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 trading hands.

Analysts Set New Price Targets

Several brokerages recently weighed in on EOSE. Wall Street Zen downgraded Eos Energy Enterprises from a “hold” rating to a “sell” rating in a report on Saturday, July 4th. JPMorgan Chase & Co. dropped their price objective on shares of Eos Energy Enterprises from $9.00 to $6.00 and set a “neutral” rating on the stock in a research note on Thursday, April 16th. Truist Financial initiated coverage on shares of Eos Energy Enterprises in a research report on Monday. They set a “buy” rating and a $7.00 price objective for the company. TD Cowen upped their price objective on shares of Eos Energy Enterprises from $7.00 to $8.00 and gave the stock a “hold” rating in a research report on Thursday, May 14th. Finally, Zacks Research upgraded shares of Eos Energy Enterprises from a “strong sell” rating to a “hold” rating in a research note on Tuesday, April 28th. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $9.17.

Eos Energy Enterprises Trading Up 5.2%

The stock’s 50 day moving average price is $6.86 and its two-hundred day moving average price is $8.74. The firm has a market capitalization of $1.53 billion, a price-to-earnings ratio of -0.68 and a beta of 2.68.

Eos Energy Enterprises (NASDAQ:EOSE) last released its quarterly earnings results on Wednesday, May 13th. The company reported $0.12 earnings per share 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 analyst estimates of $54.32 million. On average, sell-side analysts forecast that Eos Energy Enterprises, Inc. will post -0.31 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Marian Walters sold 7,681 shares of the company’s stock in a transaction that occurred on Tuesday, May 19th. The stock was sold at an average price of $7.07, for a total value of $54,304.67. Following the sale, the director owned 135,334 shares of the company’s stock, valued at approximately $956,811.38. This represents a 5.37% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Nathan Kroeker sold 79,309 shares of the stock in a transaction on Tuesday, July 7th. The shares were sold at an average price of $4.68, for a total value of $371,166.12. Following the sale, the chief financial officer owned 777,110 shares in the company, valued at approximately $3,636,874.80. This trade represents a 9.26% 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 ninety days, insiders have sold 157,569 shares of company stock valued at $839,328. 1.73% of the stock is owned by company insiders.

Hedge Funds Weigh In On Eos Energy Enterprises

Institutional investors have recently made changes to their positions in the stock. PNC Financial Services Group Inc. increased its position in 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 worth $29,000 after purchasing an additional 2,460 shares in the last quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA raised its stake 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 during the last quarter. Danske Bank A S purchased a new position in Eos Energy Enterprises in the 4th quarter valued at about $33,000. TD Waterhouse Canada Inc. lifted its holdings in Eos Energy Enterprises by 178.7% in the 4th 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 in the last quarter. Finally, GAMMA Investing LLC boosted its stake in shares of Eos Energy Enterprises by 46.4% during the 4th quarter. GAMMA Investing LLC now owns 3,270 shares of the company’s stock worth $37,000 after purchasing an additional 1,036 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 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.