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

Shares of Eos Energy Enterprises, Inc. (NASDAQ:EOSE - Get Free Report) traded down 5.5% during mid-day trading 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. 15,129,134 shares were traded during mid-day trading, an increase of 82% from the average session volume of 8,326,149 shares. The stock had previously closed at $4.15.

Several other brokerages have also recently issued reports on EOSE. Roth Capital cut Eos Energy Enterprises from a "strong-buy" rating to a "hold" rating in a report on Thursday, February 20th. Roth Mkm cut Eos Energy Enterprises from a "buy" rating to a "neutral" rating and lifted their target price for the stock from $4.00 to $5.00 in a report on Thursday, February 20th. Finally, Cowen reaffirmed 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 given a buy rating to the company's stock. According to data from MarketBeat, Eos Energy Enterprises presently has an average rating of "Hold" and a consensus target price of $5.67.

Insiders Place Their Bets

In other Eos Energy Enterprises news, CEO Joe Mastrangelo sold 270,384 shares of the business's stock in a transaction that occurred on Friday, May 16th. The stock was sold at an average price of $6.86, for a total transaction of $1,854,834.24. Following the sale, the chief executive officer now directly owns 1,109,409 shares of the company's stock, valued at $7,610,545.74. The trade was a 19.60% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CAO Sumeet Puri sold 36,173 shares of the business's stock in a transaction that occurred on Friday, May 16th. The stock was sold at an average price of $6.86, for a total value of $248,146.78. Following the sale, the chief accounting officer now directly owns 95,624 shares in the company, valued at $655,980.64. The trade was a 27.45% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 560,356 shares of company stock valued at $3,844,042 over the last ninety days. 3.63% of the stock is owned by insiders.

Institutional Investors Weigh In On Eos Energy Enterprises

Several large investors have recently added to or reduced their stakes in EOSE. Integrity Alliance LLC. purchased a new position in shares of Eos Energy Enterprises during the first quarter valued at approximately $113,000. CTC Alternative Strategies Ltd. purchased a new position in shares of Eos Energy Enterprises during the first quarter valued at approximately $65,000. Goldman Sachs Group Inc. boosted its position in shares of Eos Energy Enterprises by 36.8% during the first quarter. Goldman Sachs Group Inc. now owns 3,900,513 shares of the company's stock valued at $14,744,000 after buying an additional 1,050,128 shares during the period. Millennium Management LLC boosted its position in shares of Eos Energy Enterprises by 55.1% during the first quarter. Millennium Management LLC now owns 2,522,273 shares of the company's stock valued at $9,534,000 after buying an additional 896,471 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of Eos Energy Enterprises by 1.5% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 3,286,648 shares of the company's stock valued at $12,925,000 after buying an additional 50,117 shares during the period. 54.87% of the stock is owned by institutional investors.

Eos Energy Enterprises Price Performance

The company has a 50-day simple moving average of $5.05 and a 200-day simple moving average of $4.65. The firm has a market cap of $864.84 million, a PE ratio of -1.58 and a beta of 1.97.

Eos Energy Enterprises (NASDAQ:EOSE - Get Free Report) last announced its earnings results on Tuesday, May 6th. The company reported ($0.20) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.19) by ($0.01). The business had revenue of $10.46 million during the quarter, compared to analyst estimates of $11.77 million. As a group, equities research 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.