Eos Energy Enterprises (NASDAQ:EOSE) Cut to “Strong Sell” at Zacks Research

Zacks Research lowered shares of Eos Energy Enterprises (NASDAQ:EOSE) from a hold rating to a strong sell rating in a research report sent to investors on Wednesday morning,Zacks.com reports.

Several other research analysts have also recently issued reports on the company. Guggenheim raised their target price on Eos Energy Enterprises from $10.00 to $20.00 and gave the stock a “buy” rating in a research report on Wednesday, October 22nd. Roth Capital set a $12.00 target price on Eos Energy Enterprises and gave the stock a “neutral” rating in a research report on Wednesday, October 22nd. Stifel Nicolaus raised their target price on Eos Energy Enterprises from $10.00 to $22.00 and gave the stock a “buy” rating in a research report on Wednesday, October 15th. Weiss Ratings reissued a “sell (d-)” rating on shares of Eos Energy Enterprises in a research report on Wednesday, October 8th. Finally, Jefferies Financial Group initiated coverage on Eos Energy Enterprises in a research report on Friday, September 5th. They set a “hold” rating and a $6.50 price objective on the stock. Two research analysts have rated the stock with a Buy rating, six have issued a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $11.36.

Eos Energy Enterprises Stock Performance

Shares of NASDAQ:EOSE opened at $16.03 on Wednesday. The stock has a market capitalization of $4.17 billion, a price-to-earnings ratio of -3.07 and a beta of 2.29. The stock’s 50-day simple moving average is $11.36 and its two-hundred day simple moving average is $7.45. Eos Energy Enterprises has a 52-week low of $2.06 and a 52-week high of $19.05.

Eos Energy Enterprises (NASDAQ:EOSE) last announced its earnings results on Wednesday, July 30th. The company reported ($1.05) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.17) by ($0.88). The business had revenue of $15.24 million during the quarter, compared to analyst estimates of $24.96 million. As a group, equities analysts forecast that Eos Energy Enterprises will post -2.54 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Marian Walters sold 50,000 shares of Eos Energy Enterprises stock in a transaction dated Wednesday, September 3rd. The stock was sold at an average price of $7.90, for a total transaction of $395,000.00. Following the transaction, the director directly owned 133,794 shares of the company’s stock, valued at $1,056,972.60. The trade was a 27.20% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Alexander Dimitrief sold 45,000 shares of Eos Energy Enterprises stock in a transaction dated Monday, August 4th. The shares were sold at an average price of $6.00, for a total value of $270,000.00. Following the transaction, the director directly owned 219,452 shares in the company, valued at approximately $1,316,712. The trade was a 17.02% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 135,501 shares of company stock valued at $952,962 in the last ninety days. Corporate insiders own 3.30% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in EOSE. KBC Group NV purchased a new position in Eos Energy Enterprises in the 1st quarter worth approximately $38,000. SBI Securities Co. Ltd. lifted its holdings in Eos Energy Enterprises by 588.0% in the 1st quarter. SBI Securities Co. Ltd. now owns 10,065 shares of the company’s stock worth $38,000 after purchasing an additional 8,602 shares in the last quarter. Farther Finance Advisors LLC lifted its holdings in Eos Energy Enterprises by 33.0% in the 3rd quarter. Farther Finance Advisors LLC now owns 3,325 shares of the company’s stock worth $38,000 after purchasing an additional 825 shares in the last quarter. Elevatus Welath Management purchased a new position in Eos Energy Enterprises in the 1st quarter worth approximately $39,000. Finally, Amalgamated Bank purchased a new position in Eos Energy Enterprises in the 2nd quarter worth approximately $39,000. 54.87% of the stock is owned by hedge funds and other institutional investors.

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.