Eos Energy Enterprises (NASDAQ:EOSE) Shares Down 6.4% – Here’s Why

Eos Energy Enterprises, Inc. (NASDAQ:EOSE)’s share price fell 6.4% during mid-day trading on Tuesday . The company traded as low as $12.35 and last traded at $12.3950. 8,527,085 shares traded hands during mid-day trading, a decline of 61% from the average session volume of 21,986,230 shares. The stock had previously closed at $13.24.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on EOSE. Zacks Research upgraded shares of Eos Energy Enterprises from a “strong sell” rating to a “hold” rating in a research note on Monday, January 12th. Guggenheim increased their price target on shares of Eos Energy Enterprises from $10.00 to $20.00 and gave the company a “buy” rating in a report on Wednesday, October 22nd. Roth Mkm set a $12.00 price target on shares of Eos Energy Enterprises and gave the company a “neutral” rating in a research report on Wednesday, October 22nd. Wall Street Zen cut Eos Energy Enterprises from a “hold” rating to a “sell” rating in a research report on Saturday, November 8th. Finally, Stifel Nicolaus increased their target price on Eos Energy Enterprises from $10.00 to $22.00 and gave the company a “buy” rating in a research note on Wednesday, October 15th. Two equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, Eos Energy Enterprises currently has a consensus rating of “Hold” and a consensus price target of $13.50.

Eos Energy Enterprises Stock Performance

The firm has a market cap of $3.52 billion, a P/E ratio of -1.46 and a beta of 2.13. The business’s 50-day simple moving average is $14.34 and its 200 day simple moving average is $12.14.

Insider Transactions at Eos Energy Enterprises

In other news, Director Russell Monoki Stidolph sold 29,999 shares of the company’s stock in a transaction dated Monday, December 8th. The shares were sold at an average price of $15.36, for a total transaction of $460,784.64. Following the completion of the sale, the director owned 2,123,273 shares of the company’s stock, valued at $32,613,473.28. This represents a 1.39% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Nathan Kroeker sold 50,000 shares of the firm’s stock in a transaction that occurred on Monday, January 26th. The stock was sold at an average price of $16.04, for a total transaction of $802,000.00. Following the completion of the transaction, the chief financial officer directly owned 662,512 shares in the company, valued at approximately $10,626,692.48. The trade was a 7.02% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 907,801 shares of company stock valued at $13,803,507. 3.30% of the stock is owned by company insiders.

Institutional Investors Weigh In On Eos Energy Enterprises

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. PNC Financial Services Group Inc. boosted its holdings in Eos Energy Enterprises by 3,843.8% in the 4th quarter. PNC Financial Services Group Inc. now owns 2,524 shares of the company’s stock worth $29,000 after buying an additional 2,460 shares during the period. Chung Wu Investment Group LLC bought a new position in shares of Eos Energy Enterprises in the third quarter worth about $30,000. Danske Bank A S purchased a new stake in shares of Eos Energy Enterprises during the fourth quarter worth about $33,000. TD Waterhouse Canada Inc. raised its stake in Eos Energy Enterprises by 178.7% during the 4th quarter. TD Waterhouse Canada Inc. now owns 3,119 shares of the company’s stock valued at $36,000 after purchasing an additional 2,000 shares during the period. Finally, GAMMA Investing LLC lifted its holdings in Eos Energy Enterprises by 46.4% in the 4th quarter. GAMMA Investing LLC now owns 3,270 shares of the company’s stock worth $37,000 after purchasing an additional 1,036 shares in the last quarter. 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.