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

Eos Energy Enterprises, Inc. (NASDAQ:EOSE - Get Free Report) shares gapped up before the market opened on Wednesday . The stock had previously closed at $4.87, but opened at $5.23. Eos Energy Enterprises shares last traded at $5.06, with a volume of 2,665,167 shares traded.

Analysts Set New Price Targets

Several analysts have weighed in on the stock. Stifel Nicolaus lowered their target price on shares of Eos Energy Enterprises from $9.00 to $8.50 and set a "buy" rating for the company in a research note on Monday, June 9th. TD Cowen raised shares of Eos Energy Enterprises to a "hold" rating in a research report on Monday, June 23rd. Guggenheim cut their target price on shares of Eos Energy Enterprises from $7.00 to $6.00 and set a "buy" rating on the stock in a report on Monday, June 2nd. Cowen reaffirmed a "hold" rating on shares of Eos Energy Enterprises in a report on Friday, March 7th. Finally, Wall Street Zen downgraded Eos Energy Enterprises from a "hold" rating to a "sell" rating in a report on Saturday. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and two have issued a buy 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 $6.50.

Eos Energy Enterprises Stock Performance

The stock's fifty day moving average is $5.14 and its two-hundred day moving average is $4.88. The firm has a market cap of $1.16 billion, a price-to-earnings ratio of -1.15 and a beta of 2.01.

Eos Energy Enterprises (NASDAQ:EOSE - Get Free Report) last posted its earnings results on Tuesday, May 6th. The company reported ($0.20) EPS for the quarter, missing the consensus estimate of ($0.19) by ($0.01). The company had revenue of $10.46 million during the quarter, compared to analysts' expectations of $11.77 million. Sell-side analysts predict that Eos Energy Enterprises, Inc. will post -2.54 earnings per share for the current year.

Insiders Place Their Bets

In other Eos Energy Enterprises news, CAO Sumeet Puri sold 36,173 shares of the business's stock in a transaction dated Friday, May 16th. The shares were sold at an average price of $6.86, for a total transaction of $248,146.78. Following the sale, the chief accounting officer directly owned 95,624 shares in the company, valued at approximately $655,980.64. The trade was a 27.45% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Nathan Kroeker sold 152,856 shares of the company's stock in a transaction that occurred on Friday, May 16th. The stock was sold at an average price of $6.86, for a total transaction of $1,048,592.16. Following the completion of the sale, the insider directly owned 403,815 shares of the company's stock, valued at approximately $2,770,170.90. This represents a 27.46% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 560,356 shares of company stock valued at $3,844,042 over the last three months. 3.63% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Bank of New York Mellon Corp raised its position in Eos Energy Enterprises by 154.9% in the fourth quarter. Bank of New York Mellon Corp now owns 48,374 shares of the company's stock worth $235,000 after acquiring an additional 29,393 shares in the last quarter. Arizona State Retirement System acquired a new position in shares of Eos Energy Enterprises in the 4th quarter worth approximately $305,000. Raymond James Financial Inc. bought a new stake in shares of Eos Energy Enterprises in the 4th quarter worth approximately $315,000. Amundi bought a new stake in shares of Eos Energy Enterprises in the 4th quarter worth approximately $253,000. Finally, Barings LLC lifted its stake in Eos Energy Enterprises by 100.5% during the fourth quarter. Barings LLC now owns 2,403,448 shares of the company's stock valued at $11,681,000 after purchasing an additional 1,204,430 shares during the last quarter. Institutional investors and hedge funds 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.