Eos Energy Enterprises (NASDAQ:EOSE) Trading Up 10.5% – Still a Buy?

Eos Energy Enterprises, Inc. (NASDAQ:EOSE)’s stock price rose 10.5% during trading on Monday . The stock traded as high as $3.73 and last traded at $3.7360. Approximately 26,172,393 shares traded hands during mid-day trading, an increase of 3% from the average session volume of 25,446,248 shares. The stock had previously closed at $3.38.

Analysts Set New Price Targets

EOSE has been the subject of a number of recent research reports. Truist Financial started coverage on Eos Energy Enterprises in a research note on Monday, July 13th. They set a “buy” rating and a $7.00 price objective for the company. Stifel Nicolaus dropped their target price on Eos Energy Enterprises from $12.00 to $10.00 and set a “buy” rating on the stock in a report on Monday, July 13th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Eos Energy Enterprises in a research report on Friday, July 17th. JPMorgan Chase & Co. decreased their price target on Eos Energy Enterprises from $9.00 to $6.00 and set a “neutral” rating for the company in a report on Thursday, April 16th. Finally, Zacks Research raised Eos Energy Enterprises from a “strong sell” rating to a “hold” rating in a report on Tuesday, April 28th. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, seven have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $9.17.

Eos Energy Enterprises Price Performance

The business’s fifty day simple moving average is $5.68 and its two-hundred day simple moving average is $7.70. The company has a market cap of $1.29 billion, a PE ratio of -0.57 and a beta of 2.75.

Eos Energy Enterprises (NASDAQ:EOSE) last posted its earnings results 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 $13.74 million during the quarter, compared to analysts’ expectations of $68.32 million. During the same quarter in the previous year, the business earned ($1.05) EPS. As a group, analysts predict that Eos Energy Enterprises, Inc. will post -0.32 EPS for the current year.

Insider Buying and Selling

In related news, insider Nathan Kroeker sold 110,417 shares of the business’s stock in a transaction dated Tuesday, July 28th. The shares were sold at an average price of $3.36, for a total transaction of $371,001.12. Following the transaction, the insider directly owned 887,527 shares in the company, valued at approximately $2,982,090.72. The trade was a 11.06% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed 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, CAO Sumeet Puri sold 29,167 shares of the company’s stock in a transaction that occurred on Tuesday, July 28th. The shares were sold at an average price of $3.36, for a total value of $98,001.12. Following the completion of the sale, the chief accounting officer owned 202,279 shares of the company’s stock, valued at $679,657.44. This trade represents a 12.60% decrease in their ownership of the stock. 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 sold 456,307 shares of company stock valued at $1,882,877 in the last 90 days. Corporate insiders own 1.73% of the company’s stock.

Institutional Trading of Eos Energy Enterprises

Hedge funds and other institutional investors have recently made changes to their positions in the company. Millennium Management LLC raised its holdings in Eos Energy Enterprises by 55.1% in the 1st quarter. Millennium Management LLC now owns 2,522,273 shares of the company’s stock valued at $9,534,000 after buying an additional 896,471 shares during the period. Goldman Sachs Group Inc. grew its position in shares of Eos Energy Enterprises by 36.8% during the first quarter. Goldman Sachs Group Inc. now owns 3,900,513 shares of the company’s stock worth $14,744,000 after buying an additional 1,050,128 shares in the last quarter. Envestnet Asset Management Inc. purchased a new stake in shares of Eos Energy Enterprises during the 2nd quarter worth $76,000. JPMorgan Chase & Co. purchased a new position in shares of Eos Energy Enterprises in the 2nd quarter valued at about $5,958,000. Finally, Prudential Financial Inc. acquired a new stake in Eos Energy Enterprises during the second quarter worth approximately $144,000. Institutional investors and hedge funds 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.