Eos Energy Enterprises (NASDAQ:EOSE) Rating Lowered to Sell at Wall Street Zen

Eos Energy Enterprises (NASDAQ:EOSE) was downgraded by stock analysts at Wall Street Zen from a “hold” rating to a “sell” rating in a report issued on Saturday.

Other equities analysts have also recently issued reports about the stock. JPMorgan Chase & Co. lowered their price objective on shares of Eos Energy Enterprises from $9.00 to $6.00 and set a “neutral” rating for the company in a research report on Thursday, April 16th. Zacks Research upgraded shares of Eos Energy Enterprises from a “strong sell” rating to a “hold” rating in a research report on Tuesday, April 28th. Needham & Company LLC started coverage on shares of Eos Energy Enterprises in a research note on Friday, May 22nd. They set a “buy” rating and a $11.00 target price on the stock. TD Cowen upped their price target on shares of Eos Energy Enterprises from $7.00 to $8.00 and gave the stock a “hold” rating in a report on Thursday, May 14th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Eos Energy Enterprises in a report on Tuesday, April 21st. Two investment analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $10.94.

Eos Energy Enterprises Price Performance

NASDAQ:EOSE opened at $5.23 on Friday. Eos Energy Enterprises has a twelve month low of $4.37 and a twelve month high of $19.86. The stock’s 50-day simple moving average is $7.18 and its 200 day simple moving average is $9.16. The firm has a market capitalization of $1.78 billion, a PE ratio of -0.78 and a beta of 2.68.

Eos Energy Enterprises (NASDAQ:EOSE) last posted its earnings results on Wednesday, May 13th. The company reported $0.12 EPS for the quarter, topping analysts’ consensus estimates of ($0.22) by $0.34. The company had revenue of $56.96 million during the quarter, compared to the consensus estimate of $54.32 million. On average, analysts anticipate that Eos Energy Enterprises will post -0.31 EPS for the current fiscal year.

Insider Activity

In other news, CAO Sumeet Puri sold 8,823 shares of the firm’s stock in a transaction on Tuesday, June 30th. The shares were sold at an average price of $5.86, for a total transaction of $51,702.78. Following the completion of the transaction, the chief accounting officer owned 173,112 shares of the company’s stock, valued at approximately $1,014,436.32. This trade represents a 4.85% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Nathan Kroeker sold 35,289 shares of Eos Energy Enterprises stock in a transaction on Tuesday, June 30th. The stock was sold at an average price of $5.86, for a total transaction of $206,793.54. Following the transaction, the chief financial officer owned 697,801 shares in the company, valued at approximately $4,089,113.86. This trade represents a 4.81% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last ninety days, insiders sold 78,260 shares of company stock worth $468,162. Company insiders own 1.73% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Vanguard Group Inc. grew its position in shares of Eos Energy Enterprises by 19.8% in the 4th quarter. Vanguard Group Inc. now owns 18,616,874 shares of the company’s stock valued at $213,349,000 after buying an additional 3,080,012 shares during the last quarter. Rubric Capital Management LP bought a new position in shares of Eos Energy Enterprises during the third quarter worth about $117,317,000. State Street Corp raised its position in shares of Eos Energy Enterprises by 6.1% during the fourth quarter. State Street Corp now owns 7,689,841 shares of the company’s stock worth $88,126,000 after acquiring an additional 443,809 shares during the last quarter. Geode Capital Management LLC raised its position in shares of Eos Energy Enterprises by 16.1% during the fourth quarter. Geode Capital Management LLC now owns 7,205,507 shares of the company’s stock worth $82,587,000 after acquiring an additional 998,332 shares during the last quarter. Finally, Goldman Sachs Group Inc. lifted its stake in shares of Eos Energy Enterprises by 36.8% in the first quarter. Goldman Sachs Group Inc. now owns 3,900,513 shares of the company’s stock worth $14,744,000 after acquiring an additional 1,050,128 shares during the period. 54.87% of the stock is owned by institutional investors.

About Eos Energy Enterprises

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.