Eos Energy Enterprises (NASDAQ:EOSE) Reaches New 52-Week High - Should You Buy?

Key Points

• Eos Energy Enterprises (NASDAQ:EOSE) has reached a new 52-week high of $7.48, showing a significant increase from its previous close at $6.90 with a trading volume of over 3.9 million shares.
• Analysts have mixed ratings on EOSE, with two providing a Buy rating, four a Hold rating, and a lowered consensus price target of $6.38.
• The company recently reported a loss of ($1.05) EPS for Q2 2023, missing analysts' estimates significantly, with revenue of $15.24 million, below the expected $24.96 million.

Eos Energy Enterprises, Inc. (NASDAQ:EOSE - Get Free Report)'s share price hit a new 52-week high during trading on Tuesday . The company traded as high as $7.45 and last traded at $7.48, with a volume of 3941811 shares traded. The stock had previously closed at $6.90.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the company. Jefferies Financial Group assumed coverage on Eos Energy Enterprises in a research report on Friday. They set a "hold" rating and a $6.50 price objective on the stock. Guggenheim increased their price objective on Eos Energy Enterprises from $6.00 to $10.00 and gave the stock a "buy" rating in a research report on Friday. Wall Street Zen lowered Eos Energy Enterprises from a "hold" rating to a "sell" rating in a research report on Sunday, August 3rd. Stifel Nicolaus lowered their price objective on Eos Energy Enterprises from $9.00 to $8.50 and set a "buy" rating for the company in a research report on Monday, June 9th. Finally, TD Cowen increased their price objective on Eos Energy Enterprises from $5.50 to $6.00 and gave the stock a "hold" rating in a research report on Friday, August 1st. Two equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company's stock. Based on data from MarketBeat, Eos Energy Enterprises has a consensus rating of "Hold" and an average price target of $7.20.

Eos Energy Enterprises Stock Down 1.8%

The company has a market cap of $1.87 billion, a PE ratio of -1.38 and a beta of 2.17. The business has a 50-day simple moving average of $6.01 and a 200-day simple moving average of $5.14.

Eos Energy Enterprises (NASDAQ:EOSE - Get Free Report) last announced its earnings results on Wednesday, July 30th. The company reported ($1.05) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.17) by ($0.88). The business had revenue of $15.24 million during the quarter, compared to the consensus estimate of $24.96 million. Eos Energy Enterprises has set its FY 2025 guidance at EPS. As a group, equities research analysts predict that Eos Energy Enterprises, Inc. will post -2.54 EPS for the current fiscal year.

Insider Buying and Selling

In other Eos Energy Enterprises news, General Counsel Michael W. Silberman sold 65,625 shares of the business's stock in a transaction that occurred on Tuesday, July 29th. The stock was sold at an average price of $5.94, for a total value of $389,812.50. Following the sale, the general counsel owned 241,612 shares of the company's stock, valued at $1,435,175.28. The trade was a 21.36% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Alexander Dimitrief sold 45,000 shares of the business's stock in a transaction that occurred on Monday, August 4th. The shares were sold at an average price of $6.00, for a total value of $270,000.00. Following the completion of the sale, the director directly owned 219,452 shares in the company, valued at approximately $1,316,712. The trade was a 17.02% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 642,697 shares of company stock valued at $3,722,816 over the last quarter. 3.63% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Eos Energy Enterprises

Several hedge funds and other institutional investors have recently added to or reduced their stakes in EOSE. Driehaus Capital Management LLC purchased a new position in Eos Energy Enterprises in the 1st quarter valued at approximately $13,456,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new position in shares of Eos Energy Enterprises during the fourth quarter worth approximately $16,632,000. Geode Capital Management LLC raised its holdings in shares of Eos Energy Enterprises by 101.4% in the second quarter. Geode Capital Management LLC now owns 5,407,930 shares of the company's stock valued at $27,692,000 after buying an additional 2,722,495 shares during the last quarter. Engineers Gate Manager LP purchased a new stake in shares of Eos Energy Enterprises in the second quarter valued at about $11,840,000. Finally, Electron Capital Partners LLC raised its holdings in shares of Eos Energy Enterprises by 39.9% in the second quarter. Electron Capital Partners LLC now owns 6,979,422 shares of the company's stock valued at $35,735,000 after buying an additional 1,989,144 shares during 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 designs, manufactures, and markets zinc-based energy storage solutions for utility-scale, microgrid, and commercial and industrial (C&I) applications in the United States. The company offers Znyth technology battery energy storage system (BESS), which provides the operating flexibility to manage increased grid complexity and price volatility.