Eos Energy Enterprises (NASDAQ:EOSE) Stock Price Up 11.8% – Time to Buy?

Eos Energy Enterprises, Inc. (NASDAQ:EOSE)’s stock price was up 11.8% during mid-day trading on Wednesday. The company traded as high as $1.98 and last traded at $1.9450. Approximately 3,164,498 shares traded hands during trading, a decline of 88% from the average session volume of 25,969,170 shares. The stock had previously closed at $1.74.

Analyst Ratings Changes

Several equities analysts recently commented on EOSE shares. Stifel Nicolaus reduced their price target on Eos Energy Enterprises from $9.00 to $4.00 and set a “buy” rating on the stock in a research report on Monday. Weiss Ratings upgraded shares of Eos Energy Enterprises from a “sell (d-)” rating to a “hold (c-)” rating in a research note on Monday. Wall Street Zen downgraded Eos Energy Enterprises from a “sell” rating to a “strong sell” rating in a report on Saturday, August 8th. Needham & Company LLC decreased their target price on shares of Eos Energy Enterprises from $10.00 to $6.00 and set a “buy” rating for the company in a research report on Monday, October 19th. Finally, Roth Capital increased their target price on shares of Eos Energy Enterprises from $4.00 to $4.50 and gave the company a “neutral” rating in a research report on Thursday, September 10th. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and seven have given a Hold rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $6.69.

Eos Energy Enterprises Price Performance

The firm has a market cap of $659.15 million, a price-to-earnings ratio of -0.87 and a beta of 3.17. The stock’s fifty day moving average price is $2.75 and its 200-day moving average price is $5.67.

Eos Energy Enterprises (NASDAQ:EOSE) last issued its quarterly earnings results on Thursday, November 5th. The company reported ($0.17) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.24) by $0.07. The business had revenue of $82.73 million for the quarter, compared to the consensus estimate of $81.60 million. Eos Energy Enterprises had a negative return on equity of 20.68% and a net margin of 89.23%. As a group, equities research analysts predict that Eos Energy Enterprises, Inc. will post -1.26 EPS for the current fiscal year.

Insider Transactions at Eos Energy Enterprises

In other news, CEO Joe Mastrangelo sold 250,000 shares of the stock in a transaction on Wednesday, September 16th. The shares were sold at an average price of $3.92, for a total transaction of $980,000.00. Following the transaction, the chief executive officer owned 2,308,704 shares in the company, valued at $9,050,119.68. This represents a 9.77% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed 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, insider Michelle Buczkowski sold 50,000 shares of the stock in a transaction on Thursday, October 29th. The stock was sold at an average price of $2.00, for a total transaction of $100,000.00. Following the transaction, the insider directly owned 111,827 shares in the company, valued at $223,654. The trade was a 30.90% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 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. Insiders sold a total of 377,917 shares of company stock worth $1,392,610 in the last ninety days. Company insiders own 1.73% of the company’s stock.

Institutional Trading of Eos Energy Enterprises

A number of institutional investors and hedge funds have recently modified their holdings of the company. Renaissance Technologies LLC acquired a new stake in Eos Energy Enterprises in the 1st quarter valued at approximately $9,152,000. Quantinno Capital Management LP lifted its holdings in shares of Eos Energy Enterprises by 8,418.9% during the first quarter. Quantinno Capital Management LP now owns 1,078,070 shares of the company’s stock valued at $5,347,000 after acquiring an additional 1,065,415 shares during the period. Wellington Management Group LLP boosted its position in Eos Energy Enterprises by 475.8% in the second quarter. Wellington Management Group LLP now owns 1,155,515 shares of the company’s stock valued at $6,794,000 after buying an additional 954,828 shares in the last quarter. Bank of New York Mellon Corp bought a new position in Eos Energy Enterprises in the 2nd quarter valued at $5,530,000. Finally, Bank of America Corp DE boosted its position in Eos Energy Enterprises by 89.1% in the 1st quarter. Bank of America Corp DE now owns 1,247,548 shares of the company’s stock valued at $6,188,000 after buying an additional 587,752 shares during the last quarter. 54.87% of the stock is currently owned by institutional investors and hedge funds.

Eos Energy Enterprises Company Profile

Eos Energy Enterprises, Inc. develops and manufactures zinc-based battery energy storage systems. Its aqueous zinc battery technology is designed for stationary, long-duration storage, providing an alternative to lithium-ion systems for applications that require electricity to be stored and delivered over extended periods. The company’s products include the Eos Z3 battery system, which is intended for grid-scale and commercial and industrial uses, such as supporting renewable energy integration and helping manage electricity supply and demand.