Eos Energy Enterprises (NASDAQ:EOSE) Shares Up 8.4% – Still a Buy?

Eos Energy Enterprises, Inc. (NASDAQ:EOSE)’s stock price shot up 8.4% during trading on Friday . The stock traded as high as $3.79 and last traded at $3.7950. 17,442,044 shares traded hands during trading, a decline of 32% from the average daily volume of 25,555,803 shares. The stock had previously closed at $3.50.

Analysts Set New Price Targets

A number of research firms have recently commented on EOSE. Needham & Company LLC initiated coverage on Eos Energy Enterprises in a research note on Friday, May 22nd. They issued a “buy” rating and a $11.00 price objective on the stock. Stifel Nicolaus decreased their target price on Eos Energy Enterprises from $10.00 to $9.00 and set a “buy” rating for the company in a research note on Thursday, August 6th. B. Riley Financial lowered their target price on Eos Energy Enterprises from $8.00 to $5.00 and set a “neutral” rating on the stock in a report on Friday, August 14th. Weiss Ratings reissued a “sell (d-)” rating on shares of Eos Energy Enterprises in a report on Friday, July 17th. Finally, Wall Street Zen lowered shares of Eos Energy Enterprises from a “sell” rating to a “strong sell” rating in a research report on Saturday, August 8th. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, six have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, Eos Energy Enterprises has an average rating of “Hold” and a consensus target price of $8.25.

Eos Energy Enterprises Trading Up 10.9%

The company has a fifty day moving average of $4.05 and a two-hundred day moving average of $5.98. The stock has a market capitalization of $1.41 billion, a price-to-earnings ratio of -0.57 and a beta of 2.77.

Eos Energy Enterprises (NASDAQ:EOSE) last issued its quarterly earnings results on Wednesday, August 5th. The company reported ($1.20) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.19) by ($1.01). The firm had revenue of $68.78 million during the quarter, compared to the consensus estimate of $68.32 million. During the same quarter in the prior year, the company posted ($1.05) earnings per share. As a group, sell-side analysts predict that Eos Energy Enterprises, Inc. will post -0.91 earnings per share for the current fiscal year.

Insider Buying and Selling at Eos Energy Enterprises

In other Eos Energy Enterprises news, CAO Sumeet Puri sold 29,167 shares of Eos Energy Enterprises stock in a transaction that occurred on Tuesday, July 28th. The stock was sold at an average price of $3.36, for a total transaction of $98,001.12. Following the sale, the chief accounting officer directly owned 202,279 shares of the company’s stock, valued at approximately $679,657.44. The trade was a 12.60% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 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, CEO Joe Mastrangelo sold 159,154 shares of the business’s stock in a transaction on Monday, July 27th. The shares were sold at an average price of $3.61, for a total value of $574,545.94. Following the completion of the sale, the chief executive officer directly owned 1,947,586 shares in the company, valued at approximately $7,030,785.46. This represents a 7.55% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 448,626 shares of company stock worth $1,828,572 in the last 90 days. 1.73% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of EOSE. California State Teachers Retirement System lifted its holdings in Eos Energy Enterprises by 512.9% in the second quarter. California State Teachers Retirement System now owns 2,305,278 shares of the company’s stock valued at $13,555,000 after buying an additional 1,929,177 shares during the period. AlphaGrep UK Ltd acquired a new stake in Eos Energy Enterprises during the 2nd quarter worth $145,000. Concurrent Investment Advisors LLC raised its position in shares of Eos Energy Enterprises by 11.0% during the 2nd quarter. Concurrent Investment Advisors LLC now owns 53,038 shares of the company’s stock valued at $312,000 after acquiring an additional 5,247 shares during the last quarter. Nykredit A S bought a new stake in shares of Eos Energy Enterprises during the 2nd quarter valued at $60,000. Finally, Wellington Management Group LLP lifted its stake 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 valued at $6,794,000 after purchasing an additional 954,828 shares during the period. Institutional investors own 54.87% of the company’s stock.

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.