Eos Energy Enterprises (NASDAQ:EOSE) Shares Up 8.4% – Should You Buy?

Eos Energy Enterprises, Inc. (NASDAQ:EOSE)’s stock price shot up 8.4% during trading on Friday . The company traded as high as $3.79 and last traded at $3.7950. Approximately 17,442,044 shares were traded during mid-day trading, a decline of 32% from the average daily volume of 25,555,803 shares. The stock had previously closed at $3.50.

Analysts Set New Price Targets

Several analysts have recently issued reports on EOSE shares. TD Cowen decreased their target price on shares of Eos Energy Enterprises from $8.00 to $4.00 and set a “hold” rating on the stock in a research report on Thursday, August 6th. B. Riley Financial dropped their price target on Eos Energy Enterprises from $8.00 to $5.00 and set a “neutral” rating for the company in a research report on Friday, August 14th. Truist Financial began coverage on Eos Energy Enterprises in a research note on Monday, July 13th. They set a “buy” rating and a $7.00 price objective on the stock. Needham & Company LLC initiated coverage on Eos Energy Enterprises in a research report on Friday, May 22nd. They set a “buy” rating and a $11.00 price objective on the stock. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Eos Energy Enterprises in a research report on Friday, July 17th. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $8.06.

Eos Energy Enterprises Stock Performance

The stock has a fifty day moving average of $4.09 and a 200-day moving average of $6.00. The company has a market cap of $1.41 billion, a PE ratio of -0.57 and a beta of 2.77.

Eos Energy Enterprises (NASDAQ:EOSE) last released its earnings results on Wednesday, August 5th. The company reported ($1.20) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.19) by ($1.01). The business had revenue of $68.78 million during the quarter, compared to analyst estimates of $68.32 million. During the same quarter last year, the firm posted ($1.05) EPS. As a group, equities analysts anticipate that Eos Energy Enterprises, Inc. will post -0.91 EPS for the current fiscal year.

Insider Buying and Selling

In other Eos Energy Enterprises news, insider Michelle Buczkowski sold 11,469 shares of the company’s stock in a transaction on Tuesday, June 30th. The stock was sold at an average price of $5.87, for a total transaction of $67,323.03. Following the completion of the sale, the insider owned 59,242 shares in the company, valued at $347,750.54. This represents a 16.22% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 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, CEO Joe Mastrangelo sold 159,154 shares of Eos Energy Enterprises stock in a transaction on Monday, July 27th. The shares were sold at an average price of $3.61, for a total value of $574,545.94. Following the completion of the transaction, the chief executive officer owned 1,947,586 shares in the company, valued at $7,030,785.46. This represents a 7.55% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 448,626 shares of company stock valued at $1,828,572 over the last ninety days. Company insiders own 1.73% of the company’s stock.

Institutional Trading of Eos Energy Enterprises

Hedge funds have recently modified their holdings of the company. Inspire Investing LLC grew its position in shares of Eos Energy Enterprises by 2.2% in the 4th quarter. Inspire Investing LLC now owns 41,442 shares of the company’s stock worth $475,000 after buying an additional 882 shares during the last quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA increased its holdings in shares of Eos Energy Enterprises by 58.8% during the fourth quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA now owns 2,700 shares of the company’s stock valued at $31,000 after acquiring an additional 1,000 shares in the last quarter. Diversify Advisory Services LLC raised its position in shares of Eos Energy Enterprises by 6.5% in the 3rd quarter. Diversify Advisory Services LLC now owns 17,124 shares of the company’s stock valued at $195,000 after purchasing an additional 1,049 shares during the last quarter. Caitong International Asset Management Co. Ltd raised its position in shares of Eos Energy Enterprises by 33.1% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 5,732 shares of the company’s stock valued at $66,000 after purchasing an additional 1,425 shares during the last quarter. Finally, Numerai GP LLC boosted its stake in Eos Energy Enterprises by 5.2% in the 4th quarter. Numerai GP LLC now owns 29,265 shares of the company’s stock worth $335,000 after purchasing an additional 1,441 shares in the last quarter. 54.87% of the stock is owned by hedge funds and other institutional investors.

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.