Eos Energy Enterprises (NASDAQ:EOSE) Stock Price Down 4.4% on Insider Selling

Eos Energy Enterprises, Inc. (NASDAQ:EOSE)’s stock price traded down 4.4% during mid-day trading on Monday after an insider sold shares in the company. The stock traded as low as $2.55 and last traded at $2.61. 2,801,106 shares changed hands during trading, a decline of 58% from the average session volume of 6,727,537 shares. The stock had previously closed at $2.73.

Specifically, Director Jeffrey S. Bornstein sold 30,000 shares of the stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $2.62, for a total value of $78,600.00. Following the sale, the director now directly owns 84,929 shares in the company, valued at $222,513.98. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on EOSE shares. B. Riley raised Eos Energy Enterprises to a “hold” rating in a research note on Tuesday, June 25th. Roth Mkm reaffirmed a “buy” rating and set a $4.50 price objective on shares of Eos Energy Enterprises in a research note on Friday, June 28th. Finally, Stifel Nicolaus reissued a “buy” rating and issued a $6.00 target price on shares of Eos Energy Enterprises in a research note on Wednesday, August 21st. Two analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $3.67.

Eos Energy Enterprises Stock Performance

The firm has a market capitalization of $509.91 million, a price-to-earnings ratio of -1.62 and a beta of 2.39. The business has a fifty day moving average price of $2.09 and a 200 day moving average price of $1.34.

Eos Energy Enterprises (NASDAQ:EOSE) last announced its quarterly earnings results on Tuesday, August 6th. The company reported ($0.30) EPS for the quarter, missing the consensus estimate of ($0.19) by ($0.11). The business had revenue of $0.90 million during the quarter, compared to the consensus estimate of $4.38 million. On average, analysts expect that Eos Energy Enterprises, Inc. will post -0.78 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Ground Swell Capital LLC purchased a new position in shares of Eos Energy Enterprises in the 2nd quarter valued at $34,000. Scientech Research LLC purchased a new position in Eos Energy Enterprises in the second quarter valued at about $36,000. Price T Rowe Associates Inc. MD lifted its stake in shares of Eos Energy Enterprises by 74.4% during the first quarter. Price T Rowe Associates Inc. MD now owns 43,930 shares of the company’s stock worth $46,000 after purchasing an additional 18,735 shares in the last quarter. Elevatus Welath Management purchased a new stake in shares of Eos Energy Enterprises in the fourth quarter worth about $70,000. Finally, Point72 DIFC Ltd purchased a new stake in shares of Eos Energy Enterprises in the second quarter worth about $83,000. 54.87% of the stock is owned by institutional investors and hedge funds.

Eos Energy Enterprises Company Profile

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.