Eos Energy Enterprises (NASDAQ:EOSE) Stock Price Up 6.3% – Should You Buy?

Eos Energy Enterprises, Inc. (NASDAQ:EOSE)’s share price rose 6.3% during trading on Tuesday . The company traded as high as $4.21 and last traded at $4.3040. Approximately 2,422,234 shares traded hands during trading, a decline of 91% from the average daily volume of 25,596,498 shares. The stock had previously closed at $4.05.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on EOSE shares. Zacks Research upgraded shares of Eos Energy Enterprises from a “strong sell” rating to a “hold” rating in a report on Tuesday, April 28th. Roth Capital set a $4.00 price objective on shares of Eos Energy Enterprises in a report on Thursday, August 6th. JPMorgan Chase & Co. decreased their target price on shares of Eos Energy Enterprises from $9.00 to $6.00 and set a “neutral” rating for the company in a research report on Thursday, April 16th. Needham & Company LLC initiated coverage on shares of Eos Energy Enterprises in a report on Friday, May 22nd. They issued a “buy” rating and a $11.00 price target on the stock. Finally, 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 research note on Thursday, August 6th. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $8.39.

Eos Energy Enterprises Stock Performance

The company has a 50-day simple moving average of $5.12 and a 200 day simple moving average of $7.14. The firm has a market cap of $1.44 billion, a PE ratio of -0.62 and a beta of 2.75.

Eos Energy Enterprises (NASDAQ:EOSE) last issued its quarterly earnings data on Wednesday, August 5th. The company reported ($1.20) EPS for the quarter, missing analysts’ consensus estimates of ($0.19) by ($1.01). The firm had revenue of $68.78 million for the quarter, compared to analyst estimates of $68.32 million. During the same quarter last year, the firm earned ($1.05) earnings per share. On average, equities analysts expect that Eos Energy Enterprises, Inc. will post -0.56 earnings per share for the current year.

Insider Activity at Eos Energy Enterprises

In other Eos Energy Enterprises news, insider Michelle Buczkowski sold 11,469 shares of Eos Energy Enterprises stock in a transaction on Tuesday, June 30th. The shares were sold at an average price of $5.87, for a total value of $67,323.03. Following the completion of the transaction, the insider owned 59,242 shares of the company’s stock, valued at approximately $347,750.54. The trade was a 16.22% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 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, CAO Sumeet Puri sold 29,167 shares of the company’s stock in a transaction dated Tuesday, July 28th. The stock was sold at an average price of $3.36, for a total transaction of $98,001.12. Following the completion of the transaction, the chief accounting officer owned 202,279 shares of the company’s stock, valued at approximately $679,657.44. This trade represents a 12.60% 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. Insiders have sold 456,307 shares of company stock valued at $1,882,877 in the last quarter. 1.73% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Eos Energy Enterprises

A number of hedge funds have recently bought and sold shares of the business. State of New Jersey Common Pension Fund D acquired a new position in shares of Eos Energy Enterprises during the 4th quarter worth approximately $1,834,000. Baker Avenue Asset Management LP purchased a new position in shares of Eos Energy Enterprises during the 4th quarter valued at approximately $11,542,000. Vanguard Group Inc. grew its stake in Eos Energy Enterprises by 19.8% in the 4th quarter. Vanguard Group Inc. now owns 18,616,874 shares of the company’s stock valued at $213,349,000 after acquiring an additional 3,080,012 shares during the period. Renaissance Technologies LLC acquired a new stake in Eos Energy Enterprises in the 1st quarter valued at $9,152,000. Finally, Universal Beteiligungs und Servicegesellschaft mbH increased its holdings in Eos Energy Enterprises by 2,431.5% in the 4th quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 845,314 shares of the company’s stock worth $9,687,000 after acquiring an additional 811,922 shares in the last quarter. Hedge funds and other institutional investors own 54.87% of the company’s stock.

About Eos Energy Enterprises

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.