Eos Energy Enterprises (NASDAQ:EOSE) Shares Down 5.5% on Analyst Downgrade

Eos Energy Enterprises, Inc. (NASDAQ:EOSE) was down 5.5% on Tuesday after Guggenheim lowered their price target on the stock from $7.00 to $6.00. Guggenheim currently has a buy rating on the stock. Eos Energy Enterprises traded as low as $3.81 and last traded at $3.92. Approximately 15,129,134 shares were traded during mid-day trading, an increase of 82% from the average daily volume of 8,326,149 shares. The stock had previously closed at $4.15.

EOSE has been the subject of a number of other research reports. Roth Mkm cut shares of Eos Energy Enterprises from a “buy” rating to a “neutral” rating and raised their price target for the stock from $4.00 to $5.00 in a research note on Thursday, February 20th. Cowen restated a “hold” rating on shares of Eos Energy Enterprises in a research note on Friday, March 7th. Finally, Roth Capital cut shares of Eos Energy Enterprises from a “strong-buy” rating to a “hold” rating in a research note on Thursday, February 20th. Four equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $5.67.

Insider Transactions at Eos Energy Enterprises

In other news, insider Nathan Kroeker sold 152,856 shares of the firm’s stock in a transaction on Friday, May 16th. The stock was sold at an average price of $6.86, for a total value of $1,048,592.16. Following the completion of the sale, the insider now directly owns 403,815 shares in the company, valued at approximately $2,770,170.90. This trade represents a 27.46% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO Joe Mastrangelo sold 270,384 shares of the firm’s stock in a transaction on Friday, May 16th. The shares were sold at an average price of $6.86, for a total value of $1,854,834.24. Following the completion of the sale, the chief executive officer now owns 1,109,409 shares of the company’s stock, valued at approximately $7,610,545.74. This trade represents a 19.60% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 560,356 shares of company stock worth $3,844,042. Insiders own 3.63% of the company’s stock.

Institutional Trading of Eos Energy Enterprises

A number of hedge funds and other institutional investors have recently made changes to their positions in EOSE. Parkside Financial Bank & Trust acquired a new stake in shares of Eos Energy Enterprises in the fourth quarter valued at approximately $29,000. R Squared Ltd acquired a new stake in shares of Eos Energy Enterprises in the fourth quarter valued at approximately $31,000. KBC Group NV acquired a new stake in shares of Eos Energy Enterprises in the first quarter valued at approximately $38,000. SBI Securities Co. Ltd. increased its holdings in shares of Eos Energy Enterprises by 588.0% in the first quarter. SBI Securities Co. Ltd. now owns 10,065 shares of the company’s stock valued at $38,000 after purchasing an additional 8,602 shares in the last quarter. Finally, Elevatus Welath Management acquired a new stake in shares of Eos Energy Enterprises in the first quarter valued at approximately $39,000. 54.87% of the stock is currently owned by institutional investors and hedge funds.

Eos Energy Enterprises Stock Down 7.0%

The firm has a market cap of $878.50 million, a price-to-earnings ratio of -1.60 and a beta of 2.11. The business’s fifty day moving average is $5.06 and its two-hundred day moving average is $4.66.

Eos Energy Enterprises (NASDAQ:EOSE) last issued its quarterly earnings results on Tuesday, May 6th. The company reported ($0.20) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.01). The company had revenue of $10.46 million for the quarter, compared to analyst estimates of $11.77 million. Research analysts forecast that Eos Energy Enterprises, Inc. will post -2.54 EPS for the current year.

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.