Eos Energy Enterprises (NASDAQ:EOSE) Stock Jumps 8.3% – Time to Buy?

Eos Energy Enterprises, Inc. (NASDAQ:EOSE)’s share price traded up 8.3% on Tuesday. The company traded as high as $1.74 and last traded at $1.7550. 3,595,910 shares were traded during trading, a decline of 86% from the average daily volume of 25,946,826 shares. The stock had previously closed at $1.62.

Analysts Set New Price Targets

Several research analysts recently weighed in on the company. Roth Capital boosted their target price on Eos Energy Enterprises from $4.00 to $4.50 and gave the stock a “neutral” rating in a research note on Thursday, September 10th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Eos Energy Enterprises in a report on Thursday, October 15th. Truist Financial initiated coverage on shares of Eos Energy Enterprises in a report on Monday, July 13th. They set a “buy” rating and a $7.00 price target for the company. Needham & Company LLC cut their price target on Eos Energy Enterprises from $10.00 to $6.00 and set a “buy” rating for the company in a report on Monday, October 19th. Finally, Wall Street Zen lowered shares of Eos Energy Enterprises from a “sell” rating to a “strong sell” rating in a research note on Saturday, August 8th. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $7.69.

Eos Energy Enterprises Trading Up 7.1%

The company’s 50-day moving average price is $3.09 and its two-hundred day moving average price is $6.50. The company has a market cap of $710.13 million, a P/E ratio of -0.29 and a beta of 2.88.

Eos Energy Enterprises (NASDAQ:EOSE) last posted 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 company had revenue of $68.78 million for the quarter, compared to analyst estimates of $68.32 million. During the same quarter in the prior year, the firm posted ($1.05) earnings per share. As a group, analysts anticipate that Eos Energy Enterprises, Inc. will post -1.28 earnings per share for the current year.

Insider Activity at Eos Energy Enterprises

In other Eos Energy Enterprises news, CAO Sumeet Puri sold 43,750 shares of Eos Energy Enterprises stock in a transaction that occurred on Wednesday, September 16th. The stock was sold at an average price of $3.92, for a total transaction of $171,500.00. Following the sale, the chief accounting officer directly owned 280,195 shares in the company, valued at $1,098,364.40. The trade was a 13.51% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through 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, Director Haiyan Song bought 10,000 shares of the business’s stock in a transaction on Friday, September 11th. The shares were purchased at an average cost of $3.95 per share, for a total transaction of $39,500.00. Following the completion of the purchase, the director owned 10,000 shares in the company, valued at approximately $39,500. This trade represents a ∞ increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have sold a total of 327,917 shares of company stock valued at $1,292,610 over the last 90 days. 1.73% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Eos Energy Enterprises

Several large investors have recently bought and sold shares of EOSE. Allworth Financial LP raised its position in Eos Energy Enterprises by 198.6% during the second quarter. Allworth Financial LP now owns 4,300 shares of the company’s stock valued at $25,000 after acquiring an additional 2,860 shares in the last quarter. Sax Wealth Advisors LLC bought a new position in Eos Energy Enterprises in the third quarter worth about $31,000. Sterling Capital Management LLC raised its holdings in Eos Energy Enterprises by 861.5% during the 3rd quarter. Sterling Capital Management LLC now owns 11,634 shares of the company’s stock worth $36,000 after buying an additional 10,424 shares during the period. PNC Financial Services Group Inc. raised its position in shares of Eos Energy Enterprises by 279.4% in the first quarter. PNC Financial Services Group Inc. now owns 9,577 shares of the company’s stock valued at $48,000 after purchasing an additional 7,053 shares during the period. Finally, Abel Hall LLC acquired a new position in shares of Eos Energy Enterprises in the 1st quarter worth approximately $56,000. 54.87% of the stock is currently owned by institutional investors.

Eos Energy Enterprises Company Profile

Eos Energy Enterprises, Inc develops and manufactures long-duration energy storage systems designed to help utilities, renewable energy developers, and commercial and industrial customers store electricity for use when demand is high or renewable generation is unavailable. The company’s technology is based on aqueous zinc battery chemistry, which it markets as a non-lithium alternative for stationary energy storage applications.

Eos’ product portfolio includes the Eos Z3 battery system and related generations of its zinc-based storage technology.