Needham & Company LLC Lowers Eos Energy Enterprises (NASDAQ:EOSE) Price Target to $10.00

by · The Cerbat Gem

Eos Energy Enterprises (NASDAQ:EOSE – Get Free Report) had its target price reduced by analysts at Needham & Company LLC from $11.00 to $10.00 in a report released on Tuesday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. Needham & Company LLC’s price target points to a potential upside of 161.78% from the stock’s previous close.

A number of other research firms have also commented on EOSE. Wall Street Zen lowered Eos Energy Enterprises from a “sell” rating to a “strong sell” rating in a research report on Saturday, August 8th. B. Riley Financial reduced their target price on shares of 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. Roth Capital increased their target price on shares of Eos Energy Enterprises from $4.00 to $4.50 and gave the company a “neutral” rating in a report on Thursday. Weiss Ratings reissued a “sell (d-)” rating on shares of Eos Energy Enterprises in a research report on Friday, July 17th. Finally, Truist Financial began coverage on shares of Eos Energy Enterprises in a report on Monday, July 13th. They set a “buy” rating and a $7.00 price target on the stock. One analyst has rated the stock with a Strong Buy rating, two have issued 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, the stock has an average rating of “Hold” and a consensus price target of $8.19.

Get Our Latest Analysis on Eos Energy Enterprises

Eos Energy Enterprises Stock Performance

Shares of EOSE opened at $3.82 on Tuesday. The firm has a market capitalization of $1.39 billion, a P/E ratio of -0.56 and a beta of 2.77. Eos Energy Enterprises has a 52 week low of $3.01 and a 52 week high of $19.86. The stock has a 50 day moving average price of $3.87 and a two-hundred day moving average price of $5.64.

Eos Energy Enterprises (NASDAQ:EOSE – Get Free Report) last posted its earnings results on Wednesday, August 5th. The company reported ($1.20) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.19) by ($1.01). The firm had revenue of $68.78 million during the quarter, compared to the consensus estimate of $68.32 million. During the same quarter in the previous year, the company earned ($1.05) EPS. On average, equities analysts forecast that Eos Energy Enterprises will post -0.92 earnings per share for the current year.

Insider Buying and Selling at Eos Energy Enterprises

In other Eos Energy Enterprises news, insider Michelle Buczkowski sold 11,469 shares of the stock in a transaction that occurred on Tuesday, June 30th. The shares were sold at an average price of $5.87, for a total value of $67,323.03. Following the sale, the insider directly owned 59,242 shares in the company, valued at $347,750.54. This represents a 16.22% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 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, CEO Joe Mastrangelo sold 159,154 shares of the firm’s stock in a transaction on Monday, July 27th. The shares were sold at an average price of $3.61, for a total transaction of $574,545.94. Following the completion of the transaction, the chief executive officer directly owned 1,947,586 shares of the company’s stock, valued at approximately $7,030,785.46. The trade was a 7.55% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 482,793 shares of company stock worth $1,969,682 in the last ninety days. Insiders own 1.73% of the company’s stock.

Hedge Funds Weigh In On Eos Energy Enterprises

Several hedge funds and other institutional investors have recently added to or reduced their stakes in EOSE. Allworth Financial LP raised its holdings in shares of Eos Energy Enterprises by 198.6% in the 2nd quarter. Allworth Financial LP now owns 4,300 shares of the company’s stock valued at $25,000 after acquiring an additional 2,860 shares in the last quarter. Caitong International Asset Management Co. Ltd grew its holdings in shares of Eos Energy Enterprises by 33.1% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 5,732 shares of the company’s stock worth $66,000 after purchasing an additional 1,425 shares in the last quarter. Global Retirement Partners LLC increased its position in shares of Eos Energy Enterprises by 52.2% in the fourth quarter. Global Retirement Partners LLC now owns 9,130 shares of the company’s stock worth $105,000 after purchasing an additional 3,130 shares during the last quarter. PNC Financial Services Group Inc. increased its position in shares of Eos Energy Enterprises by 279.4% in the first quarter. PNC Financial Services Group Inc. now owns 9,577 shares of the company’s stock worth $48,000 after purchasing an additional 7,053 shares during the last quarter. Finally, KFA Private Wealth Group LLC purchased a new stake in Eos Energy Enterprises in the first quarter valued at approximately $50,000. 54.87% of the stock is currently owned by hedge funds and other institutional investors.

Eos Energy Enterprises Company Profile

(Get Free Report)

Eos Energy Enterprises, Inc develops and manufactures long-duration energy storage systems designed to support the reliability and flexibility of electric grids. Its technology is based on aqueous zinc battery chemistry, which is intended to provide a non-flammable alternative to conventional lithium-ion batteries for stationary storage applications.

The company’s primary product platform is the Eos Z3, a modular battery system designed for utility-scale and other large-scale energy storage projects.

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