Eos Energy Enterprises (NASDAQ:EOSE) Trading Up 6% – Time to Buy?

Eos Energy Enterprises, Inc. (NASDAQ:EOSE) shares were up 6% during mid-day trading on Friday . The stock traded as high as $4.24 and last traded at $4.1960. Approximately 10,242,106 shares were traded during trading, a decline of 59% from the average session volume of 25,285,885 shares. The stock had previously closed at $3.96.

Analysts Set New Price Targets

A number of analysts have recently commented on the stock. Wall Street Zen cut shares of Eos Energy Enterprises from a “hold” rating to a “sell” rating in a research note on Saturday, July 4th. Truist Financial initiated coverage on shares of Eos Energy Enterprises in a research note on Monday, July 13th. They issued a “buy” rating and a $7.00 price target on the stock. Needham & Company LLC started coverage on Eos Energy Enterprises in a report on Friday, May 22nd. They issued a “buy” rating and a $11.00 price objective on the stock. Weiss Ratings reiterated a “sell (d-)” rating on shares of Eos Energy Enterprises in a research note on Tuesday, April 21st. Finally, Zacks Research raised Eos Energy Enterprises from a “strong sell” rating to a “hold” rating in a report on Tuesday, April 28th. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $9.17.

Eos Energy Enterprises Stock Performance

The firm’s 50 day simple moving average is $6.70 and its 200-day simple moving average is $8.59. The company has a market cap of $1.40 billion, a price-to-earnings ratio of -0.62 and a beta of 2.68.

Eos Energy Enterprises (NASDAQ:EOSE) last released its earnings results on Wednesday, May 13th. The company reported $0.12 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.22) by $0.34. The business had revenue of $56.96 million for the quarter, compared to analysts’ expectations of $54.32 million. As a group, sell-side analysts expect that Eos Energy Enterprises, Inc. will post -0.3 EPS for the current fiscal year.

Insider Activity at Eos Energy Enterprises

In other Eos Energy Enterprises news, CFO Nathan Kroeker sold 79,309 shares of the firm’s stock in a transaction that occurred on Tuesday, July 7th. The shares were sold at an average price of $4.68, for a total value of $371,166.12. Following the transaction, the chief financial officer directly owned 777,110 shares of the company’s stock, valued at $3,636,874.80. This trade represents a 9.26% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Marian Walters sold 7,681 shares of the business’s stock in a transaction that occurred on Tuesday, May 19th. The stock was sold at an average price of $7.07, for a total value of $54,304.67. Following the transaction, the director owned 135,334 shares in the company, valued at approximately $956,811.38. This represents a 5.37% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 157,569 shares of company stock worth $839,328 in the last 90 days. 1.73% of the stock is owned by insiders.

Institutional Investors Weigh In On Eos Energy Enterprises

Several hedge funds and other institutional investors have recently made changes to their positions in EOSE. Rubric Capital Management LP purchased a new position in shares of Eos Energy Enterprises during the 3rd quarter worth $117,317,000. Vanguard Group Inc. boosted its position in shares of Eos Energy Enterprises by 19.8% during the 4th quarter. Vanguard Group Inc. now owns 18,616,874 shares of the company’s stock valued at $213,349,000 after acquiring an additional 3,080,012 shares during the last quarter. Engineers Gate Manager LP purchased a new stake in shares of Eos Energy Enterprises in the second quarter valued at about $11,840,000. Vaughan Nelson Investment Management L.P. purchased a new stake in shares of Eos Energy Enterprises in the fourth quarter valued at about $22,330,000. Finally, Renaissance Technologies LLC acquired a new stake in Eos Energy Enterprises during the first quarter worth about $9,152,000. Institutional investors and hedge funds own 54.87% of the company’s stock.

Eos Energy Enterprises Company Profile

Eos Energy Enterprises specializes in the development and deployment of scalable, long-duration energy storage systems designed to support the integration of renewable power and enhance grid reliability. The company’s core technology centers on its proprietary zinc hybrid cathode (Znyth™) battery platform, which aims to deliver safe, low-cost, and durable performance for utility, commercial and industrial, and microgrid applications.

The company’s flagship product, the Aurora™ energy storage system, combines its Znyth™ cells with modular power conversion and controls to offer flexible capacity ranging from one to three hours of discharge duration.