Eos Energy Enterprises (NASDAQ:EOSE) Trading Down 9.6% – Here’s What Happened

Shares of Eos Energy Enterprises, Inc. (NASDAQ:EOSE) dropped 9.6% during trading on Monday . The company traded as low as $4.39 and last traded at $4.3950. Approximately 15,522,487 shares traded hands during mid-day trading, a decline of 33% from the average daily volume of 23,298,941 shares. The stock had previously closed at $4.86.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on EOSE shares. Guggenheim reissued a “neutral” rating and issued a $20.00 price objective on shares of Eos Energy Enterprises in a research report on Friday, February 27th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Eos Energy Enterprises in a research note on Thursday, January 22nd. Roth Mkm reduced their price target on Eos Energy Enterprises from $12.00 to $6.00 and set a “neutral” rating for the company in a report on Friday, February 27th. B. Riley Financial lowered their price target on Eos Energy Enterprises from $12.00 to $8.00 and set a “neutral” rating on the stock in a research report on Thursday, March 5th. Finally, Zacks Research lowered Eos Energy Enterprises from a “hold” rating to a “strong sell” rating in a research note on Monday, March 9th. One equities research analyst has rated the stock with a Buy rating, six have assigned a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Reduce” and a consensus price target of $12.07.

Eos Energy Enterprises Stock Down 9.7%

The stock has a market capitalization of $1.49 billion, a price-to-earnings ratio of -0.63 and a beta of 2.26. The company’s fifty day simple moving average is $10.12 and its 200 day simple moving average is $12.43.

Eos Energy Enterprises (NASDAQ:EOSE) last posted its earnings results on Thursday, February 26th. The company reported ($0.84) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.20) by ($0.64). The firm had revenue of $58.00 million for the quarter, compared to the consensus estimate of $93.36 million. As a group, analysts anticipate that Eos Energy Enterprises, Inc. will post -2.54 earnings per share for the current year.

Insider Transactions at Eos Energy Enterprises

In other news, Director Alexander Dimitrief bought 15,000 shares of the firm’s stock in a transaction dated Monday, March 2nd. The shares were bought at an average price of $6.04 per share, with a total value of $90,600.00. Following the completion of the transaction, the director owned 235,221 shares of the company’s stock, valued at $1,420,734.84. This trade represents a 6.81% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director David Urban bought 16,250 shares of the stock in a transaction dated Monday, March 9th. The shares were purchased at an average price of $6.16 per share, for a total transaction of $100,100.00. Following the purchase, the director owned 62,471 shares of the company’s stock, valued at $384,821.36. This trade represents a 35.16% increase in their position. The disclosure for this purchase is available in the SEC filing. Over the last 90 days, insiders purchased 115,150 shares of company stock worth $692,962. 3.30% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Farther Finance Advisors LLC lifted its holdings in shares of Eos Energy Enterprises by 33.0% during the third quarter. Farther Finance Advisors LLC now owns 3,325 shares of the company’s stock worth $38,000 after buying an additional 825 shares in the last quarter. Inspire Investing LLC grew its stake in shares of Eos Energy Enterprises by 2.2% in the fourth quarter. Inspire Investing LLC now owns 41,442 shares of the company’s stock valued at $475,000 after acquiring an additional 882 shares in the last quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA grew its stake in shares of Eos Energy Enterprises by 58.8% in the fourth quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA now owns 2,700 shares of the company’s stock valued at $31,000 after acquiring an additional 1,000 shares in the last quarter. GAMMA Investing LLC increased its position in Eos Energy Enterprises by 46.4% during the fourth quarter. GAMMA Investing LLC now owns 3,270 shares of the company’s stock worth $37,000 after acquiring an additional 1,036 shares during the period. Finally, Diversify Advisory Services LLC raised its stake in Eos Energy Enterprises by 6.5% in the 3rd quarter. Diversify Advisory Services LLC now owns 17,124 shares of the company’s stock worth $195,000 after purchasing an additional 1,049 shares in the last quarter. 54.87% of the stock is owned by institutional investors and hedge funds.

Eos Energy Enterprises Company Profile

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.