Eos Energy Enterprises (NASDAQ:EOSE) Price Target Cut to $5.00 by Analysts at B. Riley Financial

Eos Energy Enterprises (NASDAQ:EOSE) had its target price cut by B. Riley Financial from $8.00 to $5.00 in a report issued on Friday morning,Benzinga reports. They currently have a neutral rating on the stock.

A number of other equities analysts have also recently issued reports on the stock. Weiss Ratings reissued a “sell (d-)” rating on shares of Eos Energy Enterprises in a research report on Friday, July 17th. Truist Financial started coverage on Eos Energy Enterprises in a research report on Monday, July 13th. They issued a “buy” rating and a $7.00 target price for the company. Roth Capital set a $4.00 price target on Eos Energy Enterprises in a research note on Thursday, August 6th. JPMorgan Chase & Co. cut their price target on Eos Energy Enterprises from $9.00 to $6.00 and set a “neutral” rating on the stock in a report on Thursday, April 16th. Finally, Zacks Research raised Eos Energy Enterprises from a “strong sell” rating to a “hold” rating in a research note on Tuesday, April 28th. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $8.06.

Eos Energy Enterprises Stock Down 3.4%

Shares of EOSE stock opened at $4.02 on Friday. The firm has a 50 day moving average of $4.98 and a 200-day moving average of $7.02. The company has a market cap of $1.46 billion, a price-to-earnings ratio of -0.59 and a beta of 2.75. Eos Energy Enterprises has a 52 week low of $3.11 and a 52 week high of $19.86.

Eos Energy Enterprises (NASDAQ:EOSE) last issued its earnings results on Wednesday, August 5th. The company reported ($1.20) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.19) by ($1.01). The company had revenue of $68.78 million for the quarter, compared to analyst estimates of $68.32 million. During the same quarter in the previous year, the company posted ($1.05) earnings per share. Analysts anticipate that Eos Energy Enterprises will post -0.56 earnings per share for the current year.

Insider Activity

In other news, CAO Sumeet Puri sold 29,167 shares of the business’s stock in a transaction dated Tuesday, July 28th. The shares were sold at an average price of $3.36, for a total transaction of $98,001.12. Following the completion of the sale, the chief accounting officer directly owned 202,279 shares of the company’s stock, valued at $679,657.44. The trade was a 12.60% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 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, insider Michael W. Silberman sold 14,998 shares of the company’s stock in a transaction dated 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 owned 298,277 shares in the company, valued at $1,750,885.99. This 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 three months, insiders sold 456,307 shares of company stock valued at $1,882,877. 1.73% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the stock. Millennium Management LLC grew its holdings in 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 in the last quarter. Goldman Sachs Group Inc. lifted its stake in Eos Energy Enterprises by 36.8% during 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 in the last quarter. Envestnet Asset Management Inc. bought a new position in Eos Energy Enterprises during the 2nd quarter valued at $76,000. JPMorgan Chase & Co. bought a new position in Eos Energy Enterprises during the 2nd quarter valued at $5,958,000. Finally, Prudential Financial Inc. purchased a new position in Eos Energy Enterprises during the 2nd quarter worth $144,000. 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.