Eos Energy Enterprises (NASDAQ:EOSE) Shares Gap Up – Time to Buy?

Eos Energy Enterprises, Inc. (NASDAQ:EOSE)’s stock price gapped up prior to trading on Wednesday . The stock had previously closed at $4.29, but opened at $4.61. Eos Energy Enterprises shares last traded at $4.6910, with a volume of 6,205,036 shares changing hands.

Analysts Set New Price Targets

EOSE has been the topic of several recent analyst reports. TD Cowen upped their price objective on shares of Eos Energy Enterprises from $7.00 to $8.00 and gave the company a “hold” rating in a research note on Thursday, May 14th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Eos Energy Enterprises in a report on Tuesday, April 21st. Truist Financial began coverage on Eos Energy Enterprises in a research note on Monday. They set a “buy” rating and a $7.00 price target on the stock. Stifel Nicolaus decreased their price objective on Eos Energy Enterprises from $12.00 to $10.00 and set a “buy” rating on the stock in a report on Monday. Finally, Needham & Company LLC assumed coverage on Eos Energy Enterprises in a report on Friday, May 22nd. They set a “buy” rating and a $11.00 price objective on the stock. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Eos Energy Enterprises currently has an average rating of “Hold” and a consensus price target of $9.17.

Eos Energy Enterprises Price Performance

The stock has a market cap of $1.53 billion, a PE ratio of -0.68 and a beta of 2.68. The stock has a 50-day simple moving average of $6.86 and a 200-day simple moving average of $8.74.

Eos Energy Enterprises (NASDAQ:EOSE) last released its quarterly earnings data on Wednesday, May 13th. The company reported $0.12 EPS for the quarter, topping analysts’ consensus estimates of ($0.22) by $0.34. The firm had revenue of $56.96 million during the quarter, compared to analysts’ expectations of $54.32 million. As a group, equities research analysts anticipate that Eos Energy Enterprises, Inc. will post -0.31 EPS for the current year.

Insider Activity

In other Eos Energy Enterprises news, CAO Sumeet Puri sold 8,823 shares of the business’s stock in a transaction that occurred on Tuesday, June 30th. The shares were sold at an average price of $5.86, for a total transaction of $51,702.78. Following the completion of the sale, the chief accounting officer directly owned 173,112 shares in the company, valued at $1,014,436.32. The trade was a 4.85% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available 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 11,469 shares of the 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 directly owned 59,242 shares of the company’s stock, valued at $347,750.54. The trade was a 16.22% decrease in their position. The disclosure for this sale is available in the SEC filing. 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. In the last 90 days, insiders have sold 157,569 shares of company stock worth $839,328. Insiders own 1.73% of the company’s stock.

Hedge Funds Weigh In On Eos Energy Enterprises

A number of hedge funds have recently made changes to their positions in EOSE. PNC Financial Services Group Inc. lifted its holdings in shares of Eos Energy Enterprises by 3,843.8% during the 4th quarter. PNC Financial Services Group Inc. now owns 2,524 shares of the company’s stock valued at $29,000 after acquiring an additional 2,460 shares in the last quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA increased its holdings in Eos Energy Enterprises by 58.8% in the 4th quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA now owns 2,700 shares of the company’s stock valued at $31,000 after purchasing an additional 1,000 shares in the last quarter. Danske Bank A S acquired a new stake in Eos Energy Enterprises in the 4th quarter valued at $33,000. TD Waterhouse Canada Inc. raised its position in Eos Energy Enterprises by 178.7% in the fourth quarter. TD Waterhouse Canada Inc. now owns 3,119 shares of the company’s stock valued at $36,000 after purchasing an additional 2,000 shares during the period. Finally, GAMMA Investing LLC lifted its stake in shares of Eos Energy Enterprises by 46.4% during the fourth quarter. GAMMA Investing LLC now owns 3,270 shares of the company’s stock worth $37,000 after purchasing an additional 1,036 shares in the last quarter. Hedge funds and other institutional investors own 54.87% of the company’s stock.

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.