Eos Energy Enterprises (NASDAQ:EOSE) Shares Up 5% – What’s Next?

Shares of Eos Energy Enterprises, Inc. (NASDAQ:EOSE) shot up 5% during mid-day trading on Tuesday. The stock traded as high as $3.20 and last traded at $3.2250. 3,664,841 shares traded hands during mid-day trading, a decline of 86% from the average daily volume of 25,726,811 shares. The stock had previously closed at $3.07.

Analysts Set New Price Targets

EOSE has been the subject of a number of research analyst reports. Truist Financial assumed coverage on Eos Energy Enterprises in a research report on Monday, July 13th. They set a “buy” rating and a $7.00 price target for the company. B. Riley Financial decreased their target price on Eos Energy Enterprises from $8.00 to $5.00 and set a “neutral” rating for the company in a research report on Friday, August 14th. Needham & Company LLC lowered their target price on Eos Energy Enterprises from $11.00 to $10.00 and set a “buy” rating on the stock in a research note on Tuesday, September 15th. TD Cowen decreased their price objective on shares of Eos Energy Enterprises from $8.00 to $4.00 and set a “hold” rating for the company in a report on Thursday, August 6th. Finally, Stifel Nicolaus dropped their price target on Eos Energy Enterprises from $10.00 to $9.00 and set a “buy” rating on the stock in a research report on Thursday, August 6th. One research analyst has rated the stock with a Strong Buy rating, two have given 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.com, Eos Energy Enterprises presently has an average rating of “Hold” and an average price target of $8.19.

Eos Energy Enterprises Stock Performance

The firm has a market capitalization of $1.12 billion, a PE ratio of -0.45 and a beta of 2.77. The business’s 50 day moving average is $3.71 and its two-hundred day moving average is $5.38.

Eos Energy Enterprises (NASDAQ:EOSE) last released its quarterly earnings data on Wednesday, August 5th. The company reported ($1.20) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.19) by ($1.01). The company had revenue of $68.78 million during the quarter, compared to the consensus estimate of $68.32 million. During the same quarter last year, the firm posted ($1.05) EPS. As a group, equities research analysts predict that Eos Energy Enterprises, Inc. will post -1.28 EPS for the current year.

Insider Activity

In related news, CAO Sumeet Puri sold 43,750 shares of the business’s stock in a transaction that occurred on Wednesday, September 16th. The shares were sold at an average price of $3.92, for a total transaction of $171,500.00. Following the completion of the transaction, the chief accounting officer owned 280,195 shares of the company’s stock, valued at approximately $1,098,364.40. The trade was a 13.51% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 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, Director Haiyan Song bought 10,000 shares of the stock in a transaction on Friday, September 11th. The stock was purchased at an average price of $3.95 per share, for a total transaction of $39,500.00. Following the completion of the purchase, the director directly owned 10,000 shares in the company, valued at approximately $39,500. This represents a ? increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders sold a total of 705,964 shares of company stock worth $2,707,324 in the last three months. Insiders own 1.73% of the company’s stock.

Hedge Funds Weigh In On Eos Energy Enterprises

A number of institutional investors have recently added to or reduced their stakes in EOSE. Allworth Financial LP grew its holdings in shares of Eos Energy Enterprises by 198.6% during the second quarter. Allworth Financial LP now owns 4,300 shares of the company’s stock worth $25,000 after purchasing an additional 2,860 shares in the last quarter. PNC Financial Services Group Inc. increased its holdings in shares of Eos Energy Enterprises by 279.4% in the 1st quarter. PNC Financial Services Group Inc. now owns 9,577 shares of the company’s stock worth $48,000 after buying an additional 7,053 shares during the last quarter. KFA Private Wealth Group LLC purchased a new stake in shares of Eos Energy Enterprises during the 1st quarter valued at $50,000. Laurel Oak Wealth Management LLC bought a new stake in shares of Eos Energy Enterprises during the 1st quarter worth $55,000. Finally, Abel Hall LLC bought a new stake in shares of Eos Energy Enterprises during the 1st quarter worth $56,000. 54.87% of the stock is currently owned by institutional investors.

Eos Energy Enterprises Company Profile

Eos Energy Enterprises, Inc develops and manufactures long-duration energy storage systems designed to support the reliability and flexibility of electric grids. Its technology is based on aqueous zinc battery chemistry, which is intended to provide a non-flammable alternative to conventional lithium-ion batteries for stationary storage applications.

The company’s primary product platform is the Eos Z3, a modular battery system designed for utility-scale and other large-scale energy storage projects.