Key Points
- Eos Energy CAO Sumeet Puri sold 34,167 shares at an average $4.13, totaling $141,109.71. The Rule 10b5-1 sale was intended to cover tax withholding on vested equity awards, reducing his holdings by 12.63% to 236,445 shares.
- Eos Energy reported a quarterly loss of $1.20 per share, substantially worse than the $0.19 consensus estimate, while revenue of $68.78 million slightly exceeded expectations.
- Analyst sentiment is mixed, with the stock carrying an overall “Hold” rating and an average price target of $8.25 versus a recent price near $4.15; institutional investors own 54.87% of the company.
Eos Energy Enterprises, Inc. (NASDAQ:EOSE - Get Free Report) CAO Sumeet Puri sold 34,167 shares of the firm's stock in a transaction on Wednesday, September 9th. The stock was sold at an average price of $4.13, for a total value of $141,109.71. Following the transaction, the chief accounting officer owned 236,445 shares of the company's stock, valued at approximately $976,517.85. This represents a 12.63% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 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.
Sumeet Puri also recently made the following trade(s):
- On Tuesday, July 28th, Sumeet Puri sold 29,167 shares of Eos Energy Enterprises stock. The shares were sold at an average price of $3.36, for a total value of $98,001.12.
- On Tuesday, June 30th, Sumeet Puri sold 8,823 shares of Eos Energy Enterprises stock. The shares were sold at an average price of $5.86, for a total value of $51,702.78.
Eos Energy Enterprises Price Performance
NASDAQ EOSE opened at $4.15 on Thursday. The company has a market cap of $1.51 billion, a P/E ratio of -0.61 and a beta of 2.77. The stock has a 50-day moving average of $3.95 and a two-hundred day moving average of $5.79. Eos Energy Enterprises, Inc. has a 1-year low of $3.01 and a 1-year high of $19.86.
Eos Energy Enterprises (NASDAQ:EOSE - Get Free Report) last posted its quarterly earnings data on Wednesday, August 5th. The company reported ($1.20) EPS for the quarter, missing the consensus estimate of ($0.19) by ($1.01). The firm had revenue of $68.78 million for the quarter, compared to analyst estimates of $68.32 million. During the same period last year, the firm posted ($1.05) earnings per share. On average, analysts anticipate that Eos Energy Enterprises, Inc. will post -0.91 EPS for the current fiscal year.
Wall Street Analyst Weigh In
Several equities analysts have commented on the stock. Wall Street Zen downgraded shares of Eos Energy Enterprises from a "sell" rating to a "strong sell" rating in a research note on Saturday, August 8th. Stifel Nicolaus lowered their target price on Eos Energy Enterprises from $10.00 to $9.00 and set a "buy" rating for the company in a research note on Thursday, August 6th. Needham & Company LLC started coverage on Eos Energy Enterprises in a research note on Friday, May 22nd. They set a "buy" rating and a $11.00 target price for the company. Weiss Ratings restated a "sell (d-)" rating on shares of Eos Energy Enterprises in a report on Friday, July 17th. Finally, B. Riley Financial decreased their price objective on Eos Energy Enterprises from $8.00 to $5.00 and set a "neutral" rating for the company in a research note on Friday, August 14th. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, six have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Eos Energy Enterprises currently has an average rating of "Hold" and an average price target of $8.25.
View Our Latest Research Report on EOSE
Institutional Investors Weigh In On Eos Energy Enterprises
Several institutional investors have recently modified their holdings of EOSE. Millennium Management LLC grew its stake in shares of Eos Energy Enterprises by 55.1% during the first quarter. Millennium Management LLC now owns 2,522,273 shares of the company's stock worth $9,534,000 after purchasing an additional 896,471 shares in the last quarter. Goldman Sachs Group Inc. raised its stake in 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 valued at $14,744,000 after buying an additional 1,050,128 shares in the last quarter. Envestnet Asset Management Inc. acquired a new stake in Eos Energy Enterprises in the second quarter valued at $76,000. JPMorgan Chase & Co. purchased a new stake in Eos Energy Enterprises during the 2nd quarter worth about $5,958,000. Finally, Prudential Financial Inc. acquired a new position in shares of Eos Energy Enterprises during the 2nd quarter worth about $144,000. 54.87% of the stock is owned by hedge funds and other institutional investors.
Eos Energy Enterprises Company Profile
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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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