Stock Market Today, July 7: Eos Energy Slides After Power Project Selection News
Eos Energy Enterprises (NASDAQ:EOSE), a U.S.-made zinc-based long-duration grid battery storage systems provider, closed at $4.74, down 6.32%. Premarket project-selection news did not prevent a midday slide, and investors are watching the expected late July earnings report next.
Trading volume reached 54.4 million shares, coming in almost twice its three-month average of 27.6 million shares. Eos Energy Enterprises IPO'd in 2020 and has fallen 53% since going public.
How the markets moved today
The S&P 500 (SNPINDEX:^GSPC) fell 0.45% to 7,503, while the Nasdaq Composite (NASDAQINDEX:^IXIC) dropped 1.16% to 25,819. Among electrical equipment and components; long-duration battery energy storage systems peers, Fluence Energy (NASDAQ:FLNC) closed at $16.20, down 9.09%, and Stem (NYSE:STEM) finished at $7.18, down 7.83%, pointing to weakness across the storage group.
What this means for investors
Earlier this year, Eos and private equity firm Cerberus launched Frontier Power USA, an independent development and investment company. Frontier is dedicated to building, owning, and operating a wide range of long-duration battery energy storage projects utilizing Eos's innovative battery technology.
Another step to accelerate energy storage deployments was announced today. It has exercised its exclusive selection right for four battery energy storage projects currently under development by Stella Energy Solutions, a U.S. utility-scale clean energy platform.
Eos Energy holds a 49% ownership stake in the Frontier Power USA joint venture. That gave the stock a boost in early trading, which soon fizzled. Investors might want to do more research on this renewable energy name, as there’s a growing market for battery energy storage.
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Howard Smith has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Fluence Energy. The Motley Fool recommends Stem. The Motley Fool has a disclosure policy.
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