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

Eos Energy Enterprises, Inc. (NASDAQ:EOSE) dropped 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. Approximately 15,129,134 shares traded hands during trading, an increase of 82% from the average daily volume of 8,326,149 shares. The stock had previously closed at $4.15.

A number of other equities research analysts also recently issued reports on EOSE. Cowen reissued a “hold” rating on shares of Eos Energy Enterprises in a research note on Friday, March 7th. Roth Mkm cut 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. Finally, Roth Capital lowered Eos Energy Enterprises from a “strong-buy” rating to a “hold” rating in a research report 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 stock. According to MarketBeat.com, Eos Energy Enterprises currently has a consensus rating of “Hold” and a consensus target price of $5.67.

Insider Buying and Selling

In other Eos Energy Enterprises news, CAO Sumeet Puri sold 36,173 shares of the stock in a transaction dated 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 owns 95,624 shares of the company’s stock, valued at $655,980.64. This trade represents a 27.45% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Joe Mastrangelo sold 270,384 shares of the business’s stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $6.86, for a total value of $1,854,834.24. Following the transaction, the chief executive officer now directly owns 1,109,409 shares of the company’s stock, valued at approximately $7,610,545.74. This represents a 19.60% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 560,356 shares of company stock valued at $3,844,042 in the last ninety days. Company insiders own 3.63% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the company. Legal & General Group Plc raised its holdings in shares of Eos Energy Enterprises by 61,220.5% in the 4th quarter. Legal & General Group Plc now owns 4,804,461 shares of the company’s stock valued at $23,350,000 after purchasing an additional 4,796,626 shares in the last quarter. Driehaus Capital Management LLC acquired a new position in shares of Eos Energy Enterprises during the 1st quarter worth about $13,456,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new stake in shares of Eos Energy Enterprises during the 4th quarter worth approximately $16,632,000. Alyeska Investment Group L.P. boosted its stake in Eos Energy Enterprises by 714.3% in the fourth quarter. Alyeska Investment Group L.P. now owns 1,628,500 shares of the company’s stock valued at $7,915,000 after acquiring an additional 1,428,500 shares in the last quarter. Finally, Barings LLC grew its holdings in shares of Eos Energy Enterprises by 100.5% during the fourth quarter. Barings LLC now owns 2,403,448 shares of the company’s stock worth $11,681,000 after purchasing an additional 1,204,430 shares during the last quarter. Hedge funds and other institutional investors own 54.87% of the company’s stock.

Eos Energy Enterprises Price Performance

The firm has a market cap of $892.15 million, a price-to-earnings ratio of -1.63 and a beta of 2.11. The stock has a 50-day moving average price of $5.06 and a 200 day moving average price of $4.66.

Eos Energy Enterprises (NASDAQ:EOSE) last released its quarterly earnings results on Tuesday, May 6th. The company reported ($0.20) 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 the consensus estimate 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.