Eos Energy Enterprises (NASDAQ:EOSE) CAO Sells 8,823 Shares of Stock

Eos Energy Enterprises, Inc. (NASDAQ:EOSE) CAO Sumeet Puri sold 8,823 shares of the company’s stock in a transaction dated Tuesday, June 30th. The shares were sold at an average price of $5.86, for a total transaction of $51,702.78. Following the transaction, the chief accounting officer owned 173,112 shares in the company, valued at $1,014,436.32. The trade was a 4.85% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, 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.

Eos Energy Enterprises Stock Performance

NASDAQ EOSE traded down $0.20 during trading on Tuesday, hitting $5.89. The stock had a trading volume of 33,894,379 shares, compared to its average volume of 25,161,453. Eos Energy Enterprises, Inc. has a one year low of $4.37 and a one year high of $19.86. The stock has a 50 day simple moving average of $7.32 and a 200 day simple moving average of $9.40. The stock has a market capitalization of $2.00 billion, a price-to-earnings ratio of -0.88 and a beta of 2.62.

Eos Energy Enterprises (NASDAQ:EOSE) last released its earnings results on Wednesday, May 13th. The company reported $0.12 EPS for the quarter, beating analysts’ consensus estimates of ($0.22) by $0.34. The business had revenue of $56.96 million for the quarter, compared to the consensus estimate of $54.32 million. On average, sell-side analysts predict that Eos Energy Enterprises, Inc. will post -0.31 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on EOSE shares. B. Riley Financial reduced their target price on Eos Energy Enterprises from $12.00 to $8.00 and set a “neutral” rating on the stock in a research note on Thursday, March 5th. Needham & Company LLC started coverage on shares of Eos Energy Enterprises in a report on Friday, May 22nd. They issued a “buy” rating and a $11.00 price target on the stock. Wall Street Zen raised shares of Eos Energy Enterprises from a “sell” rating to a “hold” rating in a research note on Sunday, June 21st. TD Cowen lifted their price objective on shares of Eos Energy Enterprises from $7.00 to $8.00 and gave the company a “hold” rating in a report on Thursday, May 14th. Finally, JPMorgan Chase & Co. lowered their price objective on shares of Eos Energy Enterprises from $9.00 to $6.00 and set a “neutral” rating for the company in a research report on Thursday, April 16th. Two equities research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $10.94.

Institutional Investors Weigh In On Eos Energy Enterprises

A number of institutional investors and hedge funds have recently bought and sold shares of the company. State of New Jersey Common Pension Fund D purchased a new position in shares of Eos Energy Enterprises during the fourth quarter valued at $1,834,000. Baker Avenue Asset Management LP purchased a new stake in Eos Energy Enterprises in the fourth quarter worth about $11,542,000. Vanguard Group Inc. lifted its stake 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 acquiring an additional 3,080,012 shares during the period. Park Avenue Securities LLC bought a new position in Eos Energy Enterprises during the 4th quarter worth about $4,307,000. Finally, Vaughan Nelson Investment Management L.P. bought a new position in Eos Energy Enterprises during the 4th quarter worth about $22,330,000. 54.87% of the stock is owned by institutional investors.

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.