Eos Energy Enterprises (NASDAQ:EOSE) Shares Gap Up – Should You Buy?

Eos Energy Enterprises, Inc. (NASDAQ:EOSE) gapped up prior to trading on Tuesday . The stock had previously closed at $6.38, but opened at $7.12. Eos Energy Enterprises shares last traded at $6.9690, with a volume of 10,458,745 shares.

Analyst Upgrades and Downgrades

Several research analysts recently commented on EOSE shares. Wall Street Zen downgraded shares of Eos Energy Enterprises from a “hold” rating to a “sell” rating in a research note on Saturday, June 13th. JPMorgan Chase & Co. decreased their target price 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. Needham & Company LLC started coverage on shares of Eos Energy Enterprises in a research note on Friday, May 22nd. They issued a “buy” rating and a $11.00 target price on the stock. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Eos Energy Enterprises in a research note on Tuesday, April 21st. Finally, Guggenheim restated a “neutral” rating and set a $20.00 price target on shares of Eos Energy Enterprises in a report on Friday, February 27th. Two equities research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $10.94.

Eos Energy Enterprises Trading Up 11.6%

The business has a fifty day moving average of $7.20 and a 200-day moving average of $9.84. The company has a market cap of $2.58 billion, a PE ratio of -1.14 and a beta of 2.62.

Eos Energy Enterprises (NASDAQ:EOSE) last issued its quarterly earnings data on Wednesday, May 13th. The company reported $0.12 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.22) by $0.34. The company had revenue of $56.96 million for the quarter, compared to analysts’ expectations of $54.32 million. As a group, research analysts predict that Eos Energy Enterprises, Inc. will post -0.31 EPS for the current year.

Insider Transactions at Eos Energy Enterprises

In other Eos Energy Enterprises news, Director Marian Walters sold 7,681 shares of the business’s stock in a transaction on Tuesday, May 19th. The shares were sold at an average price of $7.07, for a total transaction of $54,304.67. Following the transaction, the director directly owned 135,334 shares of the company’s stock, valued at approximately $956,811.38. The trade was a 5.37% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 1.73% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. PNC Financial Services Group Inc. grew its holdings in shares of 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 acquiring an additional 2,460 shares during the period. Towarzystwo Funduszy Inwestycyjnych PZU SA grew its holdings in shares of Eos Energy Enterprises by 58.8% during the 4th quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA now owns 2,700 shares of the company’s stock worth $31,000 after acquiring an additional 1,000 shares during the period. Danske Bank A S purchased a new position in shares of Eos Energy Enterprises during the 4th quarter worth approximately $33,000. TD Waterhouse Canada Inc. grew its holdings in shares of Eos Energy Enterprises by 178.7% during the 4th quarter. TD Waterhouse Canada Inc. now owns 3,119 shares of the company’s stock worth $36,000 after acquiring an additional 2,000 shares during the period. Finally, GAMMA Investing LLC grew its holdings 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 acquiring an additional 1,036 shares during the period. 54.87% of the stock is owned by hedge funds and other institutional investors.

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.