Eos Energy Enterprises (NASDAQ:EOSE) Stock Price Down 6.7% – Here’s Why

Eos Energy Enterprises, Inc. (NASDAQ:EOSE) shares dropped 6.7% during mid-day trading on Tuesday . The stock traded as low as $2.76 and last traded at $2.77. Approximately 3,925,570 shares changed hands during trading, a decline of 42% from the average daily volume of 6,726,026 shares. The stock had previously closed at $2.97.

Analysts Set New Price Targets

EOSE has been the subject of a number of recent analyst reports. Stifel Nicolaus reiterated a “buy” rating and issued a $6.00 target price on shares of Eos Energy Enterprises in a research note on Wednesday, August 21st. Roth Mkm reissued a “buy” rating and set a $4.50 price objective on shares of Eos Energy Enterprises in a report on Friday, June 28th. Finally, B. Riley upgraded Eos Energy Enterprises to a “hold” rating in a research note on Tuesday, June 25th. Two equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $3.67.

Eos Energy Enterprises Trading Up 7.4 %

The company has a market capitalization of $661.85 million, a price-to-earnings ratio of -2.03 and a beta of 2.40. The firm has a 50-day simple moving average of $2.23 and a two-hundred day simple moving average of $1.46.

Eos Energy Enterprises (NASDAQ:EOSE) last posted its earnings results on Tuesday, August 6th. The company reported ($0.30) earnings per share for the quarter, missing the consensus estimate of ($0.19) by ($0.11). The firm had revenue of $0.90 million for the quarter, compared to analysts’ expectations of $4.38 million. Equities research analysts anticipate that Eos Energy Enterprises, Inc. will post -0.78 EPS for the current year.

Insider Activity at Eos Energy Enterprises

In other Eos Energy Enterprises news, CEO Joe Mastrangelo bought 52,800 shares of the firm’s stock in a transaction dated Friday, August 9th. The shares were purchased at an average price of $1.43 per share, for a total transaction of $75,504.00. Following the transaction, the chief executive officer now directly owns 909,793 shares of the company’s stock, valued at approximately $1,301,003.99. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, CEO Joe Mastrangelo purchased 52,800 shares of Eos Energy Enterprises stock in a transaction that occurred on Friday, August 9th. The stock was purchased at an average price of $1.43 per share, for a total transaction of $75,504.00. Following the transaction, the chief executive officer now directly owns 909,793 shares in the company, valued at $1,301,003.99. The acquisition was disclosed in a document filed with the SEC, which is available at this link. Also, Director Jeffrey S. Bornstein sold 30,000 shares of the firm’s stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $2.62, for a total transaction of $78,600.00. Following the completion of the transaction, the director now directly owns 84,929 shares in the company, valued at $222,513.98. The disclosure for this sale can be found here. 4.06% of the stock is owned by company insiders.

Institutional Trading of Eos Energy Enterprises

Institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. lifted its holdings in Eos Energy Enterprises by 6.6% in the 1st quarter. Vanguard Group Inc. now owns 9,375,916 shares of the company’s stock valued at $9,657,000 after purchasing an additional 580,022 shares in the last quarter. Evercore Wealth Management LLC lifted its stake in Eos Energy Enterprises by 31.8% in the 4th quarter. Evercore Wealth Management LLC now owns 145,000 shares of the company’s stock worth $158,000 after purchasing an additional 35,000 shares in the last quarter. Electron Capital Partners LLC lifted its stake in Eos Energy Enterprises by 226.6% in the 4th quarter. Electron Capital Partners LLC now owns 6,958,125 shares of the company’s stock worth $7,584,000 after purchasing an additional 4,827,586 shares in the last quarter. Black Maple Capital Management LP boosted its holdings in shares of Eos Energy Enterprises by 227.0% during the 4th quarter. Black Maple Capital Management LP now owns 151,248 shares of the company’s stock worth $165,000 after purchasing an additional 105,000 shares during the last quarter. Finally, B. Riley Wealth Advisors Inc. grew its position in shares of Eos Energy Enterprises by 940.6% in the first quarter. B. Riley Wealth Advisors Inc. now owns 275,765 shares of the company’s stock valued at $284,000 after purchasing an additional 249,265 shares in the last quarter. 54.87% of the stock is owned by institutional investors and hedge funds.

About Eos Energy Enterprises

Eos Energy Enterprises, Inc designs, manufactures, and markets zinc-based energy storage solutions for utility-scale, microgrid, and commercial and industrial (C&I) applications in the United States. The company offers Znyth technology battery energy storage system (BESS), which provides the operating flexibility to manage increased grid complexity and price volatility.