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

Eos Energy Enterprises, Inc. (NASDAQ:EOSE) gapped down before the market opened on Wednesday . The stock had previously closed at $3.18, but opened at $2.67. Eos Energy Enterprises shares last traded at $2.48, with a volume of 3,798,235 shares traded.

Analyst Upgrades and Downgrades

Separately, Stifel Nicolaus reaffirmed a “buy” rating and issued a $6.00 price objective on shares of Eos Energy Enterprises in a research note on Wednesday, August 21st. Two investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $3.67.

Eos Energy Enterprises Trading Down 19.8 %

The company has a market capitalization of $552.61 million, a PE ratio of -3.70 and a beta of 2.38. The stock’s 50-day moving average is $2.86 and its two-hundred day moving average is $1.85.

Eos Energy Enterprises (NASDAQ:EOSE) last issued its quarterly earnings results on Tuesday, August 6th. The company reported ($0.30) earnings per share for the quarter, missing the consensus estimate of ($0.19) by ($0.11). The firm had revenue of $0.90 million during the quarter, compared to analysts’ expectations of $4.38 million. On average, equities research analysts forecast that Eos Energy Enterprises, Inc. will post -0.78 EPS for the current fiscal year.

Insider Transactions at Eos Energy Enterprises

In related news, Director Jeffrey S. Bornstein sold 30,000 shares of the firm’s stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $2.62, for a total value of $78,600.00. Following the transaction, the director now owns 84,929 shares of the company’s stock, valued at $222,513.98. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, 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, with a total value of $75,504.00. Following the transaction, the chief executive officer now owns 909,793 shares of the company’s stock, valued at $1,301,003.99. This represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Jeffrey S. Bornstein sold 30,000 shares of the firm’s stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $2.62, for a total value of $78,600.00. Following the transaction, the director now owns 84,929 shares in the company, valued at approximately $222,513.98. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 3.80% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in EOSE. Vanguard Group Inc. boosted its stake in shares of Eos Energy Enterprises by 6.6% during the first quarter. Vanguard Group Inc. now owns 9,375,916 shares of the company’s stock valued at $9,657,000 after purchasing an additional 580,022 shares in the last quarter. Millennium Management LLC boosted its position in 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 acquiring an additional 3,109,880 shares in the last quarter. NewEdge Advisors LLC boosted its position in Eos Energy Enterprises by 30.2% during the 2nd quarter. NewEdge Advisors LLC now owns 2,588,823 shares of the company’s stock valued at $3,288,000 after acquiring an additional 600,143 shares in the last quarter. &PARTNERS increased its holdings in shares of Eos Energy Enterprises by 27.4% in the 2nd quarter. &PARTNERS now owns 411,900 shares of the company’s stock valued at $523,000 after acquiring an additional 88,650 shares during the period. Finally, B. Riley Wealth Advisors Inc. raised its position in shares of Eos Energy Enterprises by 940.6% in the 1st quarter. B. Riley Wealth Advisors Inc. now owns 275,765 shares of the company’s stock worth $284,000 after acquiring an additional 249,265 shares in the last quarter. 54.87% of the stock is currently owned by institutional investors.

Eos Energy Enterprises Company Profile

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.