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 Monday. The stock had previously closed at $1.82, but opened at $2.0150. Eos Energy Enterprises shares last traded at $1.8160, with a volume of 8,152,000 shares trading hands.

Wall Street Analysts Forecast Growth

Several research analysts have commented on EOSE shares. TD Cowen raised shares of Eos Energy Enterprises to a “hold” rating in a research note on Monday, October 5th. Wall Street Zen downgraded shares of Eos Energy Enterprises from a “sell” rating to a “strong sell” rating in a research note on Saturday, August 8th. B. Riley Financial lowered their target price on shares of Eos Energy Enterprises from $8.00 to $5.00 and set a “neutral” rating for the company in a report on Friday, August 14th. Needham & Company LLC dropped their price target on shares of Eos Energy Enterprises from $10.00 to $6.00 and set a “buy” rating for the company in a research note on Monday. Finally, Truist Financial started coverage on shares of Eos Energy Enterprises in a research note on Monday, July 13th. They set a “buy” rating and a $7.00 price target for the company. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Eos Energy Enterprises presently has a consensus rating of “Hold” and a consensus price target of $7.69.

Eos Energy Enterprises Trading Down 7.2%

The company has a market capitalization of $611.81 million, a PE ratio of -0.25 and a beta of 2.88. The firm’s 50-day simple moving average is $3.36 and its 200-day simple moving average is $5.12.

Eos Energy Enterprises (NASDAQ:EOSE) last issued 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 $68.78 million for the quarter, compared to analyst estimates of $68.32 million. During the same quarter in the previous year, the business posted ($1.05) earnings per share. As a group, analysts anticipate that Eos Energy Enterprises, Inc. will post -1.28 EPS for the current year.

Insider Transactions at Eos Energy Enterprises

In other news, Director Haiyan Song acquired 10,000 shares of Eos Energy Enterprises stock in a transaction on Friday, September 11th. The shares were bought at an average cost of $3.95 per share, for a total transaction of $39,500.00. Following the acquisition, the director directly owned 10,000 shares of the company’s stock, valued at $39,500. This trade represents a ∞ increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CAO Sumeet Puri sold 43,750 shares of Eos Energy Enterprises stock in a transaction on Wednesday, September 16th. The shares were sold at an average price of $3.92, for a total value of $171,500.00. Following the sale, the chief accounting officer directly owned 280,195 shares of the company’s stock, valued at approximately $1,098,364.40. This trade represents a 13.51% 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. Over the last 90 days, insiders have sold 626,655 shares of company stock valued at $2,336,158. Company insiders own 1.73% of the company’s stock.

Hedge Funds Weigh In On Eos Energy Enterprises

Institutional investors have recently made changes to their positions in the company. Renaissance Technologies LLC purchased a new position in Eos Energy Enterprises during the 1st quarter valued at about $9,152,000. First Trust Advisors LP lifted its position in shares of Eos Energy Enterprises by 3.7% in the 1st quarter. First Trust Advisors LP now owns 1,537,606 shares of the company’s stock worth $7,627,000 after purchasing an additional 55,145 shares during the period. Bank of America Corp DE lifted its position in shares of Eos Energy Enterprises by 89.1% in the 1st quarter. Bank of America Corp DE now owns 1,247,548 shares of the company’s stock worth $6,188,000 after purchasing an additional 587,752 shares during the period. Wellington Management Group LLP lifted its position in shares of Eos Energy Enterprises by 475.8% in the 2nd quarter. Wellington Management Group LLP now owns 1,155,515 shares of the company’s stock worth $6,794,000 after purchasing an additional 954,828 shares during the period. Finally, Quantinno Capital Management LP boosted its stake in shares of Eos Energy Enterprises by 8,418.9% during the first quarter. Quantinno Capital Management LP now owns 1,078,070 shares of the company’s stock valued at $5,347,000 after purchasing an additional 1,065,415 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, Inc develops and manufactures long-duration energy storage systems designed to help utilities, renewable energy developers, and commercial and industrial customers store electricity for use when demand is high or renewable generation is unavailable. The company’s technology is based on aqueous zinc battery chemistry, which it markets as a non-lithium alternative for stationary energy storage applications.

Eos’ product portfolio includes the Eos Z3 battery system and related generations of its zinc-based storage technology.