Eos Energy Enterprises (NASDAQ:EOSE) Shares Down 5.4% – Time to Sell?

Eos Energy Enterprises, Inc. (NASDAQ:EOSE) dropped 5.4% during trading on Wednesday . The stock traded as low as $2.92 and last traded at $2.98. Approximately 4,636,863 shares were traded during mid-day trading, a decline of 31% from the average daily volume of 6,741,039 shares. The stock had previously closed at $3.15.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the stock. Stifel Nicolaus reaffirmed a “buy” rating and issued a $6.00 target price on shares of Eos Energy Enterprises in a report on Wednesday, August 21st. Roth Mkm reiterated a “buy” rating and set a $4.50 target price on shares of Eos Energy Enterprises in a research report on Friday, June 28th. Finally, B. Riley upgraded Eos Energy Enterprises to a “hold” rating in a research report 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. According to MarketBeat, Eos Energy Enterprises has an average rating of “Moderate Buy” and a consensus price target of $3.67.

Eos Energy Enterprises Stock Performance

The company has a market capitalization of $618.14 million, a PE ratio of -1.90 and a beta of 2.40. The stock’s fifty day simple moving average is $2.35 and its 200-day simple moving average is $1.53.

Eos Energy Enterprises (NASDAQ:EOSE) last issued 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 company had revenue of $0.90 million for the quarter, compared to analysts’ expectations of $4.38 million. On average, equities analysts anticipate that Eos Energy Enterprises, Inc. will post -0.78 EPS for the current year.

Insiders Place Their Bets

In other news, Director Jeffrey S. Bornstein sold 30,000 shares of the business’s stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $2.62, for a total transaction of $78,600.00. Following the completion of the sale, the director now owns 84,929 shares in the company, valued at approximately $222,513.98. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, CEO Joe Mastrangelo bought 52,800 shares of the firm’s stock in a transaction dated Friday, August 9th. The stock was bought at an average price of $1.43 per share, with a total value of $75,504.00. Following the completion of the transaction, the chief executive officer now directly owns 909,793 shares of the company’s stock, valued at approximately $1,301,003.99. This represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 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 value of $78,600.00. Following the sale, the director now owns 84,929 shares in the company, valued at approximately $222,513.98. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 4.06% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Eos Energy Enterprises

A number of institutional investors and hedge funds have recently bought and sold shares of EOSE. Duncan Williams Asset Management LLC purchased a new stake in Eos Energy Enterprises during the 3rd quarter worth $62,000. Point72 DIFC Ltd acquired a new position in shares of Eos Energy Enterprises in the second quarter worth about $83,000. Cubist Systematic Strategies LLC boosted its holdings in Eos Energy Enterprises by 138,544.3% in the second quarter. Cubist Systematic Strategies LLC now owns 134,485 shares of the company’s stock valued at $171,000 after purchasing an additional 134,388 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. purchased a new stake in Eos Energy Enterprises during the 2nd quarter worth approximately $216,000. Finally, NewEdge Advisors LLC raised its position in shares of Eos Energy Enterprises by 30.2% in the 2nd quarter. NewEdge Advisors LLC now owns 2,588,823 shares of the company’s stock valued at $3,288,000 after purchasing an additional 600,143 shares in the last quarter. Hedge funds and other institutional investors own 54.87% of the company’s stock.

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.