Eos Energy Enterprises (NASDAQ:EOSE) Trading 8.3% Higher – Still a Buy?

Eos Energy Enterprises, Inc. (NASDAQ:EOSE)’s stock price traded up 8.3% during mid-day trading on Thursday . The company traded as high as $7.69 and last traded at $7.6980. 7,261,640 shares traded hands during trading, a decline of 71% from the average session volume of 25,374,072 shares. The stock had previously closed at $7.11.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the company. JPMorgan Chase & Co. reduced their price target on Eos Energy Enterprises from $9.00 to $6.00 and set a “neutral” rating on the stock in a report on Thursday, April 16th. Roth Mkm reduced their price target on Eos Energy Enterprises from $12.00 to $6.00 and set a “neutral” rating on the stock in a report on Friday, February 27th. TD Cowen upped their target price on Eos Energy Enterprises from $7.00 to $8.00 and gave the stock a “hold” rating in a report on Thursday, May 14th. Wall Street Zen upgraded Eos Energy Enterprises from a “strong sell” rating to a “hold” rating in a research note on Saturday, May 16th. Finally, Guggenheim restated a “neutral” rating and issued a $20.00 target price on shares of Eos Energy Enterprises in a research note on Friday, February 27th. One equities research analyst has rated the stock with a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $10.93.

Eos Energy Enterprises Stock Performance

The business has a 50-day moving average price of $6.27 and a 200 day moving average price of $10.86. The stock has a market capitalization of $2.73 billion, a P/E ratio of -1.20 and a beta of 2.56.

Eos Energy Enterprises (NASDAQ:EOSE) last issued its quarterly earnings results on Wednesday, May 13th. The company reported $0.12 EPS for the quarter, topping analysts’ consensus estimates of ($0.22) by $0.34. The company had revenue of $56.96 million during the quarter, compared to the consensus estimate of $54.32 million. As a group, research analysts forecast that Eos Energy Enterprises, Inc. will post -0.8 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director David Urban purchased 16,250 shares of the company’s stock in a transaction dated Monday, March 9th. The shares were purchased at an average cost of $6.16 per share, with a total value of $100,100.00. Following the transaction, the director directly owned 62,471 shares in the company, valued at $384,821.36. This trade represents a 35.16% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Joe Mastrangelo purchased 23,900 shares of the company’s stock in a transaction dated Wednesday, March 4th. The stock was bought at an average cost of $6.58 per share, for a total transaction of $157,262.00. Following the completion of the transaction, the chief executive officer owned 1,487,126 shares in the company, valued at approximately $9,785,289.08. This represents a 1.63% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. In the last 90 days, insiders bought 115,150 shares of company stock valued at $692,962. 1.73% of the stock is owned by company insiders.

Institutional Trading of Eos Energy Enterprises

Hedge funds have recently made changes to their positions in the stock. Rubric Capital Management LP bought a new position in Eos Energy Enterprises in the 3rd quarter valued at approximately $117,317,000. Vanguard Group Inc. lifted its position 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 in the last quarter. Engineers Gate Manager LP bought a new position in Eos Energy Enterprises in the 2nd quarter valued at approximately $11,840,000. Vaughan Nelson Investment Management L.P. bought a new position in Eos Energy Enterprises in the 4th quarter valued at approximately $22,330,000. Finally, Renaissance Technologies LLC bought a new position in Eos Energy Enterprises in the 1st quarter valued at approximately $9,152,000. 54.87% of the stock is owned by institutional investors.

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.