Eos Energy Enterprises (NASDAQ:EOSE) Shares Climb 5% – Still a Buy?

Eos Energy Enterprises, Inc. (NASDAQ:EOSE) shares traded up 5% on Tuesday. The stock traded as high as $3.20 and last traded at $3.2250. Approximately 3,664,841 shares were traded during trading, a decline of 86% from the average daily volume of 25,726,811 shares. The stock had previously closed at $3.07.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on EOSE shares. Weiss Ratings reiterated a “sell (d-)” rating on shares of Eos Energy Enterprises in a research report on Friday, July 17th. Stifel Nicolaus dropped their price objective on Eos Energy Enterprises from $10.00 to $9.00 and set a “buy” rating for the company in a research note on Thursday, August 6th. TD Cowen reduced their price objective on Eos Energy Enterprises from $8.00 to $4.00 and set a “hold” rating for the company in a report on Thursday, August 6th. Wall Street Zen downgraded Eos Energy Enterprises from a “sell” rating to a “strong sell” rating in a research report on Saturday, August 8th. Finally, B. Riley Financial lowered their target price on Eos Energy Enterprises from $8.00 to $5.00 and set a “neutral” rating on the stock in a report on Friday, August 14th. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $8.19.

Eos Energy Enterprises Trading Up 2.8%

The firm has a market capitalization of $1.15 billion, a PE ratio of -0.46 and a beta of 2.77. The stock’s 50 day moving average price is $3.75 and its two-hundred day moving average price is $5.43.

Eos Energy Enterprises (NASDAQ:EOSE) last posted its earnings results on Wednesday, August 5th. The company reported ($1.20) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.19) by ($1.01). The company had revenue of $68.78 million during the quarter, compared to analysts’ expectations of $68.32 million. During the same quarter in the prior year, the firm posted ($1.05) earnings per share. Analysts expect that Eos Energy Enterprises, Inc. will post -1.28 earnings per share for the current year.

Insider Buying and Selling

In related news, CAO Sumeet Puri sold 43,750 shares of the stock in a transaction 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 owned 280,195 shares of the company’s stock, valued at $1,098,364.40. This trade represents a 13.51% decrease in their ownership of the stock. The transaction was disclosed in a legal 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 250,000 shares of Eos Energy Enterprises stock in a transaction dated Wednesday, September 16th. The stock was sold at an average price of $3.92, for a total value of $980,000.00. Following the sale, the chief executive officer owned 2,308,704 shares of the company’s stock, valued at approximately $9,050,119.68. This represents a 9.77% decrease in their position. 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 have sold 705,964 shares of company stock valued at $2,707,324 over the last three months. Insiders own 1.73% of the company’s stock.

Hedge Funds Weigh In On Eos Energy Enterprises

A number of institutional investors have recently modified their holdings of the company. Allworth Financial LP grew its position in shares of Eos Energy Enterprises by 198.6% in the second quarter. Allworth Financial LP now owns 4,300 shares of the company’s stock valued at $25,000 after purchasing an additional 2,860 shares during the period. PNC Financial Services Group Inc. grew its holdings in 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. KFA Private Wealth Group LLC purchased a new stake in Eos Energy Enterprises in the first quarter valued at approximately $50,000. Laurel Oak Wealth Management LLC acquired a new position in Eos Energy Enterprises during the first quarter worth approximately $55,000. Finally, Abel Hall LLC acquired a new position in Eos Energy Enterprises during the first quarter worth approximately $56,000. Institutional investors and hedge funds own 54.87% of the company’s stock.

Eos Energy Enterprises Company Profile

Eos Energy Enterprises, Inc develops and manufactures long-duration energy storage systems designed to support the reliability and flexibility of electric grids. Its technology is based on aqueous zinc battery chemistry, which is intended to provide a non-flammable alternative to conventional lithium-ion batteries for stationary storage applications.

The company’s primary product platform is the Eos Z3, a modular battery system designed for utility-scale and other large-scale energy storage projects.