Key Points
- Insider sale: Director Michael Silberman sold 41,667 shares at an average of $17.74 for a total of $739,172.58, reducing his stake by 12.82% to 283,279 shares, as disclosed in an SEC filing.
- Weak quarter and mixed outlook: Eos reported a large EPS miss (($2.77) vs. ($0.31) expected) and lower-than-expected revenue ($30.51M vs. $39.55M), the stock traded down ~6.1%, and analysts hold a consensus rating of "Hold" with an average price target of $13.50.
Eos Energy Enterprises, Inc. (NASDAQ:EOSE - Get Free Report) insider Michael Silberman sold 41,667 shares of the firm's stock in a transaction on Friday, January 23rd. The shares were sold at an average price of $17.74, for a total transaction of $739,172.58. Following the transaction, the insider owned 283,279 shares in the company, valued at $5,025,369.46. This represents a 12.82% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website.
Eos Energy Enterprises Trading Down 6.1%
Shares of NASDAQ:EOSE opened at $17.11 on Friday. The stock has a market capitalization of $4.93 billion, a PE ratio of -2.05 and a beta of 2.11. Eos Energy Enterprises, Inc. has a 1 year low of $3.07 and a 1 year high of $19.86. The firm has a fifty day moving average price of $14.17 and a 200 day moving average price of $11.38.
Eos Energy Enterprises (NASDAQ:EOSE - Get Free Report) last announced its quarterly earnings results on Wednesday, November 5th. The company reported ($2.77) earnings per share for the quarter, missing analysts' consensus estimates of ($0.31) by ($2.46). The business had revenue of $30.51 million during the quarter, compared to the consensus estimate of $39.55 million. On average, sell-side analysts forecast that Eos Energy Enterprises, Inc. will post -2.54 earnings per share for the current fiscal year.
Institutional Investors Weigh In On Eos Energy Enterprises
Several hedge funds and other institutional investors have recently modified their holdings of the stock. Rubric Capital Management LP acquired a new position in Eos Energy Enterprises during the 3rd quarter valued at $117,317,000. Geode Capital Management LLC grew its position in Eos Energy Enterprises by 101.4% in the 2nd quarter. Geode Capital Management LLC now owns 5,407,930 shares of the company's stock worth $27,692,000 after purchasing an additional 2,722,495 shares during the last quarter. Engineers Gate Manager LP bought a new position in shares of Eos Energy Enterprises during the 2nd quarter worth about $11,840,000. Vanguard Group Inc. raised its position in shares of Eos Energy Enterprises by 16.7% during the third quarter. Vanguard Group Inc. now owns 15,536,862 shares of the company's stock valued at $176,965,000 after buying an additional 2,218,075 shares during the last quarter. Finally, Electron Capital Partners LLC raised its position in shares of Eos Energy Enterprises by 39.9% during the second quarter. Electron Capital Partners LLC now owns 6,979,422 shares of the company's stock valued at $35,735,000 after buying an additional 1,989,144 shares during the last quarter. Institutional investors and hedge funds own 54.87% of the company's stock.
Analyst Upgrades and Downgrades
A number of equities research analysts have issued reports on EOSE shares. Zacks Research raised Eos Energy Enterprises from a "strong sell" rating to a "hold" rating in a research report on Monday, January 12th. Roth Mkm set a $12.00 price objective on shares of Eos Energy Enterprises and gave the stock a "neutral" rating in a research note on Wednesday, October 22nd. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Eos Energy Enterprises in a report on Thursday. Guggenheim raised their target price on shares of Eos Energy Enterprises from $10.00 to $20.00 and gave the company a "buy" rating in a research note on Wednesday, October 22nd. Finally, Stifel Nicolaus boosted their target price on shares of Eos Energy Enterprises from $10.00 to $22.00 and gave the stock a "buy" rating in a research report on Wednesday, October 15th. Two investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Eos Energy Enterprises has a consensus rating of "Hold" and an average price target of $13.50.
View Our Latest Stock Analysis on EOSE
About Eos Energy Enterprises
(
Get Free Report)
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.
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