprises

Hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. lifted its holdings in Eos Energy Enterprises by 19.8% in the fourth 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 period. Rubric Capital Management LP purchased a new position in shares of Eos Energy Enterprises during the 3rd quarter worth approximately $117,317,000. State Street Corp grew its holdings in shares of Eos Energy Enterprises by 6.1% during 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 raised its position in shares of Eos Energy Enterprises by 16.1% in the 4th quarter. Geode Capital Management LLC now owns 7,205,507 shares of the company’s stock worth $82,587,000 after acquiring an additional 998,332 shares in the last quarter. Finally, Goldman Sachs Group Inc. raised 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 worth $14,744,000 after acquiring an additional 1,050,128 shares in the last quarter. 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.