Eos Energy Enterprises (NASDAQ:EOSE) Trading Down 5.5% After Analyst Downgrade

Eos Energy Enterprises, Inc. (NASDAQ:EOSE - Get Free Report) shares were 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.

Several other research firms also recently weighed in on EOSE. Roth Mkm downgraded Eos Energy Enterprises from a "buy" rating to a "neutral" rating and upped their price target for the stock from $4.00 to $5.00 in a research note on Thursday, February 20th. Roth Capital downgraded Eos Energy Enterprises from a "strong-buy" rating to a "hold" rating in a report on Thursday, February 20th. Finally, Cowen restated a "hold" rating on shares of Eos Energy Enterprises in a report on Friday, March 7th. Four research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $5.67.

Insider Activity at Eos Energy Enterprises

In related news, insider Nathan Kroeker sold 152,856 shares of Eos Energy Enterprises stock in a transaction dated 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 position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Joe Mastrangelo sold 270,384 shares of the company's stock in a transaction dated Friday, May 16th. The shares were sold at an average price of $6.86, for a total transaction of $1,854,834.24. Following the transaction, the chief executive officer now owns 1,109,409 shares in the company, valued at $7,610,545.74. This represents a 19.60% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 560,356 shares of company stock valued at $3,844,042. 3.63% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Eos Energy Enterprises

Several institutional investors and hedge funds have recently added to or reduced their stakes in EOSE. WESPAC Advisors LLC grew its stake in shares of Eos Energy Enterprises by 16.6% during the 4th quarter. WESPAC Advisors LLC now owns 12,647 shares of the company's stock valued at $61,000 after purchasing an additional 1,798 shares during the period. Wells Fargo & Company MN grew its position in Eos Energy Enterprises by 3.6% during the fourth quarter. Wells Fargo & Company MN now owns 62,075 shares of the company's stock valued at $302,000 after buying an additional 2,175 shares during the period. Montag A & Associates Inc. grew its position in Eos Energy Enterprises by 21.0% during the fourth quarter. Montag A & Associates Inc. now owns 13,809 shares of the company's stock valued at $67,000 after buying an additional 2,400 shares during the period. Carmel Capital Partners LLC increased its holdings in Eos Energy Enterprises by 24.5% during the first quarter. Carmel Capital Partners LLC now owns 12,450 shares of the company's stock valued at $47,000 after buying an additional 2,450 shares during the last quarter. Finally, Meridian Wealth Management LLC raised its position in Eos Energy Enterprises by 2.6% in the first quarter. Meridian Wealth Management LLC now owns 102,400 shares of the company's stock worth $387,000 after acquiring an additional 2,600 shares during the period. Hedge funds and other institutional investors own 54.87% of the company's stock.

Eos Energy Enterprises Price Performance

The company's 50-day simple moving average is $5.06 and its two-hundred day simple moving average is $4.66. The firm has a market capitalization of $873.95 million, a P/E ratio of -1.59 and a beta of 1.97.

Eos Energy Enterprises (NASDAQ:EOSE - Get Free Report) last posted its quarterly earnings data on Tuesday, May 6th. The company reported ($0.20) EPS for the quarter, missing the consensus estimate of ($0.19) by ($0.01). The firm had revenue of $10.46 million during the quarter, compared to analysts' expectations of $11.77 million. Analysts predict that Eos Energy Enterprises, Inc. will post -2.54 earnings per share 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.