Eos Energy Enterprises (NASDAQ:EOSE) Shares Down 9% – Here’s What Happened

Eos Energy Enterprises, Inc. (NASDAQ:EOSE) was down 9% on Thursday . The company traded as low as $3.12 and last traded at $3.13. Approximately 3,337,295 shares traded hands during trading, a decline of 50% from the average daily volume of 6,671,095 shares. The stock had previously closed at $3.44.

Analyst Ratings Changes

Separately, Stifel Nicolaus reissued a “buy” rating and set a $6.00 price target on shares of Eos Energy Enterprises in a research report on Wednesday, August 21st. 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.com, Eos Energy Enterprises has a consensus rating of “Moderate Buy” and an average target price of $3.67.

Eos Energy Enterprises Price Performance

The company’s 50-day moving average is $2.83 and its two-hundred day moving average is $1.80. The company has a market cap of $682.64 million, a P/E ratio of -4.57 and a beta of 2.40.

Eos Energy Enterprises (NASDAQ:EOSE) last issued its earnings results on Tuesday, August 6th. The company reported ($0.30) earnings per share (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 the consensus estimate of $4.38 million. Equities research analysts anticipate that Eos Energy Enterprises, Inc. will post -0.78 EPS for the current year.

Insider Buying and Selling

In related news, CEO Joe Mastrangelo bought 52,800 shares of the company’s stock in a transaction that occurred on Friday, August 9th. The shares were bought at an average price of $1.43 per share, for a total transaction of $75,504.00. Following the completion of the acquisition, the chief executive officer now owns 909,793 shares of the company’s stock, valued at $1,301,003.99. This trade represents a 0.00 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, Director Jeffrey S. Bornstein sold 30,000 shares of Eos Energy Enterprises stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $2.62, for a total transaction of $78,600.00. Following the transaction, the director now owns 84,929 shares in the company, valued at $222,513.98. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Joe Mastrangelo purchased 52,800 shares of the company’s stock in a transaction dated Friday, August 9th. The shares were acquired at an average price of $1.43 per share, for a total transaction of $75,504.00. Following the purchase, the chief executive officer now directly owns 909,793 shares in the company, valued at approximately $1,301,003.99. The trade was a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 3.80% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Millennium Management LLC lifted its stake in shares of Eos Energy Enterprises by 5,744.5% during the 2nd quarter. Millennium Management LLC now owns 3,164,017 shares of the company’s stock valued at $4,018,000 after buying an additional 3,109,880 shares in the last quarter. Vanguard Group Inc. lifted its stake in shares of Eos Energy Enterprises by 6.6% during the 1st quarter. Vanguard Group Inc. now owns 9,375,916 shares of the company’s stock valued at $9,657,000 after buying an additional 580,022 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of Eos Energy Enterprises during the 2nd quarter valued at $216,000. B. Riley Wealth Advisors Inc. lifted its stake in shares of Eos Energy Enterprises by 940.6% during the 1st quarter. B. Riley Wealth Advisors Inc. now owns 275,765 shares of the company’s stock valued at $284,000 after buying an additional 249,265 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD lifted its stake in shares of Eos Energy Enterprises by 74.4% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 43,930 shares of the company’s stock valued at $46,000 after buying an additional 18,735 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.