Eos Energy Enterprises (NASDAQ:EOSE) Shares Up 11.8% – Still a Buy?

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

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on the company. Roth Capital raised their target price on Eos Energy Enterprises from $4.00 to $4.50 and gave the company a “neutral” rating in a research report on Thursday, September 10th. B. Riley Financial reduced their price target on Eos Energy Enterprises from $5.00 to $2.00 and set a “neutral” rating for the company in a report on Monday. TD Cowen upgraded Eos Energy Enterprises to a “hold” rating in a research report on Monday, October 5th. Weiss Ratings raised Eos Energy Enterprises from a “sell (d-)” rating to a “hold (c-)” rating in a report on Monday. Finally, Wall Street Zen lowered Eos Energy Enterprises from a “sell” rating to a “strong sell” rating in a report on Saturday, August 8th. One 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. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $6.69.

Eos Energy Enterprises Stock Performance

The stock has a market capitalization of $726.52 million, a PE ratio of -0.95 and a beta of 3.17. The stock’s 50 day moving average is $2.81 and its two-hundred day moving average is $5.82.

Eos Energy Enterprises (NASDAQ:EOSE) last issued its quarterly earnings results on Thursday, November 5th. The company reported ($0.17) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.24) by $0.07. Eos Energy Enterprises had a negative return on equity of 20.68% and a net margin of 89.23%. The firm had revenue of $82.73 million for the quarter, compared to analyst estimates of $81.60 million. Equities research analysts expect that Eos Energy Enterprises, Inc. will post -1.28 EPS for the current fiscal year.

Insider Transactions at Eos Energy Enterprises

In other Eos Energy Enterprises news, Director Haiyan Song bought 10,000 shares of the stock in a transaction on Friday, September 11th. The shares were bought at an average price of $3.95 per share, with a total value of $39,500.00. Following the purchase, the director directly owned 10,000 shares in the company, valued at $39,500. This trade represents a ∞ increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CAO Sumeet Puri sold 43,750 shares of the company’s 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 directly owned 280,195 shares of the company’s stock, valued at $1,098,364.40. The trade was a 13.51% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 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. Over the last quarter, insiders have sold 377,917 shares of company stock worth $1,392,610. Company insiders own 1.73% of the company’s stock.

Institutional Trading of Eos Energy Enterprises

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Renaissance Technologies LLC purchased a new position in shares of Eos Energy Enterprises during the 1st quarter worth $9,152,000. Quantinno Capital Management LP boosted its position in shares of Eos Energy Enterprises by 8,418.9% during the 1st 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 last quarter. Wellington Management Group LLP grew its holdings in shares of 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 purchasing an additional 954,828 shares during the period. Bank of New York Mellon Corp purchased a new stake in shares of Eos Energy Enterprises in the second quarter valued at about $5,530,000. Finally, Bank of America Corp DE increased its position in Eos Energy Enterprises by 89.1% during the first quarter. Bank of America Corp DE now owns 1,247,548 shares of the company’s stock worth $6,188,000 after purchasing an additional 587,752 shares during the last quarter. 54.87% of the stock is owned by institutional investors and hedge funds.

About Eos Energy Enterprises

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.